Stellar to Launch Soroban Smart Contracts Platform, Aiming to Compete with Ethereum
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Stellar is launching a smart contracts platform called Soroban to compete with Ethereum and other chains. This could boost demand for XLM if it gains traction.
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Soroban is expected to launch later this year. It's built using Rust and WebAssembly instead of Solidity like Ethereum.
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The Stellar Development Foundation has committed resources to support Soroban, including a $100M adoption fund.
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Stellar aims to improve on Ethereum's "state bloat" issue and has design advantages as a second mover.
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If successful, Soroban's launch will cap nearly 2 years of development. The goal is to release by end of 2023 but no firm date set yet.