On the back of a storming price surge, Stellar Lumens (XLM) has overtaken EOS as the fifth-largest cryptocurrency by market capitalization. XLM is the token associated with Stellar – a cross-border payments project built on blockchain technology.
XLM has soared 16% in the last seven days to hit a market capitalization of almost $5.4 billion. It has now surpassed the market cap of EOS which dipped below $5 billion.
How Stellar Overtook EOS
Stellar is riding a wave of optimism over the last week, culminating in the news that Blockchain.com will facilitate a $125 million XLM airdrop to new wallet holders.
Blockchain.com, one of the world’s most popular crypto wallets, will gift new users a small amount of XLM in a bid to increase user adoption.
It’s reportedly the largest cryptocurrency airdrop in history, marking a new level of crypto marketing.
Speaking of the airdrop, Stellar founder Jed McCaleb said:
“We believe that airdrops are central to creating a more inclusive digital economy. Giving away lumens [XLM] for free is an invitation to communities to design the services they need. Our hope is to eventually have global citizens own and use lumens, in both developing and developed economies. By working with Blockchain to increase the availability and active use of lumens on the network, leveraging their almost 30m wallets, we will increase the network’s utility by many orders of magnitude.”
Gaining on Ripple XRP?
Stellar is often seen as a competitor to Ripple in the sense that it facilitates super-fast, cross-border transactions. While Ripple is working closely with banks, Stellar has partnered with IBM and aims to bring international money payments to the developing world.
Founder Jed McCaleb was instrumental in the early development of Ripple before leaving to begin work on Stellar.
Overtaking EOS marks a powerful step in the Stellar journey and places it within touching distance of its rival.
Will XLM maintain its position as fifth-largest cryptocurrency? We’ll keep you updated.
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