Soroban, a smart contracts platform on Stellar, has been positioned live on the Stellar network’s mainnet, making it possible to build, position, and interact with Stellar-oriented decentralized applications. This was divulged by the Stellar Development Foundation (SDF), a non-profit organization backing the building and growth of the Stellar network.
To motivate building on Soroban, SDF will invest $100 million towards projects utilizing the network’s smart contract potential. This is to lift the bar in the matter of payments and make financial solutions available to all. Till now, the fund has helped over 160 projects.
Bringing in smart contract potential is a new upgrade from the Stellar ecosystem’s application regarding blockchain technology for building connectivity with the financial mechanism globally. Following the boosting of more than $1.3 billion in transactions in the fourth quarter of 2023, Stellar has positioned itself as a top player in crypto payments.
Its technology has supported the digital asset functionings related to the United Nations High Commissioner for Refugees (UNHCR) and MoneyGram International (MGI0), among others. The deliverance of smart contracts through Soroban will provide more advanced financial products and solutions for operating on the Stellar network, along with settlements.
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Soroban went through a two-year testing period, which finished in January 2024. It caught the attention of 190 projects towards its minimal viable ecosystem. During this period, SDF positioned roughly 15% of its $100 million Soroban adoption fund for backing dApps through lending, borrowing, insurance, auditing, and others. The projects developing on Stellar are Axelar, Allbridge, and Brand Protocol. Added to that are startups like SoroSwap, Finance, and Blend.
According to the Vice President of the Stellar Development Foundation, Timer Weller, SDF intends to release tools and technology required for boosting the new-age.
Financial structure comes with decentralization and real-time preparedness. Soroban speed allows decentralized applications to connect with the present financial markets, keeping speed and upgradability intact.
Built for the crypto space’s requirements and a goal of offering financial solutions for everyone. Soroban is a quicker, cost-effective, and safer substitute for the present smart contract platforms. The platform comes with fewer smart contract fees by easing transactions and using lesser computing abilities to process them. Additionally, Soroban comes with batteries, built-in contracts, and host activities. Everyone can develop and position dApps.
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Stellar is boosted by a decentralized, quick and upgradable network created for financial products and solutions.
