Jed McCaleb, the co-founder of Ripple Labs and the creator of Stellar, recently shared his insights on why he believes Stellar (XLM) is one of the most underrated cryptocurrencies. McCaleb highlighted several reasons for this view. He noted that Stellar already processes more daily transactions than most other blockchains, handling ten times the volume of its competitors.
Unlike many blockchain projects, Stellar is actively used in real-world transactions every day. This practical application sets Stellar apart from others in the space. McCaleb praised Stellar’s simplicity and well-thought-out design.
It includes built-in features such as stablecoin and token issuance, as well as a decentralized exchange. He also discussed Stellar’s on-chain governance system and introduced the company’s smart contract platform, Soroban. Soroban is designed to be both safer and more efficient, avoiding common pitfalls like reentrancy vulnerabilities.
Stellar’s practical daily applications
Another significant advantage McCaleb pointed out is Stellar’s remarkably low transaction fees, describing them as “basically free.” He emphasized the project’s world-class engineering and developer-friendly documentation, which makes it easy for developers to get started and build applications on the network. Stellar aims to revolutionize digital payments.
McCaleb 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. In light of recent attention, McCaleb reiterated his stance on Stellar’s potential.
“A lot of people are still sleeping on this network,” he tweeted, underscoring the need for greater awareness and understanding of Stellar’s capabilities. Additionally, Stellar (XLM) has seen significant market performance recently. The price of XLM surged nearly 500% in November, reaching $0.65, a high not seen since May 2021.
Factors contributing to this price performance include the resignation of Gary Gensler as SEC chair and the outperformance of coins associated with McCaleb. Overall, McCaleb’s advocacy for Stellar underscores its potential as a standout project in the cryptocurrency space, driven by practical applications, low fees, and revolutionary ambitions in digital payments.
