June 19, 2024
Stellar Protocol releases 20 testnet upgrades, will XLM boom?

On September 20, Stellar, a blockchain platform designed to facilitate fast and low-cost cross-border transactions using its native currency, XLM, will be launched. release Testnet upgrade of protocol 20. With this launch, the protocol prepares for the final mainnet activation of the Soroban smart contract platform.

Stellar Protocol prepares for 20 more smart contracts

According to a document dated September 18, the testnet upgrade aims to release candidate versions of Stellar Core and Horizon. Stellar is a blockchain network and relies on a network of nodes for transaction verification and to ensure that the network is secure. Running validators are kept in sync using the Stellar Core as it acts as the backbone of the entire network, protecting the integrity of the blockchain.

Stellar Horizon is an interface that simplifies the interaction between applications and developers with the mainnet through APIs. By removing the complexities of interacting with the blockchain, Horizon makes it easier for users to deploy applications.

Once the stable version is released, validators will vote on the day the tested upgrade will be integrated into the mainnet. The blockchain developer has acknowledged that the Protocol 20 upgrade will bring new settings, which will require more discussion and adjustment through voting. Stellar Network will provide a timeline for implementing these changes before they are implemented on the mainnet.

Soroban and $100 million stimulus

Stellar describes Soroban as a smart contract platform designed for “scale and resiliency” and “integrates with and works with the existing Stellar blockchain.” The portal is currently being tested in Stellar’s testnet, Futurenet.

Stellar claims that some of the core features of the network, such as multi-core scaling and an optimized fee model, make their smart contracts better because all “obnoxious serialization loops” have been eliminated. Unlike Ethereum layer-2 platforms like Arbitrum or Polygon, which operate separately, Soroban will be fully integrated with Stellar and remain open source.

The Stellar Development Foundation launched a $100 million adoption fund to encourage Soroban adoption. This program, he explained, is “the umbrella for several programs that support all levels of Soroban adoption, some of which have been launched and some yet to be launched.”

Stellar Price on September 19th Source: XLMUSDT on Binance, TradingView

XLM prices are stable and have been one of the top performing assets over the past three months. For example, the coin rose from $0.08 in June and more than doubled to $0.18 in late July.

However, the coin has declined by approximately 40% since then. However, looking at the candlestick arrangement in the daily chart, there is a bullish trend. Whether this upgrade will support XLM has not yet been determined.

Feature image from Canva, chart from TradingView

source: www.newsbtc.com

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