Blog Article
Stellar Community Fund Recap: Financial Innovation Powered by Soroban
Author
Kolten Bergeron
Publishing date
SCF
Projects
Soroban
The Stellar Development Foundation (SDF) has been running various programs to support the awareness and adoption of Soroban – the new Stellar smart contracts platform. The results have been exciting, with a growing number of projects, tools, and educational materials emerging from our community.
As the ecosystem evolves, tons of developers are experimenting with Soroban on Futurenet, the shared Soroban testnet. Let's take a brief look at four ecosystem projects from the Stellar Community Fund (SCF) that showcase Soroban’s potential with unique and innovative use cases.
Qolaq
First up, Qolaq is a prototype mutual aid platform that advances financial inclusion for people without traditional insurance coverage. They offer a Web3-enabled way for members to support each other in times of need – such as during bouts of illness or with unexpected healthcare costs.
Using Soroban’s Futurenet, Qolaq is developing a decentralized platform that uses smart contracts for immediate claim settlement and transparent cost administration while removing the high operating costs/commissions that are common in traditional finance. Qolaq aims to leverage Stellar’s existing rails to provide fiat on/off ramps for payments, supporting their international expansion.
Check out their SCF submission here.
Comet
Next, Comet is a Soroban Futurenet implementation of Balancer’s weighted automated market maker (AMM) protocol. It uses a cost function to enable the creation of arbitrary weight (e.g. 80% of asset A and 20% of asset B in a pool) and arbitrary asset count AMM pools. Comet's weighted AMM capabilities aim to offer solutions to challenges in decentralized finance, and enable developers and users to explore reducing impermanent loss, supporting multi-token pools, and creating index products.
The protocol will be released as an open-source prototype on Futurenet, serving as a public good for any Soroban project to use as a building block.
Check out their SCF submission here.
FxDAO
Third on our list is FxDAO, a decentralized borrowing protocol that leverages smart contracts on Soroban to issue fiat-pegged tokens backed by other digital assets or cryptocurrencies. Pegged tokens, issued in a decentralized manner, can provide transparency and may be useful for users who want to diversify their funds and mitigate the potential risks of centralized stablecoin providers.
Check out their SCF submission here.
XycLoans
Last but not least, XycLoans aims to be a flash loans protocol with its own liquidity management on Soroban Futurenet. This Futurenet implementation aims to provide an example of a decentralized ecosystem to borrow money through flash loans. XycLoans is structured with four main components, including smart contracts, backend functions to build a database and scale, a web app to develop contracts that use flash loans without coding knowledge, and a high-quality web app for lenders to oversee their liquidity.
Check out their SCF submission here.
Participate in SCF
The Stellar Community Fund has been a long-time catalyst for some of the most innovative projects in the Stellar ecosystem and we’re excited to see that trend continue as we head toward Soroban’s launch.
If you, or your team, are interested in building on Soroban then we’re interested in hearing from you. Head to the SCF website to familiarize yourself with the rules, processes, and awards. We can’t wait to see your submissions!