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Stellar is a blockchain that aims to rival Ethereum. The Stellar Development Foundation plans to invest $100 million to incentivize developers to create apps for its platform.
The foundation introduces the Soroban Smart Contracts Platform, giving Stellar a competitive edge against Ethereum. Previously focused on cryptocurrency payments, Stellar now offers a smart contracts platform for developers, including game creators, to produce blockchain apps like non-fungible tokens (NFTs), games, and decentralized finance (DeFi) apps.
The $100 million fund to kickstart these apps comes at a crucial time as blockchain game funding decreased recently.
Soroban is the long-awaited smart contracts platform from the Stellar Development Foundation. With Soroban now live on the network’s mainnet, Stellar embarks on a new phase, enabling developers globally to create, deploy, and interact with decentralized applications (dApps) on its blockchain.
The release of Soroban signifies the most significant upgrade to the Stellar network in its history. Stellar, known for crypto payments, expands its capabilities to support DeFi and various applications, emphasizing speed and scalability.
With $100 million earmarked for the Soroban Adoption Fund, the Stellar Development Foundation aims to support projects utilizing the network’s smart contract capabilities. This investment underscores SDF’s dedication to fostering innovation and growth within the Stellar ecosystem.
Toemer Weller, VP of product at The Stellar Development Foundation, stated, “SDF is dedicated to providing the tools and technology needed to power a next-generation financial system—one that is both decentralized and real-world ready. Soroban enables decentralized applications to seamlessly integrate into the global financial market without compromising speed or scalability. We look forward to seeing a variety of transformative dApps built on Stellar.”
Soroban, designed to meet industry demands and democratize financial services, offers a faster, cost-effective, and secure alternative to existing smart contract platforms. By streamlining transactions and reducing computing power requirements, Soroban minimizes smart contract fees while ensuring accessibility and ease of use for developers.
The launch of Soroban signals Stellar’s commitment to advancing blockchain technology’s real-world applications, promoting financial inclusivity, and driving global economic empowerment. Developers interested in exploring Soroban can find more information at stellar.org/soroban.
Stellar, a decentralized and sustainable network for financial products and services, connects the world’s financial infrastructure, facilitating cross-currency transactions and digital asset issuance. Over six million accounts are active on the Stellar network, which serves as a platform for financial institutions worldwide.
The Stellar Development Foundation, established in 2014, supports the growth and development of the Stellar network. As a non-profit organization, SDF maintains Stellar’s codebase, fosters community engagement, and advocates for equitable access to the global financial system through blockchain technology.
Beating Ethereum
While Stellar aims to beat Ethereum, the reigning champion of decentralized applications, it faces challenges. Three of the largest blockchain games are on Ethereum, with $57 billion locked in the network, representing about 58% of the decentralized finance market share.
However, Ethereum struggles with scalability issues, both in terms of cost and speed. Stellar, known for its scalability, is utilized by the UN for crypto disbursements and by MoneyGram for its global cash-to-crypto service.
