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HomeNewsStellar's Soroban Empowers Financial Innovation to Reach Billion-Dollar Markets

Stellar’s Soroban Empowers Financial Innovation to Reach Billion-Dollar Markets

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    • The Stellar Development Foundation has been supporting the adoption of Soroban, its new smart contracts platform, through various programs.
    • Several projects have emerged from the Stellar community that showcase Soroban’s potential with unique and innovative use cases.

Four Projects from the Stellar Community Fund That Showcase Soroban’s Potential

The Stellar Development Foundation has been actively promoting Soroban, its new smart contracts platform, through various programs to support its adoption. As a result, a growing number of projects, tools, and educational materials have emerged from the Stellar community, demonstrating the potential of Soroban’s capabilities.

Developers have been experimenting with Soroban on Futurenet, the shared Soroban testnet. Here are four projects from the Stellar Community Fund that showcase Soroban’s potential with unique and innovative use cases:

Qolaq

Qolaq is a prototype mutual aid platform that offers a Web3-enabled way for members to support each other in times of need, such as during bouts of illness or with unexpected healthcare costs. Qolaq is developing a decentralized platform that uses smart contracts for immediate claim settlement and transparent cost administration while removing the high operating costs and commissions that are common in traditional finance. Qolaq aims to leverage Stellar’s existing rails to provide fiat on/off ramps for payments, supporting their international expansion.

Comet

Comet is a Soroban Futurenet implementation of Balancer’s weighted automated market maker (AMM) protocol. It uses a cost function to enable the creation of arbitrary weight and arbitrary asset count AMM pools. Comet’s weighted AMM capabilities aim to offer solutions to challenges in decentralized finance and enable developers and users to explore reducing impermanent loss, supporting multi-token pools, and creating index products.

FxDAO

FxDAO is a decentralized borrowing protocol that leverages smart contracts on Soroban to issue fiat-pegged tokens backed by other digital assets or cryptocurrencies. Pegged tokens, issued in a decentralized manner, can provide transparency and may be useful for users who want to diversify their funds and mitigate the potential risks of centralized stablecoin providers.

XycLoans

XycLoans aims to be a flash loans protocol with its own liquidity management on Soroban Futurenet. This Futurenet implementation aims to provide an example of a decentralized ecosystem to borrow money through flash loans. XycLoans is structured with four main components, including smart contracts, backend functions to build a database and scale, a web app to develop contracts that use flash loans without coding knowledge, and a high-quality web app for lenders to oversee their liquidity.

The Stellar Community Fund has been a long-time catalyst for some of the most innovative projects in the Stellar ecosystem, and the trend is expected to continue as Soroban’s launch approaches. If you or your team are interested in building on Soroban, head to the SCF website to familiarize yourself with the rules, processes, and awards. The Stellar Development Foundation is eager to see new submissions and support the growth of the Stellar community.

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Godfrey Benjamin
Godfrey Benjamin
Godfrey Benjamin is an experienced crypto journalist whose primary goal is to educate everyone about the prospects of Web 3.0. His love for crypto was sparked during his time as a former banker when he recognized the clear advantages of decentralized money over traditional payments. Business Email: info@ethnews.com Phone: +49 160 92211628
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