In terms of network expansion and mass adoption, Stellar (XLM) appears to be pulling the strings as it experiences a surge in account activities in 2018.
The crypto world would agree that 2018 was a rather dramatic year for cryptocurrencies especially as the market was hit by high rates of volatility. However, amidst the throes of the bleeding prices, Stellar (XLM) appears to be advancing despite losing about 85% of its value.
Data displayed on Stellar Explorer reveals that the account activities on the Stellar network had sporadically increased over the past six months. Being a site delegated to monitor activities on Stellar blockchain, Stellar Explorer revealed that the network kicked off with about 160,000 active accounts.
By mid-year, this amount had surged to 500,000 despite the bearish atmosphere of the market at that point. However, according to the data, the numbers had quadrupled within a few months. An official Reddit account for Stellar shared the news of this advancement as it stated:
“It took almost four years to get from 0 to 1,000,000 accounts, and only two months to double the number. The network effect in action!”
This impressive growth appears to be due to various factors and movement made by the blockchain project with the massive airdrop conducted by the network cited as a significant factor.
Stellar’s Significant Growth Due to Massive Airdrops and Partnerships
Stellar’s partnership with IBM as earlier reported marked a milestone for the blockchain network as it appeared to propel a bullish return for its native token in the market. However, Stellar’s rise to power has been linked to its $125 billion dollar airdrop earlier this year.
The airdrop was cited as the largest airdrop noted in the history of the market. This was pointed out as a positive mark for the blockchain network. Subsequently, the nature of Stellar’s blockchain has factored in the growth of the network.
Stellar Lumens provides a platform for developmental projects and by doing so, reportedly increased the number of accounts on the network. The Diruna project, for instance, featured in the advancement story by registering more than a million active accounts on the network.
Another mark pointed to remains the addition of Stellar (XLM) to various exchanges. As reported earlier, Canadian exchange, NDAX, as well as UAE exchange, BitOasis, recently added the coin to their platform.
The availability of the coin on these exchanges has been perceived to be road track to the rise in account activities. Also being the first network to be granted Sharia certification in Malaysia all point out the fact that Stellar is fast becoming a significant entity mainstream and will continue to be in the long run.