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While the market has seen an unfortunate decline since the start of 2018, the Stellar network has still experienced exponential increase in blockchain operation (transaction) volume.

According to information relayed by Orbit Lens, the firm behind the Stellar.Expert blockchain explorer, the number of transactions on the Stellar network is seeing a steady exponential. On Twitter, the startup wrote:

Fact of the Day. Total operations processed by Stellar Network shows steady exponential ~x50 yearly growth.”

Backing up its claims, Orbit Lens provided a series of figures, along with a chart, that attests to the fact that the Stellar Network is seeing a consistent uptick in use. The figures and chart are as follows:

  • 2016 year – 45,729 ops,
  • 2017 year – 2,234,195 ops
  • 2018 year (first 7 months) – 105,777,179 ops.

This sign of adoption gained traction in the Stellar’s Reddit community, with a post citing these figures quickly seeing Stellar enthusiasts and community members react in kind.

Responding to the Reddit thread, a user going by the “PickingUnicorns” on Reddit went on to bring up an additional statistic which paired nicely with the Stellar operations figure. PickingUnicorns wrote:

“Additionally: the amount of wallets is going exponentially as well. At this rate, there will be 5.5 billion wallets in (just) 3 years from now.”

While this figure is astounding on its own, the Stellar investor went on to bring attention to the “base reserve” aspect of Stellar wallets. In accordance with the network’s protocol, when wallets are created, a certain amount of XLM is kept in the wallet as a “base reserve,” allowing transactions to function as they should. While the base reserve amount isn’t static, wallets currently require you to keep 0.5 XLM in a wallet for full functionality.

If 5.5 billion wallets get created by 2021, that means that over 2.75 billion XLM will be locked up in wallets, with the Reddit user adding:

“That’s billions of lumens for base reserve purposes only..”

As the laws of supply and demand allude to, a shrinking supply for the same level of demand will only drive prices higher. Other Reddit users, like the fittingly named “StellarFan” account and MikeJohn1965, went on to add how these figures are impressive, and that Stellar is really gaining traction in cryptocurrency networks worldwide, which many see as a bullish sign, to say the least.

Stellar has long been a foremost asset in the cryptosphere, joining the exclusive roster of the top 10 cryptocurrencies months, if not years ago. The Stellar project has continually proven itself to be a great investment for investors looking for the long-term growth of a portfolio, as Stellar has partnered with big-name, mainstream companies to introduce new facets of business onto an efficient and easy-to-use blockchain solution.

At the time of writing, XLM remains as the 6th largest crypto, with a market capitlization of $4.1 billion. While posting a 6% loss today, it is important to point out that this is to be expected, with the asset only moving in-line with the rest of the cryptocurrency market.

Title Photo by Chris Liverani on Unsplash