Stellar Debuts Smart Contracts with 'Protocol 20'; XLM Sees Mild Depreciation
Summary:
The Stellar Development Foundation (SDF) has announced the successful integration of smart contracts into the Stellar network. The upgrade, known as Protocol 20, ushers in new smart contracts capabilities and triggers the phased deployment of the Soroban smart contract platform. Despite the advancement, Stellar's native token, XLM, has depreciated by 1% in the last 24 hours.
In a recent declaration, the Stellar Development Foundation (SDF) communicated the successful integration of smart contracts on the Stellar network. This endeavour, they predict, will initiate a revolutionary phase for their technological framework. The SDF made public on February 20 that Stellar network validators successfully implemented the "Protocol 20" upgrade. This progression not only facilitates new smart contract capabilities but also triggers the staged deployment of the smart contract platform known as Soroban.
The main objective of Stellar's smart contracts is to offer an enhanced developer experience for users of Rust and WASM (WebAssembly) languages. The smart contract platform Soroban, was primarily introduced to the Stellar testnet in October 2022 and carries features such as predictable fees and independent resource pricing, useful for scalability.
The foundation suggests that their smart contract ecosystem can stimulate the creation of new decentralized applications (DApps) and enable developers to formulate innovative protocols and apps. Originally, the highly anticipated smart contract mainnet upgrade was set back due to an issue discovered in Stellar Core by the SDF – although this bug presented little to no risk, it could have potentially affected applications after the rollout.
In October 2022, the SDF launched a $100 million funding initiative to motivate developers to utilize the Soroban smart contract platform. The SDF, a nonprofit body responsible for the development of the Stellar network, revealed that they have been diligently working on smart contract functionality for the previous two years with the Stellar community. Meanwhile, the network's native token XLM has depreciated by 1% within the last 24 hours and is currently trading at $0.116, as per Cointelegraph Markets data. XLM's price does not appear to have benefited from the upgrade. In the 2024 crypto market rally, XLM remains 87% down from its January 2018 peak of $0.875.
Published At
2/21/2024 7:29:51 AM
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