The Stellar Development Foundation has introduced Soroban, a smart contracts platform that marks a significant upgrade in the history of the Stellar network. Soroban, now in its mainnet phase two after two years of testing, allows for the creation of decentralized applications.

Soroban revolutionizes the way developers deploy smart contracts, opening up new possibilities for applications on the Stellar blockchain. The platform utilizes WebAssembly, a binary code format for seamless integration with traditional web and blockchain technologies.

Smart contracts are now live on the Stellar network, with all restrictions lifted. This milestone paves the way for developers to unleash their creativity and build innovative applications.

Stellar’s platform development aims to expand the utility of its network beyond just cryptocurrency payments. The focus is on decentralized finance (defi) and other financial services to offer a diverse range of applications.

To support the growth of Soroban, the Stellar Development Foundation has set up a $100 million Soroban Adoption Fund, backing over 160 projects. These projects span various applications, from bridge projects like Axelar and Allbridge to defi initiatives such as Sworoswap and Blend, all leveraging Stellar’s smart contract capabilities.

Established in 2014 by Jed McCaleb and Joyce Kim, Stellar is an open-source blockchain network designed for cross-border transactions. Initially resembling Ripple, Stellar evolved with its unique consensus mechanism, the Stellar Consensus Protocol.

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