Stellar Community Fund Sparks Financial Innovation with Soroban: Conquering a New Billion-$-Market

• Soroban, a Stellar program for smart contracts, has been running several initiatives to promote and implement Soroban.
• More creators are experimenting with Soroban as the community develops on Futurenet, the open-source Soroban testnet.

In a blog published yesterday May 1st, 2023, by the Stellar Development Foundation (SDF), the platform announced that Soroban, a Stellar program for smart contracts, has been running several initiatives to promote and implement Soroban. Under the new smart contract platform, exciting initiatives, tools, and learning materials have emerged as a result of the efforts. 

SDF has also said that more creators are experimenting with Soroban as the community develops on Futurenet, the open-source Soroban testnet. Here are the four ecosystem projects from the Stellar Community Fund (SCF) that demonstrate the potential of Soroban through distinctive and cutting-edge use cases. These projects include Qolaq, Comet, FxDAO, and XycLoans. Presently, SDF’s estimated yearly income is $33.5 million, and with the rolling out of these projects, Soroban has a high ability to change the dynamics of the market. 

Qolaq is a model mutual aid program that provides a Web3-enabled platform for users to help one another in difficult situations, like illness or unanticipated medical expenses, especially for those without access to conventional insurance.

According to SDF, with the integration of Soroban’s Futurenet, Qolaq is creating a distributed system leveraging smart contracts to eliminate the high operations costs. Moreover, they aim to provide their clients with quick and transparent services compared to conventional insurance companies. Qolaq plans to employ Stellar’s existing rails to offer fiat on/off ramps for settlements.

Another project on board is Comet, a balanced automated market maker protocol by Balancer implemented on the Soroban Futurenet. This project’s goal is to make it possible for developers and consumers to look into lowering temporary loss and to give answers to problems in decentralized finance.

FxDAo is a decentralized lending mechanism that uses smart contracts on Soroban to issue currencies-pegged tokens supported by other virtual currencies. The fourth project is the XycLoans Futurenet prototype, which intends to serve as an example of how a decentralized market for flash loans works.

What is Soroboan?

Soroboan is a smart contracts platform that was created with a specific goal in mind. In terms of size and connectivity to the financial rails via Stellar, Soroban gives a developers’ experience that comes with batteries.

Stellar Community Fund, Unveiled earlier this year

Earlier this year, the Stellar Development Foundation issued a $10 million prize program focusing on Soroban. This was done through its Stellar Community Fund (SCF). The SCF was set to support creators as they explore Soroban. In addition, more than four hundred projects linked to Stellar have benefited from the SCF In the last five years.

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