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- The Stellar Lumens Foundation has released a quarterly report showing continued growth of the network and an average transaction time of 5.5 seconds.
- Stellar was able to establish important technical partnerships in the last quarter and is heavily involved in the fight against the coronavirus.
The Stellar Lumens Foundation (SDF) published a report on current developments in the first quarter of this year. Both the community and the cooperation partners have contributed significantly to the further growth of the ecosystem. Both transaction volume and usage have increased further compared to the last quarter of 2019.
High scalability and fast transaction confirmation
The number of registered Stellar accounts has slightly decreased from 4,614,261 (Q4 2019) to 4,531,632, a decrease of 1.79%. In contrast, the average trading volume on Stellar’s decentralized exchange (XLM) increased from 3,231,673,996 to 3,490,422,131, an increase of more than 8%.
Daily operations on the Stellar Network have increased by more than 113% from 1,086,301,804 to 2,319,330,319, showing that existing players are making greater use of the network than in the last quarter. In addition, the number of absolute payments fell slightly by 1.75% from 6,114,465 to 6,007,446.
Furthermore, the published data show that a transaction is confirmed within 5.5 seconds in the Stellar network, which is significantly faster than most of the projects available on the cryptomarket.
Most recently, Stellar was able to convince CoinQvest to use the Stellar Network for processing cross-border payments. Stellar is able to move millions of US dollar within seconds for the price of a few pennies, regardless of whether the recipient and sender are thousands of kilometres apart.
Stellar has also pushed the development of its own Stellar wallet, which is scheduled for release this summer. To this end, Stellar has teamed up with the Settle Network, nTokens, Saldo, AnchorMXN and AnchorARS to further improve developments in this area and scalability. Stellar will also continue to expand its own presence in East Africa and Southeast Asia.
The development team is also investigating potential use cases for stablecoins based on the Stellar network, which could be deployed primarily in countries with weak economies. During the quarter, SDF also announced its first corporate investment of $715,000 in Liechtenstein-based DSTOQ. DSTOQ will tokenize securities on the Stellar blockchain and offer them in emerging markets.
Overview of the use of Stellar Foundation funds
The majority of the capital, 323,955.710 XLM, was used for the direct further development of the Stellar blockchain. More than 20 million XLM have been invested in the development of the entire ecosystem. 500,000 XLM were invested in the development of Stellar-based apps. The following table gives an overview and the respective use of the capital.
It is remarkable that Stellar has made almost no effort to push marketing. The main focus is on the further development of the technology and the ecosystem. Most recently, the SDF approved the SEP-29 proposal, which will enable payment in the future without the cumbersome use of the memo field.
In the current crisis, SDF also supported charities with donations of 2.5 million XLM to fight the corona virus. A few days ago, the first 100,000 XLM were distributed to UNICEF, the Tor project and other dedicated organizations. The community can also contribute through the official Lumenthropy donation page.
XLM price shows setback
The Stellar Lumens (XLM) price follows the current market trend and has dropped 4.52% to a price of $0.047 in the last 24 hours. With a market capitalization of almost $978 million, Stellar ranks 15th among the largest cryptocurrencies.
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