Stellar Development Foundation Unveils Soroban Platform and Introduces $100M Incentive Program
In Brief
Stellar Development Foundation unveiled smart contract platform Soroban and launched $100M incentive program to encourage developers build dApps on it.
Nonprofit organization Stellar Development Foundation (SDF), dedicated to fostering the advancement and expansion of the Stellar network, has unveiled the smart contract platform Soroban.
Soroban, launched on the Stellar mainnet, empowers developers to build, deploy, and engage with decentralized applications (dApps) such as non-fungible tokens (NFTs), games, and decentralized finance (DeFi) applications on its blockchain.
Designed to meet the needs of various industries and promote accessibility to financial services, Soroban provides a swifter, more cost-efficient, and secure option compared to current smart contract platforms. Soroban reduces smart contract fees by optimizing transactions and lowering computing demands while prioritizing accessibility and developer-friendly features.
The platform attracted considerable interest from developers worldwide throughout its two-year testing phase, which concluded in January 2024. More than 190 projects across various sectors, including gaming, lending, insurance, and others, engaged in testing Soroban’s functionalities. According to the Stellar Development Foundation, the platform’s key strengths lie its speed and scalability.
“Soroban offers comparatively lower fees than other smart contracts platforms by simplifying transactions and utilizing lower levels of computing power,” said the Stellar team in the written statement.
In addition to introducing Soroban, the Stellar Development Foundation announced its plan to allocate $100 million toward encouraging developers to create applications for its platform. By establishing the Soroban Adoption Fund, the foundation seeks to motivate and assist projects utilizing the network’s smart contract functionalities.
“To encourage projects to leverage Stellar’s smart contracts capabilities, SDF has also launched a $100 million Soroban adoption fund, 15% of which has so far been deployed,” said the Stellar team in the written statement.
SDF Supports Expansion of Stellar Network
Founded in 2014, the Stellar Development Foundation is dedicated to nurturing the advancement and expansion of the Stellar network. As a nonprofit entity, it oversees the maintenance of Stellar’s codebase, encourages community involvement, and promotes equal access to the worldwide financial infrastructure via blockchain technology.
Recently, the peer-to-peer payments money transfer company MoneyGram introduced its on- and off-ramp solution for digital wallets built on the Stellar blockchain. The initiative seeks to streamline the process for digital wallet users, enabling them to seamlessly transition between fiat and cryptocurrency and back to fiat again.
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Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at alisa@mpost.io
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Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at alisa@mpost.io
