3 - 5 minute read
In 2022, the Stellar network saw significant growth, with almost 1 billion operations in a single quarter and more than 7 million accounts. This growth is a testament to the adoption of the network for real-world innovation and financial inclusion. In addition to raw network growth, there was also a 1.9x increase in daily transaction volume for relevant assets.
Coinbase Wallet, however, announced that it will no longer support the native tokens associated with Bitcoin Cash (BCH), Ethereum Classic (ETC), Ripple’s XRP Ledger (XRP) and Stellar (XLM), citing “low usage” as the reason. This delisting took effect on December 5, although users with balances will be able to withdraw after that date using a recovery phrase.
One of the major updates from Stellar in 2022 was the rollout of Soroban, a new smart contracts standard that is designed to be scalable, sensible, and offer a consistent developer experience. Soroban is currently live on the Futurenet testnet and is set to launch on Mainnet in mid-2023. While the potential for Soroban is significant, with a range of use cases including community-owned savings banks and micro public works projects, it remains to be seen how widely it will be adopted and whether it will be able to deliver on its promises.
Stellar also made updates to its money transfer capabilities with the launch of MoneyGram Access, a cash-in, cash-out solution that allows users to transfer money across borders. This update could potentially have a significant impact on the global remittance market, but it remains to be seen how it will compare to other options in terms of fees and convenience for users.
Other updates from Stellar in 2022 include the launch of Stellar Aid Assist, a solution for the delivery of aid, and a range of protocol upgrades and investments in the Enterprise Fund, which is focused on supporting projects that have the potential to drive real-world adoption of the Stellar network. The company also made efforts to improve developer relations, increase sustainability, and advocate for the crypto industry through its work in policy and regulation.
With a range of updates and achievements that demonstrate the network’s commitment to delivering real-world utility and driving innovation, 2022 has been a successful year for Stellar. However, Coinbase’s decision to delist four of the tokens associated with Stellar, citing low usage, could potentially be a negative factor for traders and investors to consider. As with any investment, it’s important to do thorough research and assess the risks before making a decision.