Stellar Development Foundation unveils Soroban platform and launches $100 million incentive program
Posted: March 19, 2024 1:01 PM Updated: March 19, 2024, 1:01 PM
Correction and fact check date: March 19, 2024, 1:00 PM
briefly
The Stellar Development Foundation unveiled its smart contract platform Soroban and launched a $100 million incentive program to encourage developers to build dApps on Soroban.
The Stellar Development Foundation (SDF), a non-profit organization dedicated to fostering the development and expansion of the Stellar network, has unveiled its smart contract platform Soroban.
Soroban, launched on the Stellar mainnet, enables developers to build, deploy, and leverage decentralized applications (dApps) such as non-fungible tokens (NFTs), games, and decentralized finance (DeFi) applications on blockchain.
Designed to meet the needs of a variety of industries and promote access to financial services, Soroban offers a faster, more cost-effective, and more secure option compared to current smart contract platforms. Soroban reduces smart contract fees by optimizing transactions and lowering computing requirements while prioritizing accessibility and developer-friendly features.
The platform attracted significant interest from developers around the world during a two-year testing phase that ended in January 2024. More than 190 projects across a variety of sectors, including gaming, lending, insurance, and more, participated in testing Soroban’s functionality. According to the Stellar Development Foundation, the platform’s main strengths lie in its speed and scalability.
“Soroban simplifies transactions and leverages low levels of computing power to offer relatively lower fees than other smart contract platforms,” the Stellar team said in a written statement.
In addition to introducing Soroban, the Stellar Development Foundation announced plans to allocate $100 million to encourage developers to create applications for the platform. By establishing the Soroban Adoption Fund, the foundation seeks to motivate and support projects that leverage the network’s smart contract capabilities.
“To encourage projects to take advantage of Stellar’s smart contract capabilities, SDF has launched a $100 million Soroban Adoption Fund, 15% of which has been deployed to date,” the Stellar team said in a written statement.
SDF supports Stellar network expansion
Founded in 2014, the Stellar Development Foundation is dedicated to fostering the development and expansion of the Stellar network. As a non-profit organization, it oversees the maintenance of Stellar’s codebase, encourages community participation, and promotes equal access to the world’s financial infrastructure through blockchain technology.
Recently, P2P payment remittance company MoneyGram launched an on-ramp and off-ramp solution for digital wallets built on the Stellar blockchain. The plan is to streamline the process for digital wallet users, allowing them to seamlessly switch between fiat and cryptocurrency and back to fiat.
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Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through her work with VCs, notable cryptocurrency projects, and science writing. You can contact us at (email protected).
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alice davidson
Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through her work with VCs, notable cryptocurrency projects, and science writing. You can contact us at (email protected).
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