Stellar launches modern contracts following bug fix delays
The Stellar Development Foundation (SDF) has announced the deployment of smart contracts on the Stellar network, which it says will help usher in a “new era” for the technology stack.
In the year
Stellar's Protocol is officially live, bringing 20 smart contracts to the Stellar Mainnet!
We've laid the groundwork by hitting major milestones along the way; But this is just the beginning.
Level 0⃣ for rock-solid stability ✅ Level 1⃣ for rigorous testing Level 2⃣ for… pic.twitter.com/Zq0FDYU6fd
— Stellar (@StellarOrg) February 20, 2024
Stellar Smart Contracts aims to provide a more user-friendly developer experience for those using the Rust and WASM (WebAssembly) languages.
Soroban, a smart contract platform that was first deployed to the Stellar testnet in October 2022, leverages scalable features such as predictable payments and independent resource pricing.
Stellar writes that the smart contract ecosystem will enable the development of new decentralized applications (DApps), allowing developers to build new protocols and other applications on the network.
The long-awaited update to the smart contract mainnet was delayed by the SDF in January after the team discovered a bug in Stellar Core. At the time, the company said the bug posed a “low risk” but could affect applications once the smart contract platform is released.
SDF has launched a $100 million funding round to encourage developers to build on the Soroban smart contract platform in October 2022.
Related: ChatGPT can write smart contracts; Don't just use it as a security auditor
SDF – the non-profit organization responsible for the development of the Stellar network – has been developing smart contract functionality alongside the Stellar community for the past two years, he wrote.
The network's native token XLM failed to gain steam from the announcement and has fallen 1% in the past 24 hours, currently exchanging hands at $0.116, according to Cointelegraph Markets data.
XLM seems to be lagging behind in the crypto market rally of 2024 and is down 87% from its all-time high of $0.875 in January 2018.
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