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What is XLM coin? What does XLM coin mean?

The Stellar network's native token, XLM (Lumens), facilitates cross-border payments, asset transfers, and various financial applications with high speed, low cost, security, and accessibility, empowering businesses and individuals worldwide.

Oct 09, 2024 at 11:11 pm

What is XLM Coin?

Definition:
XLM coin, also known as Lumens, is the native cryptocurrency of the Stellar network, a decentralized platform designed for cross-border payments and asset transfers.
Purpose:
XLM is used to facilitate transactions on the Stellar network by acting as a bridge currency to convert between different fiat currencies, cryptocurrencies, and other assets.
Technology:
XLM runs on the Stellar Consensus Protocol (SCP), a federated consensus mechanism that provides fast, secure, and energy-efficient transaction processing.
Benefits:
- Fast and cheap: Transactions on the Stellar network can take as little as a few seconds and cost less than a penny.
- Interoperability: XLM enables seamless conversion between multiple currencies and assets, facilitating global payments and exchange.
- Security: The SCP ensures that transactions are irreversible and protected against fraud.
- Accessibility: The Stellar network and XLM are accessible to businesses and individuals worldwide, promoting financial inclusion.
Use Cases:
- Cross-border payments: XLM streamlines international transfers, reducing costs, settlement times, and exchange rate volatility.
- Cryptocurrency exchange: XLM is used as a liquidity bridge on exchanges to facilitate efficient trading between different cryptocurrencies.
- Asset management: XLM can be used to create and manage digital assets such as stablecoins, NFTs, and tokenized securities.
- Supply chain management: XLM tracks the movement of goods and assets throughout the supply chain, providing transparency and efficiency.
Market Performance:
XLM has a market capitalization of over $6 billion as of June 2023, making it one of the top 20 cryptocurrencies by market value. Its price has shown significant volatility over time, but it has generally trended upwards since its launch in 2014.

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