Ripple (XRP) Rival Stellar Lumens (XLM) Gives Millions of $ to Developers in New Funding for Soroban
- The new funding will help push developers to build new projects on Stellar’s smart contract platform Soroban.
- The Stellar Community Fund is open to a wide range of applicants, including startups, developers, community coordinators and educators.
The Stellar Foundation has been an active player in facilitating instant, low-cost cross-border transactions by harnessing the power of blockchain technology. Stellar Lumen’s blockchain network poses tough competition to Ethereum by offering greater scalability for various use cases and applications.
On Wednesday, February 8, the Stellar Development Foundation (SDF) announced a $10 million grant program through its Stellar Community Fund (SCF) focused exclusively on the Soroban smart contract platform.
Soroban is the new smart contract platform built for the Stellar Foundation and “designed for scale, access to financial rails and a development experience including batteries”. Starting next week on February 13th, the Stellar Community Fund will support developers to experiment with Soroban.
Over the past five years, the Stellar Community Fund (SCF) has helped the launch and growth of more than 4,000 Stellar-based projects. Also, SCF has further expanded its funding to include funding for Soroban-based projects as part of the $100 million Soroban Adoption Fund.
This fund will open up new opportunities for companies and developers interested in building DeFi protocols, first wave tools, dApps and educational resources focused on Soroban. Speaking about the development, Justin Rice, VP of Ecosystem at the Stellar Development Foundation, said:
We want to motivate developers to experiment with Soroban, and to join the start-up of a greenfield ecosystem. Soroban offers a wealth of opportunities for builders, and we’re eager to see what people come up with and get their feedback as we continue to improve the platform in preparation for the Mainnet launch.
About the Stellar Community Fund
The Stellar Community Fund is open to a wide range of applicants. These can be individual developers, startups, long-lived companies as well as community coordinators and teachers.
On the other hand, the Stellar Development Foundation (SDF) is a non-profit organization that supports the growth and development of the Stellar ecosystem. It is an open source network that can be easily connected to the world’s financial infrastructure.
Founded back in 2014, the SDF helps maintain the Stellar codebase while supporting other business and technical communities building on top of the Stellar blockchain network. Thus, the SDF acts as a voice for regulators and other institutions.
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The Stellar Lumens blockchain has recently completed new missions and projects to expand its market footprint. Earlier this month, Stellar Lumens released a new tool called Stellar Asset Sandbox for issuing, minting and burning new assets on the Stellar blockchain without deep coding knowledge. SDF along with Cheesecake Labs will provide support to Sandbox.
This would be an extremely useful tool for businesses and individuals to manage digital representations of real-world values on the Stellar blockchain. Using Stellar’s custom and compliance tools, users can also tokenize assets such as stablecoins, CBDCs and securities.
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