We’re doing it because we believe that we’re building something special with Soroban, and true to our open-source roots, we believe it’s 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 “equitable access” 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 “efficient” computation. Soroban will also implement WebAssembly (WASM) in its design to meet their scalable, “robust and minimal bytecode specification”.
XLM With Potential To Extend Gains
At the time of writing, XLM’s 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’s 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’s price trends to the upside. As seen below, there are around $1 million in asks orders above XLM’s price current levels with an uptick in buying pressure from retail investors.