- Stellar Lumens may see a major XLM price rejuvenation with the upcoming Soroban launch.
- Stellar is now looking at pivoting away from just being a payment protocol to a smart contract hub.
Stellar Lumens (XLM) remains one of the oldest blockchain protocols designed to enhance payment capabilities around the world. While the protocol has been suppressed alongside its peers with the crypto winter, the native token XLM is set to kickstart a massive bull run following the latest announcement featuring its new innovation Soroban.
Soroban is Stellar Lumens’ own way of plugging into the Decentralized Finance (DeFi) and smart contract-enabled world. Soroban is a smart contract platform that will enable developers and innovators to build new applications that will serve both users on Stellar and the broader digital currency ecosystem.
The most acclaimed and versatile blockchain protocols today are those known for their smart contract capabilities. While Stellar was created to primarily serve as a payment token, Soroban will reposition its right to compete with its peers in charting the core evolution of the Web3.0 ecosystem.
Powering the Soroban Developer Ecosystem
Soroban is already designed to serve as one of the most powerful platforms for developers to showcase their ingenuity. Without any form of restrictions or censorship, developers can harness the Soroban functionalities to create Decentralized Exchanges (DEXs), Non-Fungible Token (NFTs) protocols, and even oracles provided it can add to the overall growth and development of the Stellar ecosystem.
While its mainnet launch is fast approaching, Stellar is calling on developers to come and provide the necessary primary tool that will further help developers to meet their defined goals. According to a shared Blog Post, these tools are categorized into three key classes including Public Goods, basic application features, and educational materials.
The Public Goods are branded as tools that developers use to accomplish the tedious tasks required for the creation and functionality of most dApps. As highlighted, these include data analytics tools, monitoring tools, oracles, SDKs, and IDEs to mention a few.
Besides public goods, the key application features such as Automated Market Makers (AMMs), Stablecoins, non-custodial wallets, and lending platforms will all come in handy to help create a vibrant Soroban community. In all, Stellar highlighted the need for highly informative educational content in a bid to guide developers in the key features of the Soroban protocol.
As the preparation for the Soroban mainnet launch draws closer, developers are being encouraged to come to take up some incentives to build on Stellar. Besides being an early pioneer in one of the industry’s oldest and most functional protocols, developers are also entitled to rewards for their prospective roles in growing the ecosystem.
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The Shift into Smart Contracts
With the evolution of the broader Web3.0 ecosystem, a number of legacy protocols are beginning to embrace smart contracts initiatives. Just like Stellar Lumens is exploring an upgrade through Soroban, Filecoin (FIL) is also eyeing Ethereum Virtual Machine (EVM) capability support by March as it looks to pivot into a smart contract hub.
The narrative is changing in the industry as a whole and it is logical that no blockchain network wants to be left behind.
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