Stellar's network saw a sharp rise in developer participation and capital locked in early 2024, but the Lumens token (XLM) has yet to break above pivotal exponential moving averages.. The Stellar Foundation reported an 86% YoY jump to over 4,400 developers in Q1, while total value locked climbed from under $10 million to nearly $190 million.

86% YoY developer surge to 4,400+ in Q1 signals lasting interest

According to the Stellar Foundation’s Q1 report, the number of developers building on the Stellar network grew 86% year‑over‑year, reaching more than 4,400 in the first quarter. over the past three years, that figure has risen by 171%,indicating that the ecosystem is attracting sustained technical talent rather than short‑term hobbyists.

Total Value Locked jumps to $190 million, up from sub‑$10 million early 2024

The same report higlhighted a dramatic rise in capital inflows, with TVL expanding from under $10 million at the start of the year to almost $190 million at press time. This growth reflects depeer investment in use cases such as payments, tokenization, and cross‑border settlement, suggesting that money is staying within the network rather than circulating in speculative bursts.

XLM price remains below key EMA levels despite ecosystem gains

While XLM has crossed a flag‑type consolidation pattern, it still trades below several exponential moving averages that analysts watch for momentum confirmation.. As the source notes, the token is in a transition phase, with technical validation lagging behind the robust on‑chain activity.

Who will push XLM above the EMA barrier?

The report does not identify a specific catalyst that could lift XLM past the EMA thresholds. Potential triggers could include a major partnership, a surge in on‑chain transaction volume, or broader market risk‑off sentiment easing, but these remain speculative.

What remains unverified in the Stellar growth narrative?

Two key points lack independent confirmation: first, the exact composition of the TVL surge—whether it is driven by stablecoins, DeFi protocols, or corporate treasury holdings; second, the timeline for XLM to finally breach the EMA levels, as the source provides no concrete projection.