Stellar Announced New Major Protocol Upgrade, XLM Skyrocketed

Stellar announced a new major protocol upgrade with two new features and as a result, XLM hit its highest price level since November 2018 so let’s read some more in our Stellar XLM news about the analysis.

Stellar is a popular blockchain project enabling cross-border transactions between multiple currency pairs which announced a new protocol upgrade a day ago. Apart from providing new features, the native XLM cryptocurrency reached a huge price boost one day later. The Stellar Network was created to connect banks, customers, and payment systems in order to facilitate low-costs and cross-asset transfers of value via its blockchain. Stellar was unable to proceed with the latest upgrade named Protocol 14 because the developer team discovered a bug during the trials.

Protocol 15 has arrived! 🎉🎉🎉https://t.co/TATjQSUITc pic.twitter.com/1JWvKqSMRp

— Stellar (@StellarOrg) November 23, 2020

Stellar’s head of Ecosystem Justin Rice published a Medium post a day ago and confirmed the completion of the Protocol 15 update. The latest upgrade introduced two new features: sponsored Reserves and Claimable Balances and both have been deployed on the testnet and aim to “make it easier than ever to build user-friendly apps on Stellar.”

As Stellar announced a new major protocol upgrade, the Claimable Balances will be the new ledger entry that will allow payments to be split into two separate parts with the creation of a balance and the claiming of a balance. On the other hand, the Sponsored Reserves will allow the users to pay the base for other accounts without having to give out control of the underlying funds. This feature will add “new extensions to account entries and ledger entries to record pertinent information about sponsorships.”

Rice outlined that some users could experience errors initially but they will fix the issues by updating the software to support it. Stellar’s native crypto asset is called Lumens goes under the ticker XLM with the price reacting to the aforementioned news with a huge price boost. XLM traded about $0.11 but enjoyed a surge to $0.19. The asset retraced to $0.16 which still marks a 50% daily increase while on a weekly scale it gained 100%. By reaching $0.19 XLM broke the previous yearly high and the impressive price tag is now at the highest level registered since two years ago.