In the first half of 2023, the Stellar Development Foundation (SDF) reported various updates in its strategy and implementations. This article reviews their key endeavors for the second quarter, emphasizing their work and notable achievements.
Soroban Development Key Releases
In line with its objectives, the SDF has been steadily working on the development of Soroban. The second quarter saw:
Preview Release 9
Introduced features such as Soroban fee support, metering and limits, validator-configurable settings, and enhanced contract update support.
Preview Release 10
This release focused on state expiration, addressing the issue of state bloat, which has posed challenges in the blockchain domain.
Hubble’s Data Approach and Stellar’s Anchor Platform
The quarter also saw developments in other sectors. Hubble introduced features centered on self-service and data governance. On the other side, the Stellar Anchor Platform added support for Deposit & Withdrawal services, known as SEP-24, providing a streamlined process for businesses to integrate their services on the Stellar network.
Community Initiatives and the Soroban Adoption Fund
Community engagement and adoption stand central to many of the Foundation’s initiatives. Q2 marked increased activity in the Soroban Adoption Fund Programs. Highlights from this sector include the claiming of over 14,000 RPCiege NFT badges and a considerable disbursement of $3.2M through the Stellar Community Fund.
Collaborations and Inroads
Several announcements from established entities showcased Stellar’s growing integration into broader financial systems:
- Franklin Templeton revealed its OnChain U.S. Government Money Fund (FOBXX), which utilizes the Stellar network, surpassing $270M in assets.
- MoneyGram Access marked its one-year association with the Stellar network.
- Coinbase, a recognized name in the crypto exchange arena, initiated support for USDC on the Stellar network.
Public events and conferences often serve as platforms for announcements and networking. In this quarter:
- The SDF participated in Consensus as a sponsor. During the event, CEO Denelle Dixon and Sr. Product Manager Tori Samples engaged with the audience, discussing Stellar’s initiatives and objectives.
- The forthcoming Meridian 2023, SDF’s annual conference, is expected to have actor and UN Goodwill Ambassador Idris Elba inaugurate the proceedings.
- The Foundation’s Policy team shed light on their stances on various regulatory subjects, including the EU’s Data Act and MiCa implementation.
Expansion and Pilots
Growth metrics are indicative of an organization’s progress and acceptance. This quarter reported a 35% MAU growth for Vibrant. Additionally, the Stellar Disbursement Platform, following its successful pilots, has been chosen by various organizations for remittance purposes, specifically to assist vulnerable populations globally.
Towards a More Inclusive Future
Q2 2023 for the Stellar Development Foundation was marked by steady progress, technical implementations, and growing integrations. The quarter’s activities, spanning from software development to community engagements, showcase the Foundation’s dedication to its roadmap and the challenges ahead.