Ripple Competitor Stellar Notes 176% Growth In Payments Processed

Lavina Daryanani
Source: Vecteezy

Over the past few days, crypto networks have been releasing their end-of-year metrics report outlining their milestones, achievements, etc. Blockchain payment company Stellar was the latest one to do so, and they demonstrated impressive numbers.

Jed McCaleb is the Co-Founder of Stellar and Ripple, and they are deemed to be rival companies. Ripple was initially launched by McCaleb along with Chris Larsen, but soon after, McCaleb and the rest of the team at Ripple started having major disagreements. Resultantly, McCaleb decided to leave. Scripting another chapter in his crypto books, he, along with Joyce Kim, founded Stellar in 2014.

From then to now, the network has come a long way. In fact, despite being hung out to dry this year, the network seemingly fared well. Denelle Dixon, CEO and Executive Director at Stellar, reported the protocol’s year-end numbers on Twitter on Tuesday.

Stellar’s Growth Stats

The total assets locked on the platform grew by 73% over the past year. In the same timeframe, the number of accounts rose by 17% and the operations processed notched up by 92%.

The payments processed noted the biggest jump. From 2021’s 125 million, the number jumped to 345.9 million this year. Summing it all up, Dixon said,

Last year… Stellar had processed another billion operations in just two quarters alone. This year, Stellar nearly hit 1 billion operations in one quarter alone, and hit another milestone – more than 7 million accounts on the network!

Source: Twitter

The network’s development activity game is also going on at a swift pace. Data from Santiment revealed that the reading of the said metric increased from mid-June’s 597 to 979. Chalking out the progress made with respect to smart contracts, Dixon said,

Earlier this year, we announced that smart contracts were coming to Stellar. Now, Soroban is live on Futurenet, an incentivized testnet, and set to launch on Mainnet mid-next year.

Source: Santiment

The Stellar Development Foundation tied up with MoneyGram earlier this year to roll out MoneyGram Access—a first-of-its-kind global cash-in and cash-out on/off-ramp service for digital wallets.

To add more to the IRL use case frosting, the blockchain was also being used by other companies like the Novatti Group to foster stablecoin developments.

On the whole, Stellar focussed on increasing network scalability and network innovation, activating more network participation, and demanding and promoting diversity inclusion this year. Dixon, however, acknowledged that there’s still a lot more left to do. Details regarding the same will be released in 2023’s yet-to-be-revealed roadmap.