The long-awaited smart contracts feature has finally landed on the Stellar network, marking a “new era” for the platform, according to the Stellar Development Foundation (SDF).
Validators on the Stellar network successfully activated the “Protocol 20” upgrade, unlocking the power of smart contracts and kicking off the rollout of Soroban, their dedicated smart contract platform. This move aims to attract developers with its user-friendly approach, utilizing popular languages like Rust and WASM.
Soroban, already tested on the Stellar testnet since October 2022, boasts features like predictable fees and independent resource pricing, ensuring scalable growth for its ecosystem. With this foundation, developers can unleash their creativity and build innovative decentralized applications (DApps) on the network.
Remember the January hiccup? The SDF initially postponed the rollout after discovering a bug, prioritizing user safety. Now, after careful fixes, the smart contracts are finally live.
To further ignite the DApp development scene, the SDF launched a $100 million funding initiative last October. With this support and the arrival of smart contracts, the potential for new projects on Stellar is skyrocketing.
Despite the significant upgrade, Stellar’s native token XLM hasn’t shown an immediate price surge. In fact, it’s even dipped slightly in the past 24 hours. Compared to the broader crypto market rally this year, XLM remains significantly down from its all-time high.
So, what does this mean for Stellar? Only time will tell if smart contracts will become the missing spark for XLM’s price. However, this upgrade opens a world of possibilities for developers and could unlock the network’s true potential in the ever-evolving blockchain landscape.
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Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.
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