Stellar Unveils Smart Contracts on Mainnet: A New Chapter Begins
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Milestones Achieved in Phased Rollout
The Stellar network validators have successfully introduced the "Protocol 20" upgrade, unlocking new smart contract capabilities and commencing the phased rollout of the Soroban smart contract platform. This development is a culmination of meticulous planning, including Phase 0 for stability, Phase 1 for rigorous testing, and Phase 2 for full-scale production.
The Soroban platform, initially deployed to the Stellar testnet in October 2022, is designed with scalability in mind, featuring predictable fees and independent resource pricing. Stellar's smart contracts ecosystem aims to provide developers using Rust and WASM languages with an enhanced experience.
Empowering Developers and Building Together
Stellar's smart contracts will empower developers to create decentralized applications, enabling the construction of innovative protocols and apps on the network. The announcement celebrates collaborative efforts, hard work, and community support that have laid the foundation for this transformative phase.
Despite initial delays due to a bug in Stellar Core, the SDF's commitment to smart contract functionality remained steadfast. The nonprofit organization launched a $100 million funding initiative in October 2022 to encourage developers to build on the Soroban smart contract platform.
Market Impact and Future Prospects
While the Stellar network's native token, XLM, experienced a modest 1% decline in the past 24 hours, questions linger about its performance relative to the broader 2024 crypto market rally. XLM currently trades at $0.116, reflecting an 87% decrease from its January 2018 all-time high of $0.875.
This milestone signals a new chapter for Stellar, inviting developers and the community to actively participate in building the future of decentralized applications on the network.