Stellar, the decentralized blockchain known for powering fast cross-border transactions, has announced a significant security upgrade by integrating with Blockaid, a Web3 security platform. This partnership has generated excitement within the Stellar community, with many XLM holders expecting a potential boost in the token’s value.
Blockaid Brings Antivirus-Like Protection To Stellar
Blockaid’s Onchain Detection and Response (ODR) technology offers security for decentralized applications (dApps) on the Stellar network. Similar to antivirus software, ODR actively monitors transactions to detect malicious activity. Stellar wallets such as Freighter and Lobstr were the first to adopt these new features, receiving real-time threat detection and rapid response capabilities.
“By flagging malicious interactions, we’re protecting millions of users from scams and hacks,” said Ido Ben Natan, CEO of Blockaid. This integration aims to safeguard users from potential risks, such as phishing attempts and fraudulent transactions, ensuring a safer ecosystem for Stellar-based projects.
Blockaid’s Proven Expertise in Web3 Security
Blockaid has built a reputation as a leader in Web3 security, analyzing over 4.5 billion transactions and preventing 100 million attacks since its launch in 2022. With more than $4 billion in potential losses averted, the platform has become a trusted partner for leading blockchain projects. In the first half of 2024 alone, Blockaid secured deals with major players, including Coinbase, 1inch, and Avalanche.
Stellar is not new to prioritizing security. Earlier, it partnered with Hypernative Labs to integrate anti-phishing tools and fraud prevention measures, ensuring enhanced protection for users and developers alike.
How Will the Security Upgrade Impact XLM?
Stellar’s ongoing efforts to bolster network security are expected to boost confidence among investors and developers. With real-time monitoring tools and threat management now available, the protocol is likely to attract more users, which could increase demand for XLM, its native token.
As of this writing, XLM is trading at $0.09613, reflecting a modest 1.07% gain over the past 24 hours. However, trading volume has decreased by 21.3% to $48.9 million. Despite recent fluctuations, crypto analysts maintain an optimistic outlook for XLM.
Also Read: Stellar’s XLM Up 8% After Meridian 2024 – Can It Break The $0.10 Barrier?
In a previous forecast, Alan Santana, a well-known crypto analyst, predicted a bullish rally for XLM, citing the token’s extended accumulation phase as a key indicator. If Stellar’s enhanced security measures attract new projects and users, XLM may experience a surge in adoption and price.
With Blockaid’s security integration, Stellar is taking decisive steps to safeguard its network and user base from potential threats. This strategic move not only enhances the reliability of the Stellar blockchain but also positions XLM for potential growth as more investors and developers flock to the ecosystem. As the market watches closely, Stellar’s focus on security could prove to be a catalyst for XLM’s next rally.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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