Stellar (XLM) Reports 172% Increase in Payments Despite The Crypto Winter

Key Points:

• XLM witnesses a rise in total assets of 73%, an increase in total assets of 17%, and an increase in total operations processed of 92%.
• The volume of transactions involving relevant assets has grown by 1.9 times.
• Soroban is live on Futurenet, an incentivized testnet, and set to launch on Mainnet mid-next year. 

Stellar (XLM), a competitor to XRP, has reported a solid 172% rise in payments in 2022, among other favourable figures.

According to a new blog post by Stellar founder and CEO Denelle Dixon, despite the prolonged crypto winter which has prompted a lot of debate around blockchain and crypto’s utility, the global payments network has been recording “astronomical” results in 2022.

Dixon emphasizes the fact that Stellar grew faster in only one quarter of the current year than it did in the entire year of 2021.

Last year, we celebrated that Stellar hit 1 billion operations in two quarters. This year, Stellar nearly hit 1 billion operations in one quarter alone, in addition to passing another huge milestone – more than 7 million accounts on the network! This growth has been astronomical and heartening because it’s proof that people are using Stellar to power real-world utility, innovation, and financial inclusion across the globe.

Denelle Dixon wrote

XLM also demonstrated a rise in total assets of 73%, an increase in total assets of 17%, and an increase in total operations processed of 92%.

Dixon claims that, despite a drop in the number of relevant assets on XLM owing to a change in how they are measured, the volume of transactions involving relevant assets has grown by 1.9 times.

While we’ve tightened our reporting criteria to remove stale relevant assets and observed a slight decrease in the number of relevant assets on the network, Stellar has seen a 1.9x increase in daily transaction volume of these assets since the start of the year.

The firm stated earlier this year that smart contracts would be coming to the network. The work on a new smart contracts standard that encompassed all of the traits (scalability, sensitivity, and a consistent developer’s experience) began in earnest. Soroban is already live on Futurenet, an incentivized testnet, and is scheduled to launch on Mainnet in the middle of next year.

At the time of writing, XLM is trading at $0.0718, down 2% in the past 24 hours, according to Coincu data.

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