The Stellar network stated that it requires small fees on transactions and minimum balances on accounts in order to prevent people from overwhelming the network and to aid in prioritization.
Quick Update | Validators on the @StellarOrg network just voted to lower the base reserve to 0.5 #XLM which makes the cost of creating accounts and orders inexpensive again: https://t.co/2KqKu61aAY #blockchain #cryptocurrency
— Stellar (@StellarOrg) 12 January 2018
As it was stated on Stellar GitHub, all Stellar accounts should have a minimum balance of lumens and any transaction that would reduce balance to less than the minimum will be rejected with an
The minimum balance was calculated using the base reserve, and from january 12 it was lowered to 0.5 XLM. The minimum balance for a basic account is $$2 * [base reserve]$$, and every additional entry costs the base reserve.
- Data entries
For example, an account with 1 trustline and 2 offers would have a minimum balance of $$(2 + 3) * [base reserve] = 2.5 XLM$$.
Basically, it means that that previously the users needed around 20 Stellar to open the wallet, and now the amount was lowered to 0,5 Stellar.
Earlier today we have reported that the price of Stellar started growing following the release of CNBC episode promoting the coin, having shown the increase of 35% within past 24 hours and currently XLM continues to grow.
At the moment of press, these are main market parameters of Stellar:
- Average price: $0,69
- Marketcap: $12 355 845 024
- 24h volume: $478 618 000