CV Market Watch™: Stellar (XLM) Recovered on News of Lowered Wallet Minimum Reserve
XLM grew by as much as 40%, countering the trend of the market at this moment.
The market price of Stellar (XLM) continued to recover, adding as much as 40% at one point. The major news behind the rise came directly from the platform. In a day, Stellar moved up one spot on the top 10 chart:
In an example of distributed governance, a vote was performed for Stellar witness nodes. Based on the votes by the node holders, a decision was made to decrease the basic reserves to start a wallet, thus opening up the platform to more potential users.
Quick Update | Validators on the @StellarOrg network just voted to lower the base reserve to 0.5 #XLM which makes the cost of creating accounts and orders inexpensive again: https://t.co/2KqKu61aAY #blockchain #cryptocurrency— Stellar (@StellarOrg) January 12, 2018
Curiously, this time it was the turn of Stellar to rise when all other altcoins were flat or retreating. The platform has not openly advertised itself as a challenger to Ethereum, but positions itself for slower growth, as an alternative platform for distributed apps and ICOs and for carrying tokens.
For now, the XLM price will have to prove its mettle as the dramatic rise in altcoins seems to have run its course. But Stellar has a long-term development potential, and may continue to surprise in 2018.
Stellar Scams and Problems
With the rising popularity of Stellar, scams and problems are increasing. Fake Lumens airdrops after the official distribution of Lumens has been completed, are a sign of a scam. Any site or service requiring private keys is also a scam.
Stellar has a much lower ICO count compared to Ethereum. But the platform has shown it can efficiently promote a project and collect funds. In the case of the Mobius ICO, the funds amounted to $35 million, on par with Ethereum-based ICOs of a similar scale.
Amazing! Just over a week ago 18k registered for our MOBI token pre-sale and now 23k, thanks - in part - to the attention we're receiving from numerous news outlets in China. Our Stellar over Ethereum post was republished on a leading site! #XML #ETH #MOBIhttps://t.co/zcDXoumVtl pic.twitter.com/MCqSMh320j— Mobius (@mobius_network) January 4, 2018
There are still no indications whether the KIN token would migrate to the Stellar platform, but tests should be completed soon and the team would come up with a verdict.
Stellar Decentralized Exchange
The Smartlands decentralized exchange is already working with XLM coins, offering the chance to trade with several assets, including Bitcoin. The Smartlands exchange is also currently performing its ICO with the aid of the Stellar ecosystem.