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- Stellar’s smart contract gets massive engagement as it prepares to launch on the mainnet.
- The price of XLM is, however, not responding much to this milestone.
Soroban is a smart contract platform for the Stellar network built last year for developers. According to reports, the team is actively working to prepare it for the mainnet launch and also provide funding opportunities for developers while bootstrapping in the ecosystem. Even before the full implementation, there has been a lot of excitement from the community as the platform records a higher level of engagement with an increasing number of pioneers building on it.
The testnet is well equipped with tools to simplify the building and testing of Soroban contracts, prototypes of financial applications, as well as non-financial applications. For a quick introduction, Soroban has an interesting feature of flexibility and scalability that makes it easier for secured decentralized applications to be built and deployed.
The smart contract was also built with much focus on security and performance as these are never compromised when developers explore a variety of use cases. Most importantly, it was powered by WebAssembly (WASM) and written in Rust.
Many smart contracts have so far been built in the crypto sphere. Despite the common features of reducing middlemen and decentralizing trust, most are not fast, secure, and user-friendly. Soroban was, therefore, introduced to address these challenges and also operate as a model for the future of decentralized applications.
Some notable features of Soroban
One important feature of Soroban is a tunable gas model that ensures that there is a strong correlation between compute resources and fees. It is also designed to be a batteries-included developer experience with built-in contracts and a local sandbox for iterative development and easy setup.
In addition, it has a scalable design to handle the current traffic on the Stellar network. It also addresses ledger bloat with a state archiving mechanism. Finally, through the existing Stellar tech stack and ecosystem, it provides access to financial rails.
In the article released by the Stellar team, detailed instruction was given to those seeking interactive ways to learn Soroban.
Once you feel comfortable with Soroban, try exploring various funding opportunities. Two options are the Stellar Community Fund (SCF) and the SCF Bootcamp. The SCF is a fast-paced, open-application awards program that accepts submissions monthly. The SCF Bootcamp, on the other hand, is a virtual and global 5-day long event that connects startups interested in building on Stellar and/or Soroban or those already doing so. Lastly, come hang out in the Developer Discord to ask questions, meet other developers, and take part in virtual events.
Stellar Lumen (XLM) is currently the 27th largest coin by market cap. With a current neutral sentiment, XLM is up by 0.18 percent in the last 24 hours, and down by 0.13 percent in the last seven days. The asset is also down by 16 percent in the last 30 days, making it 89.8 percent down from its all-time high price of $0.875563.
With a current price of $0.088689, some analysts have predicted that the maximum XLM can trade this year is $0.159561. However, the price can go far above this when Soroban is significantly adopted.
