Soroban Smart Contract Platform Receives $100 Million Funding from Stellar Development Foundation

Soroban, a smart contract platform built on the Stellar blockchain, has secured $100 million in funding from the Stellar Development Foundation (SDF).

As reported by Coin68 in March 2022, Stellar (XLM) launched a $30 million investment fund to support blockchain startups. Similar to other ecosystem development funds, the Stellar Development Foundation (SDF) aims to encourage promising projects building on Stellar.

Today, Stellar announced that Soroban has been awarded an additional $100 million in funding from SDF. Soroban is a standout smart contract platform on the Stellar blockchain.

The $100 million will be allocated to reward developers who create tools and products within the Soroban ecosystem. This includes the Sorobanathon: First Light program, which incentivizes developers to test Soroban products and provide feedback.

This initiative is designed to accelerate Soroban’s goal of delivering cost-efficient smart contracts.

Tomer Weller, VP of Technical Strategy at the Stellar Development Foundation, commented:

“Soroban’s objective is to provide smart contracts at a lower cost compared to other competitors by simplifying transactions and utilizing less computational power.”

SDF appears to have high expectations for Soroban’s potential, with Weller highlighting the project’s advanced technology:

“We’ve optimized contracts to the point where you no longer need to continually serialize and deserialize information. The Soroban team has created a fee model that provides a consistent pricing structure based on the amount of computational power used to process transactions.”