Stellar Development Foundation Announces Launch of Smart Contracts on Stellar with $100M Allocated to Soroban Adoption Fund
SAN FRANCISCO, March 19, 2024 /PRNewswire/ -- The Stellar Development Foundation (SDF), the nonprofit organization supporting the development and growth of the Stellar network, today announced that Soroban, the smart contracts platform on Stellar, is now live on the network's mainnet, enabling anyone to build, deploy, and interact with Stellar-based decentralized applications (dapps). To encourage development on Soroban, SDF has committed to investing $100 million into projects leveraging the network's smart contract capabilities in its pursuit to set a better standard where not only payments, but everyday financial services, are accessible to all. The fund has supported more than 160 projects to date.
- Adding smart contract capability is the latest upgrade from the Stellar ecosystem's application of blockchain technology to create equitable access to the global financial system.
- The introduction of smart contracts via Soroban will enable more sophisticated financial products and services to operate on the Stellar network, in addition to settlements.
- During this time, SDF deployed approximately 15% of its $100 million Soroban adoption fund into supporting dapps spanning across lending and borrowing, insurance, auditing, and more.
- "Soroban opens the doors for decentralized applications to easily plug into the existing global financial market, without compromising speed or scalability.