Stellar Development Foundation shares its Q2-2023 achievements

Stellar Development Foundation, also referred to as SDF, has published its performance for the second quarter of 2023. This marks a significant step since the community is done with half of the current year, which is 2023. Making it more interesting is the fact that SDF has been able to stick to its strategy of highlighting how utility is the key to growing the digital ecosystem. In their official words, utility is the growth exponent.

The strategy revolves around a total of three building blocks. The same is reflected in the achievements for the second quarter (Q2). It begins with focusing on utility to build trust among the community – developers & users, taking innovation to every account by making it scalable & easy, and winning builders – that is, onboarding them to the platform.

As for developments, Soroban has retained the priority of the ecosystem through the release of Preview Release 9 and Preview Release 10. Each of them came up with something different. For instance, while release 9 added fee support, and validator-configurable Soroban settings, among others, release 10 brought state expiration into the picture. The step taken by release 10 has made Stellar the first in the market to feature state expiration of the said design. It resolves the issue of state bloat, something that is responsible for hindering the growth of blockchain technology.

Needless to say, it has further added to the list of benefits of blockchain technology. Hubble worked on self-service and data governance in the recent quarter. Also happening is the availability of Soroban futurenet preview that can now be accessed on testnet. It is scheduled to appear on the mainnet at the earliest.

Stellar (SEP-24) has received support from Stellar Anchor Platform. This pertains to withdrawal and deposit of the same for companies that are looking to offer their off and on-ramp services on the network. It brings down development time and cost, making it efficient for companies to develop their preferable projects.

Soroban Adoption Fund Program has accelerated its activity. It is a part of the Soroban Adoption Fund. The development in this context includes more than 14,000 NFT badges claimed by 200+ unique accounts and 184 submissions received by the Stellar Community Fund. The submissions cover all three rounds and the funding of $3.2 million in the second quarter alone.

These have reflected positively on the native token, XLM, so far. It was last seen being traded at $0.17, an increase of 23.85% in the last 7 days. Stellar is on track to achieve more developments, thereby bringing the estimated the XLM future to $0.19 by the end of this year – 2023.

Other developments in Q2-2023 are the 1-year anniversary celebrated by MoneyGram Access, support for USDC by Coinbase on Stellar, and Stellar Aid Assist winning the Best Innovation in Digital Currency Award, to mention a few.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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