Smart contract platform Soroban receives $100 million funding from Stellar Development Fund
Stellar smart contract platform project Soroban has just received $100 million from the Stellar Development Fund.
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Stellar (XLM) launched a $30 million investment fund to incubate blockchain startups in March 2022. Similar to the development fund of other ecosystems, the Stellar Development Foundation (SDF) also aims to encourage potential projects to build on Stellar.
As of today, Stellar has just announced another project that received $100 million in funding from the SDF. That is Soroban – a prominent smart contract platform on the Stellar blockchain.
The amount of 100 million USD is used to reward developers who build toolkits and products in the Soroban ecosystem. Types of rewards include the Sorobanathon: First Light incentive program – rewarding developers for testing Soroban products and sharing feedback.
This incentive program aims to help the Soroban project move faster in its goal of providing cost-effective smart contracts.
Tomer Weller, VP of Technical Strategy at the Stellar Development Foundation, commented:
“The Soroban project specifically aims to provide smart contracts at a lower cost than other competitors, through transaction simplification and the use of lower computing power than is common.”
It seems that the SDF has high hopes for Soroban's potential as Weller highlights the project's advanced technology:
“We've really optimized the contracts to the point where you don't need to constantly serialize and decode the information.
Soroban's team created a fee model to provide a consistent pricing based on the amount of computing power used to process the transaction.”
FoxCryptoNews summary
Oct 11, 2022
