News Report Technology
March 19, 2024

Stellar Development Foundation Unveils Soroban Platform and Introduces $100M Incentive Program

In Brief

Stellar Development Foundation unveiled smart contract platform Soroban and launched $100M incentive program to encourage developers build dApps on it.

China Warns Against Illegal Fundraising Scams Posing as Crypto and Yuanverse Investments

Nonprofit organization Stellar Development Foundation (SDF), dedicated to fostering the advancement and expansion of the Stellar network, has unveiled the smart contract platform Soroban.

Soroban, launched on the Stellar mainnet, empowers developers to build, deploy, and engage with decentralized applications (dApps) such as non-fungible tokens (NFTs), games, and decentralized finance (DeFi) applications on its blockchain.

Designed to meet the needs of various industries and promote accessibility to financial services, Soroban provides a swifter, more cost-efficient, and secure option compared to current smart contract platforms. Soroban reduces smart contract fees by optimizing transactions and lowering computing demands while prioritizing accessibility and developer-friendly features.

The platform attracted considerable interest from developers worldwide throughout its two-year testing phase, which concluded in January 2024. More than 190 projects across various sectors, including gaming, lending, insurance, and others, engaged in testing Soroban’s functionalities. According to the Stellar Development Foundation, the platform’s key strengths lie its speed and scalability.

“Soroban offers comparatively lower fees than other smart contracts platforms by simplifying transactions and utilizing lower levels of computing power,” said the Stellar team in the written statement. 

In addition to introducing Soroban, the Stellar Development Foundation announced its plan to allocate $100 million toward encouraging developers to create applications for its platform. By establishing the Soroban Adoption Fund, the foundation seeks to motivate and assist projects utilizing the network’s smart contract functionalities. 

“To encourage projects to leverage Stellar’s smart contracts capabilities, SDF has also launched a $100 million Soroban adoption fund, 15% of which has so far been deployed,” said the Stellar team in the written statement. 

SDF Supports Expansion of Stellar Network

Founded in 2014, the Stellar Development Foundation is dedicated to nurturing the advancement and expansion of the Stellar network. As a nonprofit entity, it oversees the maintenance of Stellar’s codebase, encourages community involvement, and promotes equal access to the worldwide financial infrastructure via blockchain technology.

Recently, the peer-to-peer payments money transfer company MoneyGram introduced its on- and off-ramp solution for digital wallets built on the Stellar blockchain. The initiative seeks to streamline the process for digital wallet users, enabling them to seamlessly transition between fiat and cryptocurrency and back to fiat again.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

More articles
Alisa Davidson
Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

Hot Stories
Join Our Newsletter.
Latest News

The Calm Before The Solana Storm: What Charts, Whales, And On-Chain Signals Are Saying Now

Solana has demonstrated strong performance, driven by increasing adoption, institutional interest, and key partnerships, while facing potential ...

Know More

Crypto In April 2025: Key Trends, Shifts, And What Comes Next

In April 2025, the crypto space focused on strengthening core infrastructure, with Ethereum preparing for the Pectra ...

Know More
Read More
Read more
EthCC In Cannes: Where Crypto Narratives Are Written — XPR.Group Recap
Lifestyle News Report Technology
EthCC In Cannes: Where Crypto Narratives Are Written — XPR.Group Recap
July 18, 2025
EnclaveX Unveils EdgeBot: The First Telegram-Based Trading Bot Native To Avalanche
News Report Technology
EnclaveX Unveils EdgeBot: The First Telegram-Based Trading Bot Native To Avalanche
July 18, 2025
Outer Edge DC Partners With GBA For Reimagined FoMGL Summit, Bringing Global Leaders Together At Capitol Hill
Business Lifestyle News Report Technology
Outer Edge DC Partners With GBA For Reimagined FoMGL Summit, Bringing Global Leaders Together At Capitol Hill
July 18, 2025
DePIN × RWA Takes Center Stage At DePIN Expo 2025, Advancing On-Chain Innovation For Physical Assets
Lifestyle News Report Technology
DePIN × RWA Takes Center Stage At DePIN Expo 2025, Advancing On-Chain Innovation For Physical Assets
July 18, 2025