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Jed McCaleb, the co-founder of Ripple Labs and the creator of Stellar, recently shared his insights on why he believes XLM is one of the most underrated cryptocurrencies. McCaleb highlighted that Stellar already processes more daily transactions than most other blockchains, handling 10 times the volume of Ethereum. Unlike many blockchain projects, Stellar is actively used in real-world transactions every day, which, according to McCaleb, sets it apart from others in the space.
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He also brought up Stellar’s simplicity and well-thought-out design. The network includes built-in features such as stablecoin and token issuance, as well as a decentralized exchange. McCaleb then discussed Stellar’s on-chain governance system, followed by the company’s smart contract platform, Soroban. Soroban is designed to be both safer and more efficient, avoiding common pitfalls like reentrancy vulnerabilities.
Next, McCaleb pointed out Stellar’s remarkably low transaction fees, which he described as “basically free.”
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McCaleb also praised Stellar’s engineering, calling it world-class. Additionally, he highlighted Stellar’s developer-friendly documentation, which he considers one of the best in the industry. The documentation makes it easy for developers to get started and build applications on the network, driving further adoption and innovation.
Finally, McCaleb stressed that Stellar is focused on revolutionizing digital payments. He believes the most impactful use of cryptocurrency is as a means of digital money. Stellar’s goal is to provide financial services to communities without access to banks and to enable businesses to transfer assets more easily and cheaply than through traditional banks.
XLM price up 463% in November
The post comes at a time when coins associated with McCaleb show outperformance on the market.
This is due to a variety of reasons, such as the official resignation of Gary Gensler as SEC chair. Due to the regulatory problems the SEC v. Ripple case caused for XRP, the price of the token was suppressed for years. But, the resignation news as one of the reasons triggered a 170% surge from the beginning of the year.
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Being XRP’s rival of sector and sort of beta play, XLM of Stellar saw an even more stunning price surge of almost 500%, reaching at $0.65 a high not seen since May 2021.