Stellar (XLM) Reports 172% Increase In Payment Transactions in 2022

By Kevin • January 2, 2023 2:32 pm • Comments

Despite the “crypto winter” that has affected many crypto companies in the past year to downsize or go bankrupt, it seems that Stellar(XLM) has managed to continue to grow.

For the year of 2022, the data shows that the amount of payment transactions performed on the Stellar blockchain had increased by around 172%.

The fact that the company was able to show such strong numbers despite the bear market indicates to investors that Stellar (XLM) may be one of the crypto projects that will survive the economic downturn and succeed in the long-term.

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In comparison, the growth that XLM had experience in just a single quarter of 2022 was already bigger than all the growth that the project had for the whole year of 2021.

Investors are expecting for this strong momentum to continue as XLM is considered one of the top blockchain contenders against Ripple’s XRP.

DailyHodl reports:

“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.”

XLM also posted positive numbers across the board, seeing a 73% increase in total assets, a 17% increase in total assets, and a 92% bump in total operations processed.

Dixon says that even though the number of relevant assets on XLM has decreased due to a change in how they are calculated, the volume of transactions involving relevant assets has increased by 1.9 times.

At the time of writing, the price of XLM is recorded at $0.074 which is quite a significant decrease from its all time high in 2021 where it peaked at $0.67.

Of course, most crypto assets have also been on a downward decline due to the current market conditions, but the current prices are likely not real time representations of the value of some of these crypto projects.

After all, the market tends to be a lagging indicator when it comes to reflecting the true value and utility of a crypto project.

Therefore, the increased growth that the XLM ecosystem is having this year may not be truly recognized until the next bull run which may happen in a couple years.

Potential reasons for the increase payment transactions on the Stellar blockchain may include the company’s recent partnerships with major firms like MoneyGram as well as global expansion.

U.today reports:

The Stellar Development Foundation development team has published the results of a year in the life of the protocol. Among its key achievements are the growth of the XLM network in size and quality, expansion of partnerships — in particular, with MoneyGram — as well as new initiatives undertaken.

During the year, Stellar also launched Soroban, a platform for creating smart contracts that now operates on the Futurenet testnet. At the same time that Soroban was launched, the organization launched a $100 million investment fund.

The Stellar Development Foundation report also recalls the rollout of MoneyGram Access in partnership with the payment company of the same name.

Further, with this solution, which is a global on/off-ramp, the humanitarian service Stellar Aid Assist was launched, allowing those in distress to receive USDC quickly and then cash it out.

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