Stellar price updated two year maximum on the background of protocol update

On Wednesday 25th November, the Stellar price (XLM) exceeded $0.22, updating to a maximum of two years. The growth of the asset occurs against the background of the activation of the update two days ago.

Weekly Bitfinex XLM/USD chart from TradingView.

XLM was last traded at these levels in November 2018.

According to Coingecko, the coin has grown by 141.5% in the last seven days, showing the highest rate among the 20 largest crypt currencies.

The 23 November upgrade aims to simplify the creation of applications at the Stellar Block Cellar.

Protocol 15 added two new features – declared balances and sponsored reserves. They are designed to improve user experience without compromising network security.

Upgrade has enhanced protection against so-called farming-attacks. They involve the creation of several accounts by an attacker in order to collect small amounts sent to these accounts by service providers to activate the account.

The developers have been preparing the latest update for over a year. According to them, Protocol 15 closes the most problematic areas when creating applications and services on the Stellar blockchain.

The non-profit organisation Stellar Development Foundation, which is behind the development of the Stellar network, has also announced cooperation with ClickPesa, a provider of payment platforms for the business. The new partner intends to facilitate cross-border and p2p payments through XLM in six East African countries.

Earlier, the Centre Consortium announced plans to launch the USD Coin Stabilcoin (USDC) at Stellar Blockhouse in the first quarter of 2021.