Stellar Publishes Quarterly Report; to Release Wallet This Summer

Stellar Foundation Publishes Quarterly Report; to Release Wallet This Summer

Stellar Development Foundation (SDF) has released its report for the first quarter of 2020, which reflected an increase in transaction volume and usage compared to Q4-19, according to Crypto News Flash website.

Fast transaction confirmation

The number of registered accounts at Stellar declined by 1.79 percent from 4.7 million in the last quarter of 2019 to 4.6 million.

Meanwhile, the average trading volume on the decentralized exchange (XLM) rose by more than 8 percent quarter-on-quarter from 3.3 billion to 3.5 billion.

In addition, the daily transactions on Stellar Network soared by more than 113 percent from 1 billion to 2.4 billion, which indicates that clients are making greater use of the network compared with the previous quarter.

On the other hand, the number of absolute payments declined by 1.75 percent to 6 million, compared with 6.2 million in the last quarter of 2019.

The quarterly report also indicated that each transaction is confirmed within 5.5 seconds on Stellar Network, which is considered much faster than most crypto networks in the market.  

The foundation convinced CoinQvest to use its network for processing cross-border payments. Stellar Network can transfer millions of U.S. dollar within seconds at low fees.

Stellar to release wallet this summer

The foundation is expected to release its wallet this summer. In addition, the foundation has joined forces with Settle Network, nTokens, Saldo, AnchorMXN and AnchorARS to develop this area and scalability. It will continue expanding its position in East Africa and Southeast Asia.

During the first quarter of this year, Stellar has also unveiled its first investment in Liechtenstein-based FinTech project DSTOQ at a total value of $715,000. Accordingly, DSTOQ will tokenize securities on Stellar network and issue them on emerging markets.

Use of Stellar’s funds

Stellar used 324 million XLM in developing its blockchain. In addition, the foundation has invested over 20 million in developing the entire ecosystem. It also used 500,000 XLM in the development of Stellar-based apps.

The following table illustrates use of Stellar’s funds:

Stellar launches memo-less payment solution

Stellar Lumens has rolled out a solution facilitating payment with the cryptocurrency. The solution dubbed as ‘SEP-29’ was approved by the Stellar community.

In a blog post, the company stated that the move solves the ‘I forgot my memo’ issue for receiving payments in the cryptocurrency.

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Rabea Maguid 551 Articles
Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.