- Stellar Lumens is enhancing security with a Blockaid partnership.
- Decentralized applications on the network will benefit from this new safety provision.
Stellar, a decentralized open-source blockchain protocol, has implemented new security enhancements via integration with Blockaid. This integration has sparked excitement among holders of XLM, Stellar’s native token. They expect the recent improvement to impact XLM’s price positively.
The Stellar-Blockaid Partnership
Blockaid, a Web3 platform providing on-chain security, reveals Stellar integrated its advanced Onchain Detection and Response (ODR) technology through a partnership. Blockaid’s service is similar to antivirus protection for Web3 Decentralized Applications (dApps).
Stellar’s Freighter and Lobstr wallets were the first to receive the new Blockaid security features. However, Blockaid and Stellar are planning additional integrations in the future. With the latest integration, Freighter and Lobstr wallets will receive real-time threat monitoring and rapid response capabilities, further strengthening the Stellar blockchain.
Blockaid CEO Ido Ben Natan stated that the initial round of security improvement alerts users against potentially risky transactions, dApps, or tokens. “By flagging malicious interactions, we’re protecting millions of users from scams and hacks,” Natan added.
Since its launch in 2022, Blockaid has played a huge role in Web3 security. The platform has scanned over 4.5 billion transactions and stopped over 100 million attacks. Furthermore, potential losses averted by Blockaid exceed $4 billion, showcasing its proficiency and reliability in the Web3 security domain.
As CNF reported last year, Blockaid raised $27 million in a Series A fundraising round led by Variant and Ribbit Capital. In just the first half of 2024 alone, Blockaid inked deals with several blockchain platforms, including Coinbase, 1inch, and Avalanche.
On the other hand, Stellar is well known for its fast and efficient network. The blockchain utilizes a Federated Byzantine Agreement (FBA) algorithm, which handles consensus through a streamlined protocol. Surprisingly, the United Nations recently recognized Stellar as a key element in the global payment network.
Stellar’s latest security effort follows an earlier partnership with Hypernative Labs. In that partnership, Stellar integrated Hypernative’s security tools to prevent phishing attacks, fraud, and market manipulation.
Impact of Stellar’s Security Upgrade on XLM
With its recent security enhancements, Stellar is well-positioned to protect its ecosystem from potential hacks and other security risks. Additionally, projects building on Stellar will benefit from real-time monitoring, risk management, and incident response tools.
This move further strengthens the protocol’s reliability among stakeholders. As more users engage with the network, XLM will also see increased adoption, which could lead to a price surge.
As of this writing, XLM is trading at $0.09613, up by 1.07% over a 24-hour period. However, the trading volume is down 21.3% to $48.9 million within the same period.
Despite Stellar’s recent price downturn, analysts forecast a bullish outlook for the coin. In an earlier CNF post, renowned crypto analyst Alan Santana claims XLM is set for a bullish rally, citing a long accumulation phase.
