1xBit, a leading online cryptocurrency casino, and sportsbook announced that it has added Stellar (XLM) to its list of accepted digital assets. According to the gaming firm, Stellar has notable characteristics that make it a good candidate for the betting industry.

Moreover, it is in the top 20 of the leading digital assets by market capitalization. According to metrics provided by CoinGecko, Stellar (XLM) was trading around $0.571133, having jumped approximately 10.4% in the past 24-hours. At the time of reporting, the asset had a market capitalization of approximately $13.2 billion, with its average 24-hour volume at approximately $1.45 billion. Ranked position 16 out of over 7,000 coins, Stellar Lumen (XLM) has notable volume and liquidity favorable in the gambling sector.

Notably, the gambling industry requires fast processing of withdrawals and deposits for the users to make the best out of the available games and wins. Besides, the gambling industry has thrived thanks to the reducing transaction fees associated with the cryptocurrency industry. 

As for the Stellar Lumen (XLM), it offers both fast transactions and at a negligible fee. The average cost of sending Stellar Lumen (XLM) stands at 0.00001 XLM, thereby facilitating even small transactions. The fee was put there to prevent DoS attacks from spamming the network.

As an eco-friendly digital asset, Stellar Lumen (XLM) incorporates the use of validators to vote on critical aspects of the Stellar network.

Among other advantages, 1xBit is set to provide its customers with exceptional services. “Stellar is perfect cryptocurrency for betting sites and 1xbit is taking full advantage of this as it announces support for XLM,” 1xBit noted in a press release.

The incorporation of Stellar Lumen (XLM) on the 1xBit platform is viewed as a mutually beneficial partnership that will benefit both entities. Stellar is going to significantly benefit by gaining more utility that will fuel its traded volume and in turn its market price. Previously, the asset has added approximately 663%, 29%, and 37.3% in the past year, 30 days, and one week respectively according to metrics provided by CoinGecko.

Stellar Lumen (XLM) has joined over 30 cryptocurrencies already supported by 1xBit. Some of the supported digital assets include Bitcoin, whereby the user can get up to a 7 BTC bonus on the first four deposits on the platform.

The Speedy Trial of Taproot has been initiated on Bitcoin. 

On Saturday, May 1st, the last adjustment of Bitcoin’s difficulty took place, kicking off the Taproot Speedy Trial. 

Therefore the first activation phase for what is in fact the largest Bitcoin update in years has been initiated. As of today, miners who want to adopt Taproot can signal their support by including special data in the blocks they mine, called “signal bits”. 

If 90% of the blocks mined during one of the current or upcoming eras of the Bitcoin difficulty include the Taproot signal bit, the update will be activated permanently in November this year.

Many miners, however, have already pledged their support for Taproot, so reaching the 90% threshold is probably only a matter of time. It is estimated that it could happen as early as the second half of May. 

Currently, according to the taproot.watch website, the blocks containing the signal bit are still few, but seem to be growing. The current epoch of Bitcoin’s difficulty (the 338th) is expected to end between 13 and 15 May, and from then on any epoch could be the one to cross the threshold. 

The Taproot update of Bitcoin

The aim of Taproot is to change the way Bitcoin scripts operate. In particular, combining Taproot with Schnorr signatures will increase the level of anonymity of on-chain transactions, and improve complex transactions. 

The Taproot update will make it possible to publicly hide the moving parts of a complex Bitcoin transaction, which can then appear to observers as a normal single transaction. 

In addition, again in combination with Schnorr signatures, Taproot could also increase efficiency in the execution of complex transactions, because it will reduce the amount of data to be recorded in the blockchain, while also increasing the number of transactions that can be recorded per block and reducing fees. 

What is expected is that Bitcoin will experience significant improvements in terms of privacy, scalability and security, and encourage multi-signature solutions.

Related posts
More from author

Reef, the esteemed yield engine and smart liquidity aggregator, recently announced Kwikswap to become the first project ever built on the Reef Chain. The platform is already renowned for its esteemed projects, and Kwikswap’s association with the platform will certainly enhance its market prominence.

Kwikswap is a Layer-2 DeFi project used to build blocks with an esteemed decentralized swap exchange protocol backing it up. Comparing Kwikswap with Uniswap is a given due to their similarities in functioning. Kwikswap allows developers to build on its dApp user interface, source code, and APIs to extend their protocol’s reach.

The DeFi sector is experiencing mass adoption right now, and a prevalent reason behind the trend is such partnerships. If all goes well, Kwikswap will produce highly scalable outputs with minimal gas fees, helping users get equipped with esteemed DeFi protocols.

Why the Partnership Between Kwikswap and Reef Makes Sense?

Since Kwikswap is launching a DEX platform, joining hands with Reef makes complete sense. Reef Chain facilitates perks like low gas fees and prompt transactions, allowing Kwikswap to garner an extensive user base.

Plus, Kwikswap using its automated token and custom source code, bodes well with Reef Chain’s functionalities, proffering features like:

• Allowing every end-user to gain market creation abilities.
• Offering staking rewards to KWIK coin holders.
• Minimal transaction fees.
• Simple share and liquidation in fees.
• Using Web3 to integrate non-custodial wallets.

Kwikswap Decentralized Exchange Going Live on Reef Chain

Kwikswap DEX is a cross-chain swap protocol using Layer-2 scaling to facilitate staking, liquidity, swapping, and market creation. Additionally, the platform can be used to create KWIK tokens, non-custodial wallets, and token markets.

Using Reef instead of ETH works for Kwikswap due to its scalability and higher outputs. Kwikswap can also leverage the platform’s capability of porting existing DeFi apps from ETH. Reef’s protocol aggregation, multichain accessibility, and analytics mean Kwikswap will render optimal results in minimum time. Plus, Polkadot’s enhanced security and upgradability make Reef the ultimate solution for platforms like Kwikswap.

How will this affect the market? If the execution goes as planned, Kwikswap will quickly rise on the ranks of DEX platforms. Reef undoubtedly caters to the solutions Kwikswap intends to facilitate, so the partnership is expected to flourish in the upcoming time.

Reef Chain is a renowned name in the DeFi sector and joining hands with Kwikswap will improve the engine’s market relevance. Kwikswap will become the first project to be built on the Reef Chain. Kwikswap is promising to release several intuitive functionalities, and if executed aptly, the partnership can revolutionize the DeFi domain.