XLM is Stellar’s crypto, the borderless payment network. It is available on the Young Platform exchange
Among the cryptocurrencies available for buying and selling on Young Platform is Stellar’s Lumen (XLM). Discover the features and use cases of one of the first altcoins after Bitcoin!
What is Stellar?
Stellar is a blockchain conceived in 2014 by Jed McCaleb, the founder of Ripple. It is led by the non-profit Stellar Development Foundation. From its inception, Stellar set out to improve the payment system that Bitcoin already offered. Today, this blockchain dedicated to payments and money transfers is distinguished by its noble vision to provide financial inclusion and to make the crypto world more green, ethical and sustainable. As of July 2022, Stellar reached 7 million accounts and processes billions of transactions annually.
What is Lumen (XLM)?
Lumen, also known as XLM, is Stellar’s cryptocurrency. What is XLM used for within Stellar’s network? Lumen is mainly used to pay commissions for transactions on the network. Commissions on Stellar are really cheap, they are set at 0.00001 XLM. Lumen is also indispensable to be able to use Stellar’s payment network. In order to access payment services, it is in fact necessary to possess a small amount of Lumen, i.e. a minimum of 1 XLM. These low economic access thresholds reflect the Stellar Development Foundation’s intention to make digital finance accessible to all.
Why did we choose XLM?
XLM is one of the very first altcoins, launched just before Ethereum. Stellar is one of the most established projects in the crypto landscape and it is fulfilling its mission of building a more fair economic system by connecting financial systems around the world. All through a platform that allows money to be transferred quickly, reliably and at minimal cost. In 2022, Stellar also started to open up to DeFi, announcing the development of native smart contracts.
Which pairs are available for XLM?
- XLM/EUR
- XLM/BTC
Want to know more?
Read the Academy article dedicated to Stellar, as well as the one about Denelle Dixon, director of the Stellar Development Foundation!
