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Stellar Lumens Testnet Advances to Protocol 21: Implications for XLM Price?

Stellar’s Testnet has recently upgraded to Protocol 21, a move that enhances its smart contract capabilities. This development could have a significant impact on XLM’s price, especially in the Decentralized Finance (DeFi) sector.

On June 18, 2024, validators of the Stellar public network will vote on an essential upgrade to Protocol 21. If approved, this upgrade will activate five new Core Advancement Proposals (CAPs) on Stellar’s Mainnet. The Stellar Testnet has already transitioned to Protocol 21, marking a crucial step in enabling smart contracts and advancing the network’s evolution. Key dates for this upgrade include May 30, June 11, and June 18, each playing a significant role in the network’s development.

The successful implementation of Protocol 21 could have a profound impact on Stellar’s native asset, XLM, particularly within the growing DeFi landscape. Despite XLM’s current market position trading at $0.103, down by 1.33%, the long-term benefits of these upgrades look promising.

Stellar is aligning itself with major protocols like Filecoin, EOS, and Chainlink by integrating smart contract functionality and adapting to the evolving Web3 ecosystem. Upcoming milestones for the Stellar network include the implementation of stable releases of Stellar Core, Horizon, and RPC on May 30, a Testnet reset on June 11, and a crucial vote on June 18 to upgrade the Mainnet to Protocol 21.

The transition to Protocol 21 could significantly enhance Stellar’s influence in the DeFi sector, potentially leading to a substantial long-term appreciation in XLM’s price. This advancement positions Stellar as a formidable player in the cryptocurrency and DeFi markets. With critical updates and community-backed decisions on the horizon, the potential impact on XLM’s price and Stellar’s role in DeFi could be profound.

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