February 20 was a momentous day for the Stellar (XLM) ecosystem, marking a shift from its exclusive role as a payment protocol to a platform capable of hosting Decentralized Applications (DApps).
This pivotal event was the deployment of the first smart contract on the Stellar mainnet hours after the successful implementation of Protocol 20.
First smart contract uploaded to Stellar Mainnet. That was fast 🏃♂️🏃♀️https://t.co/HpuGBKHxc6 pic.twitter.com/laNut2i4w6
— Stellar (@StellarOrg) February 20, 2024
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New Frontiers for Stellar (XLM)
Following the extensive journey leading to Protocol 20’s activation, culminating in network validators’ ratification, Stellar has entered a new era. This upgrade, which also saw the arrival of Soroban Smart Contract functionalities, empowers Stellar to compete head-to-head with established blockchain networks for a share of the burgeoning Decentralized Finance (DeFi) user base.
While the first smart contract marks a significant achievement, the emergence of DApps might require some time. Phase 0 of the Soroban rollout, currently underway, focuses on rigorous code stability testing. Phase 1 will witness gradual increases in Soroban contract transactions, paving the way for initial application deployment.
Finally, Phase 2 will grant public access to these Stellar-backed applications once ledger capacity and stability reach optimal levels.
Meanwhile, Google Gemini (previously Bard) and ChatGPT recently predicted surges for XLM by the end of 2024. This upgrade might be the start of a bullish trend
Community Excitement and Competitive Edge
The community has embraced this advancement with great enthusiasm, recognizing it as a pivotal step forward for Stellar. Notably, this development positions Stellar ahead of XRP Ledger (XRPL) in the race to implement smart contracts, as one community member pointed out.
XRPL has also been 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 its implementation.
Ripple’s Chief Technology Officer (CTO) David Schwartz, has also weighed in on this issue in a Coindesk interview, highlighting the potential multi-billion dollar risk associated with a flawed Hooks protocol for XRPL users.
Interestingly, XRP Labs has already tested the protocol on its XRPL sidechain network, Xahau. While Schwartz considered Xahau a valuable testing ground, concerns remain regarding a direct integration onto the XRPL mainnet.
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Recently, Richard Holland, CTO at XRPL Labs, expressed the intention to move forward with Hooks implementation if at least 10,000 users showed interest.
XRPL validator Vet (@Vet_X0) took that to a poll on X, where it received 94% positive votes from over 11,500 participants. In response, Holland acknowledged the community’s response and urged RippleX to show support for the protocol’s advancement.
Historically, XRP and XLM have shown a strong correlation. If XRP can catch up with smart contracts on XRPL, it could translate to significant surges for both cryptocurrencies.
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