Stellar Announces Smart Contract Platform “Soroban”, XLM’s Price Reacts With 10% Profits
04 August 2022 - 04:17AM
NEWSBTC
The Stellar (XLM) Development Foundation celebrated the launch of a
preview for their upcoming smart contract platform, called
“Soroban”. As part of their “Project Jump Cannon”, the initiative
behind the development of the platform, the organization has
invited developers to create their own contracts. Soroban’s
announcement has been highly anticipated by Stellar (XLM) users.
This platform might provide the network with new use cases, and a
new wave of adoption, and might provide it with the capabilities to
compete with major blockchains, such as Ethereum. Per an official
post, Stellar’s smart contracts follow the project vision of
providing users with an accessible, user-friendly, and scalable
platform. The team behind the project claims 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
above-mentioned features. Most “present too many foot guns for
developers”. The SDF said the following on the preview for their
smart contract platforms: We’re doing it because we believe that
we’re building something special with Soroban, and true to our
open-source roots, we believe it’s important to share the
development process. We want Stellar ecosystem developers and smart
contract developers from other ecosystems to have a chance to make
a meaningful impact together. Soroban will operate independently
from Stellar but will be paired to this network to provide users
and developers with accessibility and “equitable access” to the
decentralized finance (DeFi) sector. The organization clarified
that its smart contract platform will be built with Rust as its
programming language. Unlike other popular programming languages in
the sector, the SDF believes Rust provides more safety 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, XLM’s price follows the general sentiment across
the crypto market and seems poised to see further appreciation. The
cryptocurrency trades at $0.11 with an 11% profit over the past
week. In the short term, XLM records an increase in buying pressure
since August 2nd which suggests investors were swayed by SDF’s
claims over the future of their smart contract platform. This could
remain a critical bullish factor for the long term if the
organization is able to launch Soroban on mainnet. Data provided by
Material Indicators (MI) records an uptick in ask (sell) orders as
XLM’s price trends to the upside. As seen below, there are around
$1 million in asks orders above XLM’s price current levels with an
uptick in buying pressure from retail investors. Stellar’s bid
liquidity seems to be getting thinner which could suggest a
potential re-test of previous support levels. This could be
invalidated if Bitcoin and other large cryptocurrencies keep
pushing the crypto market to the upside. In that case, XLM’s price
could break resistance and hit $0.18.
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