XLM Price Surges 25% Regardless Of Stellar Network Two Hours Issue
The price of XLM, the cryptocurrency used on the Stellar blockchain, has recently started surging, despite a recent two-hour failure that affected its blockchain. Users weren’t able to transact during this failure.
A Reddit thread reported that the outage occurred as Stellar Development Foundation (SDF) validators went down. Every Stellar validator can choose which validators to trust, and the majority have gone with SDF, leading to a certain level of centralization.
As the SDF validators went down, the whole network wasn’t able to reach consensus and security measure, stopped processing transactions. The reason the nodes went down is not yet known. A debate has been called for this.
Despite the network’s failure, XLM is currently up by nearly 25% in the last 24-hour period, suggesting users are still bullish on it.
On the Stellar network, new XLM is issued at a rate of 1% a year, and token holders who have over 0.05% of network votes are rewarded with those tokens.
At press time, one XLM token is trading at about $0.15, and the cryptocurrency has a market cap of $2.87 billion.