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Home»ADOPTION NEWS»Smart contract platform Soroban has finally arrived on the Stellar network.
ADOPTION NEWS

Smart contract platform Soroban has finally arrived on the Stellar network.

By Crypto FlexsMarch 19, 20242 Mins Read
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Smart contract platform Soroban has finally arrived on the Stellar network.
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Development Foundation (SDF) launched Soroban, the payment-centric network’s smart contract platform, is one of the most significant upgrades in the project’s 10-year history.

After a two-year testing phase, Soroban was launched on mainnet at noon EDT (16:00 UTC) on Tuesday, enabling the creation of decentralized applications.

Soroban expands the ecosystem of applications built on the Stellar blockchain by providing developers with a new mechanism to deploy smart contracts. The platform leverages WebAssembly (WASM), a binary code format tailored for traditional web and blockchain integration.

Stellar’s introduction of smart contracts aims to expand the use of the network beyond cryptocurrency payments to include decentralized finance (DeFi) and other financial services.

SDF has also allocated $100 million to the Soroban Adoption Fund to support the development of this new platform. The fund has funded more than 160 projects with a focus on leveraging Stellar’s smart contract capabilities for a variety of applications. Projects built on Stellar include the bridge project, Axelar, Allbridge, Band Protocol oracle, and DeFi newcomers including Sworoswap and Blend.

Stellar Blockchain

Jed McCaleb and Joyce Kim co-founded Stellar in 2014. Stellar is an open-source blockchain network focused on enabling cross-border transactions.

Initially, Stellar was conceptualized as a fork and therefore operated on a similar system to Ripple. However, faced with the problem and driven by the desire for a unique solution, Stellar introduced a completely revamped codebase using a new consensus mechanism called the Stellar Consensus Protocol (SCP).

Although Stellar has supported smart contracts in the past, the core team has gradually focused on developing Soroban as a general-purpose and developer-friendly platform for deploying WASM-based high-performance dapps.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

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