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<p>Stellar, known for its payment solutions, recently introduced the Soroban smart contract platform through the Protocol 20 upgrade voted by the network validators. This unique smart contract layer emphasizes efficiency, specific use cases, and seamless integration with Stellar&#39;s existing infrastructure.   </p><p>Soroban aims to enhance Stellar&#39;s capabilities in cross-border transactions, fiat and crypto interoperability, and compliance features within the smart contract layer, making it attractive for institutional use.  </p><p>Originally established in 2014, Stellar gained recognition through its stablecoins like USDC and collaborations with Moneygram. Apart from payments, Stellar has built fundamental features such as a decentralized exchange, multisig, time locks, and asset issuance. However, it lacked the ability to execute custom trust-minimized code, which smart contracts now provide.  </p><p>In contrast to other chains adopting Ethereum&#39;s L2 or EVM, Stellar decided to take a distinctive approach with Soroban. By gradually implementing smart contracts using WebAssembly (WASM) in Rust, they aim to foster innovation without disrupting existing stakeholders. </p><p>This strategy ensures a smooth transition while preparing for a diverse multichain landscape.  </p><p>Key stakeholders and developers, like Deian Stefan from Cubist, commend Stellar&#39;s innovative choice, highlighting the potential for cross-chain interoperability and future growth.   </p><p></p><h2 id="header-0">Cutting-Edge Smart Contract Upgrade by Stellar Network  </h2><h3 id="new-smart-contract-platform">New Smart Contract Platform</h3><p>Stellar&#39;s Protocol 20 upgrade introduces Soroban, a dedicated smart contract layer developed over years.   </p><h3 id="enhancing-stellar-39-s-capabilities">Enhancing Stellar&#39;s Capabilities</h3><p>Soroban boosts Stellar&#39;s performance in cross-border transactions, fiat-crypto interoperability, and compliance integration, attracting institutional interest.  </p><h3 id="unique-approach">Unique Approach </h3><p>Stellar diverges from popular trends by unveiling Soroban, neither an L2 nor utilizing the EVM, aiming to evolve progressively while avoiding disruption.  </p><h3 id="innovative-implementation">Innovative Implementation </h3><p>Adopting WebAssembly in Rust for smart contracts, Stellar ensures a distinctive path, separating innovation from core protocols and fostering a multichain future.  </p><h3 id="praising-stellar-39-s-strategy">Praising Stellar&#39;s Strategy </h3><p>Deian Stefan acknowledges Stellar&#39;s unique strategy, leveraging Rust for cross-chain solutions, setting them apart in the blockchain landscape.<br /><br />The Stellar community aims to differentiate Soroban by emphasizing a combination of its efficiency, focused use cases, and integration with Stellar’s existing infrastructure.</p>

Stellar ignites smart contract enhancement without relying on EVM

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