Stellar announced a new update to its protocol to end the inflation program. The update would increase the viability of cross-border payments using XLM. Since the company announced the upgrade, the price of XLM gained 13% in a bullish breakout.
Stellar successfully completed its Protocol 12 update.
The upgrade was done to disable inflation for the network’s cross-border payments-focused crypto, XLM. The Stellar Development Foundation (SDF) had proposed three core advancement proposals earlier in October.
Before the upgrade, the supply of XLM was increasing at a rate of 1% annually. After the update, the price of XLM recorded a high of $0.072 before retracting to $0.068 at the time of writing. Currently, the circulation supply of Stellar is 20,054,779,554 XLM, while its total supply is at 105,443,902,087 XLM.
After the update, Binance announced to end the XLM staking support on its platform. Stellar is currently ranked 11th with a market cap of over $1.31 billion with a 24-hour volume of $290.42 million.