The Stellar (XLM) Development Foundation has celebrated the launch of a preview of its upcoming smart contract platform, called “Soroban”. As part of their “Project Jump Cannon”, the initiative behind the development of the platform, the organization invited developers to create their own contracts.
Soroban’s announcement has been highly anticipated by Stellar (XLM) users. This platform could provide the network with new use cases and a new wave of adoption, and could provide it with the capabilities to compete with major blockchains, such as Ethereum.
By an official Publish, Stellar’s smart contracts follow the project’s vision of providing users with an accessible, user-friendly and scalable platform. The team behind the project claims that Soroban has the potential to become the “standard for smart contracts” in the crypto industry.
The Stellar Development Foundation (SDF) claims that the crypto space lacks a smart contract platform with the features mentioned above. Most “present too many foot guns for the developers”. The SDF said the following on the overview of their smart contract platforms:
We do this because we believe we’re building something special with Soroban, and true to our open source roots, we think it’s important to share the development process. We want developers in the Stellar ecosystem and smart contract developers in other ecosystems to have a chance to make a meaningful impact together.
Soroban will operate independently of Stellar but will be paired with this network to provide users and developers with accessibility and “equitable access” to the decentralized finance (DeFi) industry. The organization clarified that its smart contract platform will be built with Rust as the programming language.
Unlike other popular programming languages in the industry, the SDF believes Rust offers more security and “efficient” computation. Soroban will also implement WebAssembly (WASM) in its design to meet their “scalable, robust and minimal bytecode specification”.
XLM with potential to extend gains
At the time of writing, the price of XLM is following the general sentiment in the crypto market and looks set to see further appreciation. The cryptocurrency is trading at $0.11 with an 11% profit over the past week.
In the short term, XLM has seen an increase in buying pressure since August 2n/a suggesting that investors have been swayed by SDF’s claims about the future of their smart contracts platform. This could remain a critical long-term bullish factor if the organization is able to launch Soroban on the mainnet.
Data provided by Material Indicators (MI) shows rising sell (sell) orders as XLM prices rise. As seen below, there are approximately $1 million in ask orders above current XLM price levels with increasing buying pressure from retail investors.
Stellar’s supply liquidity appears to be thinning, which could suggest a potential retest of previous support levels. This could be invalidated if Bitcoin and other major cryptocurrencies continue to push the crypto market higher. In this case, the price of XLM might break the resistance and reach $0.18.