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Stellar Network Announces $100M Smart Contracts Fund

Stellar Network Announces $100M Smart Contracts Fund

The Stellar Development Foundation, the organization that supports the Stellar Network’s development, has launched a new financing program to encourage developers to create on the Soroban smart contract platform. The Soroban Adoption Fund will incentivize developers to create applications on their native smart contract platform.

A New Funding Program

The Stellar Development Foundation will provide $100 million to the Soroban Adoption Fund, rewarding developers to create products and tools for the Soroban ecosystem via projects like Sorobanathon: First Light.

Developers are motivated to test the platforms and offer tutorials, comments, and code samples as part of the program. The initiative aims to improve the platform’s ability to provide more effective and advanced smart contracts with cheaper and predictable gas costs.

According to Tomer Weller, vice president of technology strategy at Stellar Development Foundation, Soroban was created to counteract and overcome the friction experienced by other blockchain networks.

Transactions Simplified

Weller said that the platform would have cheaper costs than rivals since it would simplify transactions and reduce the amount of processing power necessary to complete transactions. The platform’s charge model will provide constant pricing dependent on the computer resources necessary to perform a transaction.

Developers Are Encouraged to Experiment

With Soroban officially live on Futurenet, the team has issued a call to developers, inviting them to test the Rust-based smart contract service. Aside from these testing, the platform will go through a number of testnets until its final debut in 2023.

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