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The Stellar blockchain has reported remarkable growth figures for the year 2022. Stellar Development Foundation's CEO and Executive Director, Denelle Dixon, highlighted some of these notable achievements in a recent report.
Stellar's Impressive Growth in 2022
According to the report, in 2022, the total assets within the Stellar network increased by 73%, while the total number of accounts grew by 17%, reaching over 7 million accounts. The network also recorded a 92% increase in processed operations and a significant 176% increase in the total number of payments made.
Even more promising is the growth of “asset-backed operations” on the Stellar network, which refers to assets built on Stellar and tied to real financial instruments. The network witnessed a 1.9-fold increase in the daily transaction volume of these assets since the beginning of 2022. As stated in the report:
“This growth has been astronomical and encouraging because it is evidence that people are using Stellar to provide real utility, innovation, and financial accessibility worldwide.”
Stellar's Ecosystem Expansion
In addition to the optimistic growth metrics, the Stellar blockchain has made significant progress in developing and expanding its ecosystem. The network initiated the testnet launch of Soroban, a smart contract standard. This innovative feature will introduce even more use cases for Stellar, including community-owned savings banks, crowdfunding, and public microproject ownership. It will also provide tools to enhance financial access for people.
Stellar has also formed several strategic partnerships in 2022. In June, it launched MoneyGram Access in collaboration with MoneyGram, the first global on and off-ramp service for digital wallets. This service assists digital wallets in creating more utility for cryptocurrencies by connecting cash and crypto.
Will Stellar Lumens (XLM) Explode in 2023?
Despite the growth of the Stellar ecosystem, it hasn't significantly impacted the price of the native token, Stellar Lumens (XLM). According to Denelle Dixon, this is partially due to the extensive crypto winter experienced by the entire industry in 2022.
However, in 2023, there are still several optimistic events on Stellar's roadmap that could drive XLM's price to new highs. These events will focus on network scalability, innovation, increased participation, and promoting diversity and inclusivity.
One item already included in the 2023 roadmap is the launch of the Soroban mainnet. Meanwhile, Denelle Dixon explained that more detailed information about Stellar's 2023 roadmap will be revealed in an upcoming quarterly webinar. The future looks promising for Stellar Lumens as it continues to expand and evolve its blockchain ecosystem.
