Stellar Development Foundation Successfully Deploys Smart Contracts on Network
The Stellar Development Foundation (SDF) has announced the successful deployment of smart contracts on the Stellar network. This development, known as the “Protocol 20” upgrade, is expected to revolutionize the tech stack of the network.
Enhancing Developer Experience with Smart Contracts
The introduction of smart contracts on Stellar aims to enhance the developer experience, particularly for those using Rust and WebAssembly (WASM) programming languages. This move will provide a more user-friendly environment for developers.
Soroban, the smart contract platform initially deployed to the Stellar testnet in October 2022, incorporates scalability features such as predictable fees and independent resource pricing. It empowers the creation of decentralized applications (DApps) and enables developers to build innovative protocols and applications on the Stellar network.
Stellar’s $100 Million Funding Initiative
To encourage developers to embrace the Soroban smart contract platform, the SDF initiated a $100 million funding initiative in October 2022. Over the past two years, they have been working on developing smart contract functionality in collaboration with the Stellar community.
Despite these developments, Stellar’s native token XLM has not witnessed a significant price surge. XLM is currently valued at $0.116, experiencing a 1% decline in the past 24 hours. It remains 87% below its all-time high of $0.875 reached in January 2018.
Hot Take: Smart Contracts Open Up New Possibilities for Stellar
The successful deployment of smart contracts on the Stellar network marks a new era for this established blockchain project. With enhanced developer experience and a funding initiative in place, Stellar aims to attract developers to build innovative protocols and applications. However, XLM’s price has not seen a significant increase despite these advancements. As the network continues to evolve, it will be interesting to see how Stellar’s smart contract ecosystem develops and impacts the broader crypto market.
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