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  • The testnet upgrade is scheduled for September 20, 1500 UTC, with the node operators expected to install the latest version of Stellar Core and Horizon.
  • The Stellar mainnet validators are expected to schedule an upgrade vote date for 6 weeks after stable releases come out.

The Stellar Lumens (XLM) network, a leading blockchain payment network facilitating cross-border payments in competition with Ripple and XRP, is preparing for its biggest upgrade by magnitude to support Soroban smart contracts.

Notably, the Stellar core development team scheduled a testnet upgrade on September 20, 1500 UTC. The development of Soroban as the native smart contract platform on the Stellar ecosystem with notable funding, amounting to $100 million in adoption funds, to support the developers.

Dubbed Protocol 20, the upgrade will be essentially rolling out Soroban-based smart contracts for mass testing before the mainnet validators can vote on the final version on a date to be determined later. Notably, the Protocol 20 upgrade will introduce new network settings that are included on the Stellar Core and Horizon.

Why the Stellar Soroban is A New Smart Contract Standard

The development of smart contracts through blockchain technology has undeniably revolutionized the global business environment and how governments view the cryptocurrency industry. The elimination of third parties in global transactions has significantly helped scale the adoption of decentralized financial (DeFi) protocols, which triggered the 2021 crypto bull market.

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Currently, almost all blockchains are moving towards supporting sustainable and scalable DeFi protocols in a bid to attract more developers. As a result, the Stellar Lumens network has dedicated a lot of resources to building a next-generation smart contract environment amid the mainstream adoption of digital assets.

According to the Stellar developer, the need for an in-house built scalable, with a consistent developer experience and high sensibility.

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“Soroban is designed for scale, providing a foundation from the start that will be able to provide concurrency. Soroban transactions include footprints or what could be described as transaction dependencies, allowing us to group transactions by these dependencies and execute them concurrently, taking advantage of modern multi-core hardware,” Stellar company noted.

Simply put, Soroban is the platform for DeFi developers who do not want to compromise between performance and simplicity. Moreover, high testing and deep research have been conducted, including the Futurenet testnet that has been running for months.

XLM Marker Outlook and Price Action

The launch of the Protocol 20 testnet upgrade coincides with increased crypto volatility sparked by the high-impact news from the United States and the United Kingdom. On Wednesday, the United States Federal Reserve chair Jerome Powell is expected to issue notes on the economic outlook and the interest rates. On Thursday, the Bank of England (BoE) is expected to issue its interest rates, which are expected to trigger more crypto volatility.

According to the latest crypto market data, Stellar XLM traded around $0.117 on Thursday, down approximately 3 percent in the past seven days. The launch of the Soroban smart contracts is a huge milestone that has the potential to push XLM’s price beyond 20 cents after the mainnet launch.

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