Stellar Lumens doubles in price following upgrade

The price of Stellar Lumens (XLM) shot up 60% in the past 24 hours and crossed the 20 cent mark for the first time since Sept. 2018. The ‘stellar’ price action followed an announcement by the project’s developers that a new version of the Stellar public network protocol had been implemented by validators.

The Protocol 15 upgrade was voted into effect at 4:00 PM UTC on Nov. 23 and introduces two new features that aim to reduce the level of complexity presented to users of Stellar network-based apps and services.

Price action for Stellar Lumens has been relatively subdued over the past year until Nov. 21, when trading volume started to build. XLM has doubled in price over the last 48 hours and leads the top 100 coins by market cap in weekly gains, topping out at +125%. It is among a handful of coins currently leading the altcoin pack in what could potentially be a long-awaited “alt season.”

Initially forked from Ripple Labs protocol by Jed McCaleb and launched in July 2014, Stellar seeks to lessen the cost of cross-border payments using blockchain. The project is particularly focused on serving unbanked or underbanked regions of the world where access to traditional financial services is either nonexistent or prohibitively costly.

Stellar’s Protocol 15 upgrade includes two new components designed to enhance user experience while retaining a defense against “farm attacks” and other methods in which bad actors may try to subvert the purpose of the network. A farm attack is where multiple accounts are created by an entity with the aim of harvesting the small amounts of funds sent to those accounts by service providers which are…

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