As the crypto market starts to gain traction, it is time to start looking into undervalued projects that have the potential to give exponential gains going forward. One of the key factors to look at, when selecting good altcoins is the level of activity in technical development, adoption and community engagement. One crypto that seems to be doing pretty well on all these parameters is Stellar (XLM). Stellar is a very active project, as can be seen in the things that have been achieved in the stellar ecosystem over the last 30-days. Here are a few of them that inspire confidence in the future of Stellar.
One of the big announcements about Stellar in the past month is the launch of 26-fiat-backed stable coins on stellar by Wirex. The company aims to use these stable coins as a tool for pushing mass adoption, and opening up liquidity in crypto space. The fact that Wirex chose the stellar network for its stable coins is a huge validation for Stellar as a strong network, which by extension makes XLM an intrinsically strong crypto.
A lot has happened on the technical side as well. Earlier in the month, stellar developers announced research into ZkVM (Zero-knowledge virtual machine). It is an experimental approach to blockchain for the development of scalable and confidential smart contracts. According to the stellar team behind this research,
“ZkVM uses a novel transaction format pioneered in TxVM: a transaction is represented as a program that manipulates flow of assets directly as first-class objects and emits the necessary updates to the blockchain state in the form of a transaction log. The transaction log then can be applied to the state of the system separately from transaction validation, which permits a highly scalable design, while offering a powerful, yet safe environment for custom contracts.”
Considering that scalability is one of the challenges facing most blockchain platforms face at this point, stellar stands in a good position for adoption thanks to ZkVM. It’s an indicator to Stellar’s strengths from a fundamentals perspective.
Besides, the technical developments and the growing use cases of the stellar blockchain, Stellar (XLM) is getting attention from major exchanges. In the course of the month, Stellar (XLM) was added to the Coinbase Earn program. Through this program, Coinbase users can earn up to $10 for each user who completes a lesson about stellar on the platform. Considering that this is one of the largest crypto exchanges on the planet, this program could significantly push up the value of Stellar (XLM), especially now that bullish sentiment is on the rise in the market.
These are just a few of the developments that have happened in the stellar ecosystem in the past month. There are many more that are all equally significant. They all make Stellar (XLM) a high potential hold now that altcoins are picking up bullish momentum. If Bitcoin (BTC) pushes above $10k, Stellar could easily rally back to all-time highs within a very short time. The 2nd half of 2019 will be an interesting one for Stellar and crypto in general.