Decentralized Finance (DeFI) Is Coming To Stellar Lumens (XLM)
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Steve Walker, the founder of Task, has a few days ago taken to Twitter to share his experience with the traditional system of sending funds across borders. His experience best describes the major reason for the emergence of Stellar blockchain.

According to Walker, an attempt to send just £14.93 to the United States, in a real UK bank transaction, cost him £27.

Read Also: Stellar Blockchain Partners with Ukrainian Government to build the Country’s CBDC

Acknowledging the utility embedded in Stellar blockchain in solving such an issue, Walker said systems such as Stellar emerged not to replace fiat currencies, but to make their transactions fast and efficient for customers.

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Steve Walker tweeted, “To send £14.93 to the US the banks charge me £27 (this is a real UK bank transaction). This is why we need systems from Stellar- not to replace currencies, but to make them fast, efficient, serving YOU the customer.”

Read Also: Grayscale Keeps Buying XLM as Institutional Interest in Stellar Increases; Horizon 2.0 Released

Issues with High Transaction Fees Still Abound In the Crypto Industry

Although Stellar Lumens (XLM) is capable of solving the issues with the cost of sending money across the border using traditional currencies, similar issues still abound in the crypto industry.

A good example is the current cost of using the Ethereum blockchain. Many members of the crypto community now see Ethereum as a blockchain platform for rich people. Retail investors are being dissuaded from using the network due to the high cost of initiating transactions on the network.

Although the issue is expected to be fully resolved once Ethereum undergoes the much-awaited upgrade. But the upgrade is taking too long to fully launch and the Ethereum network continues to experience congestion, which is skyrocketing the cost of using the network. So, people are starting to look for the best alternative.

Read Also: Stellar Lumens (XLM) Seems Absorbing XRP Bag Holders Considering Its Recent 49% Rally

However, a number of blockchains such as Stellar are designed to solve issues related to fees in cross-border remittance as earlier buttressed by the founder of Task, Steve Walker.

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Solomon Odunayo

By Solomon Odunayo

Solomon Odunayo is an accomplished blockchain and cryptocurrency expert at Herald Sheets, known for his in-depth analysis and engaging articles that cater to both beginners and experienced readers. With a degree in Computer Science from the University of Lagos, Solomon leverages his technical background and keen understanding of the crypto space to provide readers with valuable insights and up-to-date news. His passion for innovation and commitment to staying current with industry developments make him a trusted voice in the digital currency community.