Ripple (XRP) Rival Stellar Lumens (XLM) gives millions of $ to developers in new funding for Soroban

• The new funding will help in pushing developers to build new projects on Stellar’s smart contracts 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 low-cost instant cross-border transactions by leveraging the power of blockchain technology. The Stellar Lumens blockchain network poses tough competition to Ethereum by offering greater scalability for different use cases and applications.

On Wednesday, February 8, the Stellar Development Foundation (SDF) announced a $10 million awards program through its Stellar Community Fund (SCF) focused entirely on the smart contracts platform Soroban.

Soroban is the new smart contracts platform build for the Stellar Foundation and “designed for scale, access to financial rails, and a batteries-included development experience”. Starting next week on February 13, the Stellar Community Fund will support developers to experiment with Soroban.

Over the last five years, the Stellar Community Fund (SCF) has helped the launch and growth of more than 4000 Stellar-based projects. Besides, SCF has further expanded the funding to include funding for Soroban-based projects as part of the $100 million Soroban Adoption Fund.

This fund will unlock new opportunities for businesses and developers interested in building DeFi protocols, first-wave tools, dApps, and educational resources focused on Soroban. Speaking on the development, Justin Rice, VP of Ecosystem at Stellar Development Foundation said:

We want to motivate developers to experiment with Soroban, and to join in the bootstrapping of a greenfield ecosystem. Soroban presents a wealth of opportunity for builders and we’re eager to see what people come up with, and to get their feedback as we continue to refine the platform in preparation for Mainnet launch.

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About the Stellar Community Fund

The Stellar Community Fund is open to a wide range of applicants. These could be individual developers, startups, long-lived companies as well as community coordinators and educators.

On the other hand, the Stellar Development Foundation (SDF) is a non-profit organization supporting the growth and development of the Stellar ecosystem. It’s an open-source network that can easily connect to the world’s financial infrastructure.

Founded back in 2014, SDF helps in maintaining the Stellar codebase while supporting other business and technical communities building atop the Stellar blockchain network. Thus, the SDF serves as a voice for regulators and other institutions.

The Stellar Lumens blockchain has been recently undertaking new missions and projects to expand its market footprint. Earlier this month, Stellar Lumens issued a new tool dubbed Stellar Asset Sandbox for issuing, minting, and burning new assets on the Stellar blockchain without any deep coding knowledge. SDF along with cheesecake labs will provide support for the Sandbox.

This would be an extremely useful tool for businesses and individuals to manage digital representations of real-world assets on the Stellar blockchain. Using Stellar’s custom and compliance tools, users can also tokenize assets like stablecoins, CBDCs, and securities.

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