• XLM price has posted double-digit gains over the past week as the altcoin prepares to break into Ethereum’s DeFi ecosystem. 
  • Stellar announced the launch of Starbridge, a project that allows users to transfer assets between XLM and the Ethereum network. 
  • XLM adoption is on the rise as Stellar-backed Velo Protocol and Philippine Digital Asset Exchange announced a new partnership. 

XLM price prepares for a rally as the project announces the launch of Starbridge, a bridge that connects Stellar to the Ethereum networks. Users will be able to exchange value between the two networks. Starbridge will connect users to DeFi projects and assets on the Ethereum network. 

XLM price posts 15% gains within a week

XLM price rally could continue as the Stellar Lumens network announced the launch of a project to connect investors to the DeFi ecosystem on the Ethereum network. There is a massive spike in the adoption and utility of DeFi tokens on the Ethereum blockchain network; therefore, Stellar’s new project could boost the altcoin’s utility and drive its demand higher. 

Starbridge is a link between the Stellar blockchain and the Ethereum network. A wide variety of financial systems have used Stellar as an anchor; these assets can be redeemed off-network in exchange for fiat currencies. Users would now have the option to transfer value from and to the Ethereum network. 

Starbridge will transfer two types of assets to facilitate bidirectional transactions, local assets and wrapped assets. When a local asset is deposited on the Stellar blockchain, it will be locked up in a contract, with a group of Starbridge operators controlling the account. 

Through multiple operations, the network will ensure decentralization and a unique key provided to each operator. 

The bridge’s design will allow the reversal of transactions that remain incomplete or unsuccessful. The team behind Stellar Lumens revealed that Starbridge is in the early stages of its development and is expected to cement XLM’s role in the global financial system. 

Analysts believe XLM prices could continue to climb in response to the recent developments. Analysts evaluated the daily price chart and predicted a rally to $0.49 as XLM continues its uptrend. 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Bitcoin Weekly Forecast: Assessing likelihood of 80% rally for BTC before 2023

Bitcoin Weekly Forecast: Assessing likelihood of 80% rally for BTC before 2023

Bitcoin price action over the last 72 hours indicates that a massive bullish move is coming. In the last two articles, we have taken a look at why this is possible from a technical and on-chain perspective. 

More Bitcoin News

Luna Classic price: Binance burned 6 billion LUNC, triggering massive rally in the altcoin

Luna Classic price: Binance burned 6 billion LUNC, triggering massive rally in the altcoin

Luna Classic (LUNC) price witnessed a massive spike on Friday, after yielding 12% gains overnight. The move came after the world’s largest crypto exchange, Binance announced it would be burning 6.39 billion LUNC tokens. 

More Luna Classic News

Binance native token BNB and staking derivatives bleed after $5 million DeFi exploit on Ankr Protocol

Binance native token BNB and staking derivatives bleed after $5 million DeFi exploit on Ankr Protocol

Binance’s native token BNB suffered a 3% decline in response to the $5 million exploit on DeFi protocol Ankr Protocol. The BNB chain-based protocol confirmed that it has fallen victim to a multi-million dollar exploit. 

More Binance Coin News

Cardano price gets underpinned, could move 10% north before New Year

Cardano price gets underpinned, could move 10% north before New Year

Cardano (ADA) price action is trading in more quiet waters as the spillover effects and aftermath of FTX and BlockFi bankruptcies are finally easing into the background. 

More Cardano News

Bitcoin Weekly Forecast: Assessing likelihood of 80% rally for BTC before 2023

Bitcoin Weekly Forecast: Assessing likelihood of 80% rally for BTC before 2023

A massive bullish move is coming. In the last two articles, we have taken a look at why this is possible from a technical and on-chain perspective. In this weekly forecast, we will take a look at Bitcoin’s monthly performance for the last decade and determine if this bullish outlook is possible. 

Read full analysis

BTC

ETH

XRP