Smart contracts finally arrive on Stellar network with Soroban launch on mainnet
Quick Take Smart contracts are operational on the Stellar network with the rollout of Soroban. A $100 million Soroban adoption fund was established to support its development.
The Stellar XLM -0.77% Development Foundation (SDF) rolled out Soroban , a smart contracts platform on the payment-focused network, marking one of the most significant upgrades in the project’s ten-year history.
After a two-year testing phase, Soroban went live Tuesday at noon EDT (16:00 UTC) on the mainnet, allowing the creation of decentralized applications.
Soroban offers developers a new mechanism to deploy smart contracts, expanding the ecosystem of applications built on the Stellar blockchain. The platform leverages WebAssembly (WASM)—a binary code format tailored for traditional web and blockchain integrations.
Stellar’s introduction of smart contracts aims to broaden the network’s use beyond crypto payments to include decentralized finance (DeFi) and other financial services.
SDF has also allocated $100 million to a Soroban adoption fund to support development on this new platform. The fund has funded over 160 projects, focusing on leveraging Stellar’s smart contract capabilities for various applications. Projects building on Stellar include bridge projects, Axelar, Allbridge, the Band Protocol oracle, and DeFi newcomers including Sworoswap and Blend.
Stellar blockchain
Jed McCaleb and Joyce Kim co-founded Stellar in 2014. It is an open-source blockchain network focused on enabling cross-border transactions.
Initially, Stellar operated on a system akin to Ripple since it was conceptualized as a fork. However, facing challenges and driven by the aspiration for a unique solution, Stellar introduced a completely revamped codebase with a renewed consensus mechanism termed the Stellar Consensus Protocol (SCP).
Although Stellar has supported smart contracts in the past, the core team has progressively focused on developing Soroban as a general-purpose and developer-friendly platform to deploy WASM-based high-performance dapps.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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