What is Stellar (XLM)

Stellar or XLM (XLM/USDT – Trade it here) is an open-source network for currencies and payments. It aims at building an easy-to-use platform for developers to issue digital assets and build applications on a public distributed ledger that allows for near-instant payments and universal currency conversion.

XLM Token Logo

Stellar Core Features

While Stellar is similar in mechanism with Ripple (Read more about XRP), it differs from Ripple in that the design of Stellar, the permissonless blockchain, enables people to trade and use without the access to the bank. This may benefit especially people with limited or without access to bank in underdeveloped countries, etc. While Ripple focuses more on transactions between banks and organizations, Stellar’s utility is more open to the general public.

To facilitate the Web3 development, Stellar provides the following utilities to enhance developer’s experiences.

  • Issue Digital Assets

Stellar allows a user to create a redeemable, tradable representation of any asset. Stellar offers a generalized toolkit for anyone to digitize value and then issue and redeem claims on it. This functionality is built in at the protocol level; tokenization is a fundamental part of the network, so the supporting code is tested and fast. All asset types can take advantage of Stellar’s global reach, near instant transaction times, and ultra-low costs.

  • Trade Tokens Peer-to-Peer

Every token on Stellar is exchangeable with any other token on the network, and the Stellar protocol itself connects buyers and sellers. Users can submit their bids or asks to the public network via a single, simple operation, and every few seconds compatible trades will automatically resolve. No middleman arranges settlement and no entity acts as an intermediate custodian. In short, there is a decentralized exchange (a.k.a. a DEX) built into Stellar’s ledger system. The base Stellar protocol not only tracks balances (as Bitcoin or Ethereum do) but also tracks and settles trades between balances in a decentralized, ownerless way.

  • Transform the Currency As Users Send It

Like any payments system, Stellar allows one user to send currency to another. User A can send User B dollar tokens or lumens or whatever. But Stellar also allows a user to send one currency and have the recipient receive another. Essentially, users can send and exchange money in a single atomic transaction. This is called a path payment. It’s a powerful innovation for international payments; for example, an American company can pay an invoice in Mexico by spending dollar tokens, while the vendor receives peso tokens. Neither side incurs exchange risk or delays. Both sides get only the currency they want.

Stellar Ecosystem

Stellar has a very large ecosystem, with wallets, fiat issuers, exchanges, service providers, businesses, etc. built on the network. To name a few, highlighted projects and products within the Stellar ecosystem include:

  • MoneyGram Access, for converting digital assets and cashing globally
  • Account Viewer, for checking user’s account and send basic payments
  • Kelp, for market making with the open-source trading bot
  • Stellar Laboratory, for composing complex transactions and exploring Stellar operations
  • Transaction Explorer, for exploring transactions and network activity on StellarExpert
  • Freighter, a Stellar wallet for every website
  • Node Explorer, for viewing network nodes on Stellarbeat and visualizing consensus
  • Anchor Directory, for viewing the Stellar network directory of Anchors.

and more. With the ecosystem, Stellar is useful to empower FinTech platforms through global currency access and compliance tools, reduce the friction and costs of the traditional financial infrastructure, help make cross-border payments fast and efficient, and help exchanges enable compliant on/off ramps that grant the exchanges access to local currencies.

XLM Tokenomics

Lumens (XLM) are the native currency of the Stellar network, and are the only asset that doesn’t require an issuer or a trustline. Every account is required to hold a minimum lumen balance, and all transaction fees are paid in lumens. The smallest unit of a lumen is a stroop, which is one ten-millionth of a lumen.

100 billion lumens were created when the Stellar network went live, and for the first 5 or so years of Stellar’s existence, the supply of lumens also increased by 1% annually, by design.

How to buy XLM?

You can buy XLM on MEXC following the steps:

  1. Log in to your MEXC account and click [Trade]. Click on [Spot].
  2. Search “XLM” using the search bar to see the available trading pairs. Take XLM/USDT as an example.
  3. Scroll down and go to the [Spot] box. Enter the amount of XLM you want to buy. You can choose from opening a Limit order, a Market order or a Stop-limit order. Take Market order as an example. Click [Buy XLM] to confirm your order. You will find the purchased XLM in your Spot Wallet.

For the comprehensive guide on buying Metaverse Miner and other available tokens, please visit special MEXC How to Buy Guides Section.

Recent XLM Token Price & Performance

Since listed on MEXC in 2019, XLM reached the highest price (ATH) of 0.7984 USDT in April 2021.

Interested in crypto like XLM?

MEXC lists moonshot and provides access to trading of major crypto coins like XLM, keep an eye on our listings in Innovation and Assessment zones, as well as major tokens in the Main Zone – we have more great projects to come! Also, visit the hot projects section to find more hot tokes that were listed already. If you would like to know more about crypto trading itself visit MEXC Academy.

Share your love to MEXC Global
Default image
We are your first stop for high quality projects - Buy, Sell & Trade Cryptocurrencies, NFTs, Margin, ETF, Futures, DeFi!
Articles: 393
Read Learn Watch