- Stellar registered network growth in the last year.
- The value of its native token XLM, however, declined severely.
In a new report detailing the milestones reached in 2022, Stellar founder and CEO Denelle Dixon noted that the global payments platform recorded network growth amid the general market downturn during the year.
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According to the report, Stellar saw the count of total assets under its belt jump by 73%. It closed the year with 155,943 total assets. In addition, the number of digital payment transactions processed by the open-source decentralized protocol during the year totaled $345.92 million. This represented over 176% rally from the 125.14 million payments it processed by the end of 2021.
Further, Stellar closed the year with over 7.37 million total accounts, having climbed by 17% in the last year.
Source: Stellar Foundation
Despite the network growth in the last year, Dixon noted the count of Stellar’s relevant assets dropped by 10%. According to the report, relevant assets are “assets tethered to real financial instruments that connect global financial infrastructure with Stellar on/off ramps.” It, however, managed to log growth in daily transaction volume for this asset category during the year. Dixon reported,
“While we’ve tightened our reporting criteria to remove stale relevant assets and observed a slight decrease in the number of relevant assets on the network, Stellar has seen a 1.9x increase in daily transaction volume of these assets since the start of the year.”
Source: Stellar Foundation
On what the plans are for the coming year, Dixon said:
“We’re always thinking of ways to adapt with the ever-shifting landscape of blockchain, crypto, financial services, and fintech.”
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Not much growth for XLM
While Stellar recorded network growth, closed a few partnerships and implemented a number of protocol upgrades, the 2022 factor made it hard for its native token XLM to register any growth.
During the year, the cryptocurrency market saw a significant drop in value, totaling over $1.4 trillion. This decrease has been linked to various problems within the industry, such as unsuccessful ventures and a shortage of liquidity, which was made worse by the collapse of Terra-Luna and FTX.
Not spared from the general market decline, XLM’s price dropped by 74% on a year-to-date basis, data from CoinMarketCap showed.
Exchanging hands at $0.07215 at press time, XLM traded at its lowest point since the beginning of the year.
Source: Santiment
