The Stellar Development Foundation (SDF), a non-profit organization dedicated to advancing the growth of the Stellar blockchain, has recently announced the launch of a $100 million fund aimed at accelerating the adoption of native smart contracts. This initiative is part of the Soroban project, a smart contract platform built on the Stellar network, which will incentivize developers to create new tools and applications to enhance network performance.
Despite the challenging market conditions and regulatory uncertainties facing the blockchain industry, there continues to be a flurry of developments in this space. The resurgence of interest in blockchain technology could potentially be linked to the rising prices of cryptocurrencies as the crypto winter recedes.
Developers worldwide now have the opportunity to engage with the Soroban ecosystem through initiatives like Sorobanathon: First Light. The project is also live on Futurenet, providing a platform for experts to collaborate, build, test, submit tutorials, and receive rewards. The team behind the Soroban Fund aims to develop cost-effective, advanced, and efficient financial products on the Stellar blockchain.
Tomer Weller, Vice President at SDF and leader of the Soroban Project, emphasized the need for a smart contracts platform that prioritizes developer experience, scalability, and seamless access to financial infrastructure through the Stellar network. He stated, “We built Soroban because, as developers, we didn’t see the kind of smart contracts platform we wanted to work within the market. We saw the friction on other networks, and our response is Soroban, smart contracts that are designed for a batteries-included developer experience, for scale, and for reliable access to financial rails through the Stellar network.”
Soroban stands out as a unique smart contract platform that leverages WASM and Rust for development. The ecosystem focuses on creating energy-efficient computations for financial services products, aiming to reduce gas costs compared to other crypto projects. As global experts continue to test the platform, Soroban will undergo multiple testnet phases before its official launch on the mainnet in the first half of 2023.
SDF first expressed its intention to introduce a Turing-complete smart contract platform in March of this year, with the current adoption fund being part of the organization’s broader mandate that allocated $17 billion XLM for this purpose. The fund aims to support the growth of web 3 technology and attract software engineers to the blockchain space, addressing the increasing demand for builders in web 3 projects.
Justin Rice, Vice President of Ecosystem at SDF, highlighted the importance of attracting talented developers to the blockchain and crypto industry. He stated, “The number of developers coming to build in web3 has been growing faster than ever, but to compete with more established industries, we need more talented builders coming to blockchain and crypto. With the Soroban Adoption Fund and programs like Sorobanathon: First Light, we hope to encourage more developers to come innovate with us.”
In conclusion, the launch of the Soroban project and the $100 million fund by the Stellar Development Foundation represents a significant step towards accelerating the adoption of smart contracts on the Stellar network. By providing incentives for developers and fostering innovation in the blockchain space, SDF aims to create a more robust and efficient financial ecosystem on the Stellar blockchain.
