Stellar’s Stealthy Growth: Unseen Progress Amidst Stagnant Price Action

In the first half of 2023, the Stellar Development Foundation (SDF) has made significant strides in its roadmap, focusing on its strategy: utility is the growth exponent. The Q2 report outlines the accomplishments of SDF, measured against three building blocks: making innovation easy and scalable, winning over builders, and focusing on utility to build trust.

Stellar’s Soroban Development and Hubble’s Focus

Soroban development continues to be a top priority for SDF, with Q2 witnessing two key preview releases. These releases added Soroban fee support, metering & limits, validator-configurable Soroban settings, and first-class support to updating contracts. Furthermore, Stellar network is the first to implement state expiration of this design to solve the issue of state bloat, an industry-wide issue long hindering the scaling of blockchain’s benefits.

Hubble, on the other hand, focused on self-service and data governance in Q2, with some exciting new additions. A limited Soroban futurenet preview is now available with testnet and mainnet support scheduled with the protocol releases.

Stellar Anchor Platform and Soroban Adoption Fund Programs

The Stellar Anchor Platform announced support for Deposit & Withdrawal services on Stellar (SEP-24), enabling companies to offer their on and off-ramp services on Stellar and connect to wallets on the network. This makes it easier for projects to build on Stellar while decreasing development time and costs.

The Soroban Adoption Fund Programs ramped up activity significantly. Highlights include over 14,000 RPCiege NFT badges claimed by over 200 unique accounts, and the Stellar Community Fund received 184 submissions across 3 rounds, awarding over $3.2M in Q2.

Stellar’s Partnerships and Recognition

Franklin Templeton announced the Franklin OnChain U.S. Government Money Fund (FOBXX) surpassed $270M in assets as of late March. The Fund’s transfer agent maintains the official record of share ownership via a proprietary blockchain-integrated system currently using the Stellar network, and is the first U.S.-registered fund to use a public blockchain to process transactions and record share ownership.

MoneyGram Access celebrated its 1-year anniversary on the Stellar network, extending its massive reach to 180+ countries and over 300,000 locations. Coinbase now supports USDC on Stellar, adding another significant ramp for USDC on Stellar, enabling millions of institutional and retail customers to access a truly global digital dollar.

Stellar’s Upcoming Events and Achievements

Actor and UN Goodwill Ambassador Idris Elba will be opening Meridian 2023, SDF’s annual conference that will feature a jam-packed agenda appealing to developers, entrepreneurs, general crypto enthusiasts, and more. Stellar Aid Assist won the “Best Innovation in Digital Currency” award at the Digital Currency Conference, and was recognized as a Project to Watch by CoinDesk.

Stellar’s Trading Outlook: A Bullish Momentum with Potential Entry at $0.13

The Stellar market has shown a reversal to an uptrend after the price broke out of a Falling Wedge pattern. The price spiked up to $0.19, where it became overbought (RSI > 75) and traders took profits. Now, the market is waiting for the price to pull back to $0.13 for another swing entry in the uptrend. This support level also lines up with Fibonacci retracement levels of $0.13 (61.8%).

The trend is uptrend across all time horizons (Short- Medium- and Long-Term). The momentum is bullish but inflecting. The MACD Line is above the MACD Signal Line and RSI is above 55, but momentum may have peaked since MACD Histogram bars are declining, suggesting that momentum is weakening.

The nearest Support Zone is $0.130 (previous resistance), then $0.100. The nearest Resistance Zone is $0.190. Traders are advised to set a price alert for potential entry at the $0.13 level.

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Rene Peters
Rene Peters

Rene Peters is editor-in-chief of CaptainAltcoin and is responsible for editorial planning and business development. After his training as an accountant, he studied diplomacy and economics and held various positions in one of the management consultancies and in couple of digital marketing agencies. He is particularly interested in the long-term implications of blockchain technology for politics, society and the economy.

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