Stellar Floats $100M Fund For Developers on its Ecosystem

Stellar Development Foundation (SDF), a registered non-profit organization in a bid to encourage developers to build on the Soroban smart contract platform, has launched $100 million in funding. 

According to the platform, the smart contract went live on Futurenet on October 11. Soroban is a test network designed with a specific purpose and built to perform. Developers can start experimenting on the network and in return earn rewards. 

Additionally, the funds will help initiate lots of programs like the First Light dubbed “Sorobanathon”. SDF created this program to support the growth and development of the Soroban ecosystem amidst other benefits. Other adoption programs will be announced by the platform subsequently via the Stellar Dev Discord.

The Sorobanathon program will help developers perform experiments with Soroban and will also enable them to provide positive feedback to the Soroban development team as well as the ecosystem in general. Similarly, the incentive program will reward developers for testing as well as for sharing their feedback. It is a fun and low-lift way to learn.

Recall that, in March SDF raised a $30 million matching fund for developers who are building apps on Stellar’s blockchain. The matching fund is a way for the foundation to promote early-stage experimentation for real-world use in order to provide more value to consumers.

Since its inception, the Stellar Network has processed 2 billion operations and has about $3.4 billion of its native token Stellar (XLM) in circulation.

Crypto Firms Raise Dedicated Funds for Developers

As the crypto ecosystem continues to develop a number of networks have assigned dedicated funds to help onboard developers in order to advance their ecosystem.

Last month, NEAR Foundation in partnership with Caerus Ventures introduced a $100 million venture capital fund. The funds are focused on financing developers in web3.0 looking to create market-defining products. Last year the protocol also launched an $800 million grant funds structure for various aspects of the DeFi sector and its ecosystem.

In a similar manner, Sandeep Nailwal after experiencing difficulty in accessing funds while starting Polygon raised special funds through Symbolic Capital for developers with promising projects who cannot access traditional funds.