Stellar Protocol Upgrade Triggers Trading Halt as XLM Struggles to Break $0.37

A major update to the Stellar blockchain has led Upbit, South Korea’s largest crypto exchange, to temporarily halt trading of XLM on Tuesday. The move comes as part of a broader effort by exchanges to ensure network and price stability during the upgrade window, with Protocol 23 being rolled out. This recent upgrade aims to enhance the network’s scalability. However, ahead of the rollout, XLM remained stagnant at around $0.37, failing to break through despite multiple attempts. As a result, a brief spike in price was quickly reversed before Upbit’s halt. Trading activity spiked during this time with higher-than-average volume.