Stellar price hits two-year high amid Protocol 15 upgrade

On Wednesday, November 25, the price of Stellar (XLM) rose above $0.22, marking a two-year high. The asset’s rise comes amid activation of Protocol 15 two days earlier.

Weekly XLM/USD chart on Bitfinex from TradingView.

Last time XLM traded at these levels was in November 2018.

According to Coingecko, over the past seven days the coin surged 141.5%, the fastest pace among the 20 largest cryptocurrencies.

The upgrade, completed on November 23, aims to simplify the creation of applications on the Stellar blockchain.

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

The upgrade strengthened protection against so-called farming attacks. They involve an attacker creating multiple accounts to collect small sums sent to these accounts by service providers to activate the account.

Developers had been preparing the latest update for more than a year. According to them, Protocol 15 closes the most problematic areas in creating applications and services on the Stellar blockchain.

The Stellar Development Foundation, the nonprofit behind the Stellar network, also announced a collaboration with the business payment platform ClickPesa. The new partner aims to facilitate cross-border and P2P payments using XLM in six East African countries.

Learn how @ClickPesa is making cross-border B2B payments easier in East Africa with #Stellar.https://t.co/Mu3qW2TlR4

— Stellar (@StellarOrg) November 24, 2020

Earlier the Centre announced plans to launch USD Coin (USDC) on the Stellar blockchain in the first quarter of 2021.

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