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- Stellar Lumen’s Soroban upgrade that enables Ethereum-like smart contracts has gone live after being delayed for a couple of weeks.
- The upgrade sees the decade-old payments-focused blockchain compete with Ethereum, which expands its adoption and utility.
The highly anticipated ‘Soroban’ smart contracts or “Protocol 20” upgrade has successfully entered its final stages. This upgrade will see the network accommodate Ethereum-like smart contracts. Initially, the upgrade was scheduled for January 30th but was delayed for a couple of weeks after the development team discovered a bug.
This upgrade is now officially live, making it the biggest update since the network launched nearly a decade ago. In addition to smart contracts, the upgrade brings powerful decentralized applications to the network.
Stellar's Protocol 20 is officially live, bringing smart contracts to Stellar Mainnet!
We've laid the groundwork, hitting major milestones along the way; but this is just the beginning:
Phase 0⃣ for rock-solid stability ✅
Phase 1⃣ for rigorous testing
Phase 2⃣ for… pic.twitter.com/Zq0FDYU6fd— Stellar (@StellarOrg) February 20, 2024
The ecosystem is excited about the upgrade, with Stellar Development Foundation (SDF) CEO Denelle Dixon, stating that the upgrade will be the basis of a more inclusive future.
She stated:
Firm in my belief: Smart contracts go beyond code; they’re the foundation to a more inclusive future, where tech, not intermediaries, upholds agreements. Less than a week until the vote brings Soroban to Stellar Mainnet—thrilled about it.
After two years of development, the payment network’s smart contract platform has been designed for scale and sensibility. The upgrade will be rolled out in three phases, with the development team explaining that Phase 0 is crucial for network operators to observe post-upgrade conditions after the upgrade and is not intended for end users. Phase one: this will usher in rigorous testing, while Phase two will bring full-scale production.
Stellar is now in direct competition with Ethereum. the network synonymous with smart contracts and decentralized applications. In the past, other networks have proclaimed themselves to be the greatest competitors for Ethereum, leading them to be dubbed “Ethereum killers.” Some include Solana, Cardano, Polkadot, Avalanche, and Algorand. While they have taken a piece of the market, they remain at par with Ethereum’s market share. Stellar developers believe that the network will be the exception, but some experts remain skeptical.
Stellar (XLM) Prices Stall
Following the upgrade, Stellar’s native token, XLM, has disappointed. This is concerning after the upgrade was described as the greatest development in the network since its launch in 2014. XLM is trading at $0.1135 after a 6% drop in the last 24 hours. This move sees the altcoin wipe out all its weekly gains.
Ranked as the 36th largest cryptocurrency based on its market cap, the altcoin has fallen out of favor with investors in recent years. Once ranked among the top ten cryptocurrencies, the community hopes that the Soroban upgrade can usher in a new era for the network and the cryptocurrency.
With an all-time high of $0.8756 reached nearly 6 years ago, investors believe that the network that has been focused on building can reap huge rewards in the next true bull market.