Stellar (XLM) Challenges This Altcoin With Its First Smart Contract on Mainnet: Here’s the Developments!

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20 February, Stellar It was an important day for the (XLM) ecosystem, marking the transition from its exclusive role as a payment protocol to a platform capable of hosting Decentralized Applications (DApps).

This significant event occurred hours after the successful implementation of Protocol 20 when the first smart contract was launched on the Stellar mainnet. was to start.

New Frontiers for Stellar (XLM)

Stellar has entered a new phase with the activation of Protocol 20. This process followed an extensive journey that resulted in approval from network validators. This update also marks the evolution of Soroban Smart Contract functionalities and prepares Stellar to capture a greater share of the growing Decentralized Finance (DeFi) user base and compete with established blockchain networks.

While the success of the first smart contract implementation is an important step, some patience may be required for DApps to emerge. Phase 0 of the Soroban rollout currently ongoing focuses on detailed code stability testing. Phase 1 will introduce gradual increases in Soroban contract transactions and open the door to initial application deployment.

Finally, Phase 2 will provide public access to Stellar-powered applications once ledger capacity and stability reach optimal levels.

Meanwhile, platforms like Google Gemini (formerly Bard) and ChatGPT have predicted a surge for XLM by the end of 2024. This update could be the beginning of this uptrend.

Community Excitement and Competitive Advantage

Koinfinans.com As we reported, the community embraced this development with great enthusiasm. He considered it a very important step for Stellar. As one community member noted, this development puts Stellar in the race to implement smart contracts. XRP LedgerIt positions it ahead of (XRPL).

XRPL is also diligently pursuing similar capabilities through the introduction of Hooks, a protocol developed by XRPL Labs, the team behind the Xaman wallet. However, concerns surrounding potential security vulnerabilities have delayed implementation.

Ripple’s Chief Technology Officer (CTO) David Schwartz also touched on this issue in a Coindesk interview, highlighting the potential multibillion-dollar risk associated with a flawed Hooks protocol for XRPL users.

Interestingly, XRP Labs had already tested the protocol on the XRPL sidechain network Xahau. While Schwartz considers Xahau a valuable testing ground, concerns remain about direct integration into the XRPL mainnet.

Recently, XRPL Labs CTO Richard Holland expressed his intention to switch to the Hooks app if at least 10,000 users show interest.

XRPL validator Vet (@Vet_X0) took this to a poll on X, where it received 94% upvotes from over 11,500 participants. In response, Holland acknowledged the community’s reaction and called on RippleX to support the advancement of the protocol.

Historically, XRP and XLM have shown a strong correlation. If XRP can catch up with smart contracts on XRPL, both cryptocurrency It may also turn into significant increases for the unit.


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