{"id":497567,"date":"2022-08-03T18:17:56","date_gmt":"2022-08-03T18:17:56","guid":{"rendered":"https:\/\/uniquehot.com\/?p=497567"},"modified":"2022-08-03T18:17:56","modified_gmt":"2022-08-03T18:17:56","slug":"stellar-announces-smart-contract-platform-soroban-xlms-price-reacts-with-10-profits","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/stellar-xlm\/stellar-announces-smart-contract-platform-soroban-xlms-price-reacts-with-10-profits\/","title":{"rendered":"Stellar Announces Smart Contract Platform \u201cSoroban\u201d, XLM\u2019s Price Reacts With 10% Profits"},"content":{"rendered":"

The Stellar (XLM) Development Foundation celebrated the launch of a preview for their upcoming smart contract platform, called \u201cSoroban\u201d. As part of their \u201cProject Jump Cannon\u201d, the initiative behind the development of the platform, the organization has invited developers to create their own contracts.<\/p>\n

Related Reading: Cardano (ADA) Regains Some Support But Rate Stuck Below Vital $0.50 Level<\/a><\/div>\n

Soroban\u2019s 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.<\/p>\n

Per an official post<\/a>, Stellar\u2019s 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 \u201cstandard for smart contracts\u201d in the crypto industry.<\/p>\n

The Stellar Development Foundation (SDF) claims that the crypto space lacks a smart contract platform with the above-mentioned features. Most \u201cpresent too many foot guns for developers\u201d. The SDF said the following on the preview for their smart contract platforms:<\/p>\n

We\u2019re doing it because we believe that we\u2019re building something special with Soroban, and true to our open-source roots, we believe it\u2019s 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.<\/p><\/blockquote>\n

Soroban will operate independently from Stellar but will be paired to this network to provide users and developers with accessibility and \u201cequitable access\u201d to the decentralized finance (DeFi) sector. The organization clarified that its smart contract platform will be built with Rust as its programming language.<\/p>\n

Unlike other popular programming languages in the sector, the SDF believes Rust provides more safety and \u201cefficient\u201d computation. Soroban will also implement WebAssembly (WASM) in its design to meet their scalable, \u201crobust and minimal bytecode specification\u201d.<\/p>\n

\"Stellar
XLM’s price trends to the downside on the 4-hour chart. Source: XLMUSDT Tradingview<\/a><\/figcaption><\/figure>\n

XLM With Potential To Extend Gains<\/h2>\n

At the time of writing, XLM\u2019s 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.<\/p>\n

In the short term, XLM records an increase in buying pressure since August 2nd<\/sup> which suggests investors were swayed by SDF\u2019s 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.<\/p>\n

Data provided by Material Indicators (MI) records an uptick in ask (sell) orders as XLM\u2019s price trends to the upside. As seen below, there are around $1 million in asks orders above XLM\u2019s price current levels with an uptick in buying pressure from retail investors.<\/p>\n

Related Reading: Bitcoin Miner Revenues Continue To Grow, Will This Put A Stop To The Sell-Offs?<\/a><\/div>\n

Stellar\u2019s 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\u2019s price could break resistance and hit $0.18.<\/p>\n

\"Stellar
XLM’s price (blue line on the chart) coming into resistance (yellow and red levels above price) on short timeframes. Source: Material Indicators<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"

The Stellar (XLM) Development Foundation celebrated the launch of a preview for their upcoming smart contract platform, called \u201cSoroban\u201d. As part of their \u201cProject Jump Cannon\u201d, the initiative behind the development of the platform, the organization has invited developers to create their own contracts. Soroban\u2019s 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\u2019s 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 \u201cstandard for smart contracts\u201d 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 \u201cpresent too many foot guns for developers\u201d. The SDF said the following on the preview for their smart contract platforms: We\u2019re doing it because we believe that we\u2019re building something special with Soroban, and true to our open-source roots, we believe it\u2019s 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 \u201cequitable access\u201d 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 \u201cefficient\u201d computation. Soroban will also implement WebAssembly (WASM) in its design to meet their scalable, \u201crobust and minimal bytecode specification\u201d. XLM With Potential To Extend Gains At the time of writing, XLM\u2019s 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\u2019s 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\u2019s price trends to the upside. As seen below, there are around $1 million in asks orders above XLM\u2019s price current levels with an uptick in buying pressure from retail investors. Stellar\u2019s 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\u2019s price could break resistance and hit $0.18.<\/p>\n","protected":false},"author":535,"featured_media":403964,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16891],"tags":[3970,12220,79498],"class_list":["post-497567","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-stellar-xlm","tag-stellar","tag-xlm","tag-xlmusdt"],"acf":[],"yoast_head":"\nStellar Announces \u201cSoroban\u201d, XLM Reacts With 10% Profits<\/title>\n<meta name=\"description\" content=\"The Stellar (XLM) Development Foundation celebrated the launch of a preview for their upcoming smart contract platform, called \u201cSoroban\u201d.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.","sameAs":["https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/","https:\/\/x.com\/rl_m"],"url":"https:\/\/uniquehot.com\/author\/reynaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Stellar Announces Smart Contract Platform \u201cSoroban\u201d, XLM\u2019s Price Reacts With 10% Profits","url":"http:\/\/uniquehot.com\/news\/stellar-xlm\/stellar-announces-smart-contract-platform-soroban-xlms-price-reacts-with-10-profits\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/stellar-xlm\/stellar-announces-smart-contract-platform-soroban-xlms-price-reacts-with-10-profits\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/11\/stellar-crypto-altcoin-bitcoin-shutterstock_1024356946.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/11\/stellar-crypto-altcoin-bitcoin-shutterstock_1024356946.jpg?fit=3840%2C2160"},"articleSection":"Stellar","author":[{"@type":"Person","name":"Reynaldo Marquez"}],"creator":["Reynaldo Marquez"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["stellar","xlm","xlmusdt"],"dateCreated":"2022-08-03T18:17:56Z","datePublished":"2022-08-03T18:17:56Z","dateModified":"2022-08-03T18:17:56Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Stellar Announces Smart Contract Platform \\u201cSoroban\\u201d, XLM\\u2019s Price Reacts With 10% Profits\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/stellar-xlm\\\/stellar-announces-smart-contract-platform-soroban-xlms-price-reacts-with-10-profits\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/stellar-xlm\\\/stellar-announces-smart-contract-platform-soroban-xlms-price-reacts-with-10-profits\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2019\\\/11\\\/stellar-crypto-altcoin-bitcoin-shutterstock_1024356946.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2019\\\/11\\\/stellar-crypto-altcoin-bitcoin-shutterstock_1024356946.jpg?fit=3840%2C2160\"},\"articleSection\":\"Stellar\",\"author\":[{\"@type\":\"Person\",\"name\":\"Reynaldo Marquez\"}],\"creator\":[\"Reynaldo Marquez\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"stellar\",\"xlm\",\"xlmusdt\"],\"dateCreated\":\"2022-08-03T18:17:56Z\",\"datePublished\":\"2022-08-03T18:17:56Z\",\"dateModified\":\"2022-08-03T18:17:56Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/11\/stellar-crypto-altcoin-bitcoin-shutterstock_1024356946.jpg?fit=3840%2C2160","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/497567","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/535"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=497567"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/497567\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/403964"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=497567"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=497567"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=497567"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}