Soroban, a smart contracts platform built on the Stellar network, has recently been launched on the Stellar mainnet, offering developers the opportunity to build, deploy, and interact with Stellar-focused decentralized applications (dApps). The Stellar Development Foundation (SDF), a non-profit organization dedicated to the growth of the Stellar networkNetwork The set of computers connected to each other, called nodes, on which the blockchain of a specific cryptocurrency is based., announced this significant milestone.
To incentivize development on Soroban, SDF has committed a $100 million investment fund to support projects leveraging the network’s smart contract capabilities. This initiative aims to enhance payment solutions and increase accessibility to financial services worldwide, with over 160 projects already benefiting from the fund.
The introduction of smart contracts through Soroban marks a pivotal advancement in the Stellar ecosystem, facilitating more sophisticated financial products and solutions, including settlements. Following Stellar’s success in processing over $1.3 billion in transactionsTransaction Exchange of value, property, or data between two parties. in the fourth quarter of 2023, it has established itself as a leading player in crypto payments, supporting initiatives such as those by the United Nations High Commissioner for Refugees (UNHCR) and MoneyGram International (MGI).
After undergoing a two-year testing period, Soroban attracted the interest of 190 projects, demonstrating its potential as a viable ecosystem. During this time, SDF allocated approximately 15% of its $100 million Soroban adoption fund to support dApps across various sectors, including lending, borrowing, insurance, and auditing. Notable projects developing on Stellar include Axelar, Allbridge, and Brand Protocol, as well as startups like SoroSwap, Finance, and Blend. (Source: CryptoNewsZ)