Stellar (XLM) has developed into the apparent top performer in comparison to other cryptocurrencies as the larger digital currency ecosystem tries to escape its bear zone. The current spot price of the cryptocurrency is $0.1027, up 9.77% over the last 24 hours. With a week-to-date (WTD) advance of 22.52%, Stellar has joined the top performers as bullish momentum has progressively increased over the previous week.
What’s new on Stellar?
One of its primary short-term objectives continues to be the move towards a more scalable ecosystem. engineers may now utilise the new overlay protocol that will enable Stellar to expand greatly and enable effective Soroban smart contract invocations, as reported on Twitter by Timer Weller, one of the protocol’s main engineers.
Since its creation in 2014 as a reliable peer-to-peer (P2P) decentralised payment network, Stellar has grown to become one of the industry’s leading protocols. The need to scale continues to be one of the fundamental difficulties for the protocol, just as it is for the majority of Layer 1 blockchain networks, despite its strategic expansion and integrations across the board.
The suggested modification to transaction submission is what makes the scalability push dependent, according to the reference update from the Stellar protocol.
Blockchain scalability: Need to get it right
Although most blockchain protocols have revolutionary ideologies, the quest for scalability continues to be a major problem for most, including Ethereum (ETH) and Cardano (ADA).
Both protocols have worked hard over the years to improve scalability on their own chains, which has prompted the development of Layer 2 scaling technologies like Arbitrum, Polygon zkEVM, and Optimism, among others.
Cardano is creating the Hydra head, which will operate in an offline mode to increase TPS to levels never before seen in the sector. In order for blockchain systems to outperform established financial service providers in the long run, scalability must be optimised.
