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Cryptocurrency News Articles
Stellar (XLM) Price Prediction as the Blockchain Protocol Implements New Security Enhancements via Integration with Blockaid
Oct 18, 2024 at 06:59 pm
Stellar, a decentralized open-source blockchain protocol, has implemented new security enhancements via integration with Blockaid.
Stellar (XLM) Surges 7% Amid Integration of Advanced Web3 Security Technology Blockaid, a leading Web3 platform renowned for its advanced on-chain security capabilities, recently announced a partnership integration with Stellar (XLM). This integration marks a significant development in the realm of Web3 security, aiming to enhance the protection of users and their assets within the Stellar ecosystem.
According to a recent statement by Blockaid, the initial phase of this integration will see the deployment of Blockaid's technology into Stellar's Freighter and Lobstr wallets. These wallets will be equipped with real-time threat monitoring and rapid response capabilities, further bolstering the security infrastructure of the Stellar blockchain.
Blockaid's technology operates in a manner akin to antivirus protection for Web3 decentralized applications (dApps). Through continuous scanning of the Stellar blockchain, Blockaid's platform identifies and responds to suspicious activities in real time.
Upon detecting any potentially risky transactions, dApps, or tokens, the Blockaid platform generates alerts to users, safeguarding them from potential scams and hacks. This capability is crucial in protecting users from the increasing prevalence of malicious interactions within the Web3 ecosystem.
"We're excited to integrate Blockaid's advanced on-chain security technology into Stellar's Freighter and Lobstr wallets," said Ido Ben Natan, CEO of Blockaid. "By flagging malicious interactions, we're protecting millions of users from scams and hacks."
Since its launch in 2022, Blockaid has played a pivotal role in Web3 security. The platform has now scanned over 4.5 billion transactions and stopped over 100 million attacks. Moreover, the potential losses averted by Blockaid now exceed $4 billion.
As CNF reported last year, Blockaid raised $27 million in a Series A fundraising round led by Variant and Ribbit Capital. In just the first half of 2024 alone, Blockaid inked deals with several blockchain platforms. These include Coinbase (COIN), 1inch, and Avalanche (AVAX).
Meanwhile, Stellar is known for its fast and efficient network, which utilizes a Federated Byzantine Agreement (FBA) algorithm to handle consensus through a streamlined protocol. Notably, the United Nations recently recognized Stellar as a key element in the global payment network.
Stellar's latest security effort follows an earlier partnership with Hypernative Labs, which saw Stellar integrate Hypernative's security tools to prevent phishing attacks, fraud, and market manipulation.
Impact on the Price of Stellar (XLM)
Stellar (XLM) is currently ranked 26th on the cryptocurrency market, boasting a total market cap of about $4.2 billion. At the time of writing, the price of XLM is up by 7.11% over a 24-hour period, currently trading at $0.0956.
However, trading volume has seen a decrease of 21.3%, amounting to $48.9 million over the same period. Despite this recent downturn in price, analysts are largely bullish on XLM.
In an earlier CNF post, renowned crypto analyst Alan Santana highlighted XLM as being primed for a bullish rally, owing to a lengthy accumulation phase.
"This bullish outlook is further supported by the Stellar network's recent integration of advanced Web3 security technology from Blockaid," Santana added. "As more users flock to Stellar, we can also expect to see an uptick in XLM adoption, potentially leading to a price surge."
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