Stellar Development Foundation (SDF) has reported significant strides in its Q2 2024 report, showcasing robust network growth and expansion. The foundation’s focus on real-world asset tokenization and the development of Soroban smart contracts has yielded impressive results.
A key highlight is the surge in network activity, with total addresses surpassing 8.4 million, a growth of over 400,000 in just one quarter. This indicates a growing user base and increased adoption of the Stellar network. Furthermore, the value of real-world assets tokenized on the platform exceeded $598 million, demonstrating the platform’s appeal for asset digitization.
Tokenization efforts received a boost from WisdomTree, which expanded access to its assets through the WisdomTree Prime app to 75% of the U.S. population. This strategic partnership underscores Stellar’s role in democratizing access to financial instruments.
The foundation’s investment arm also proved active, with over $7.8 million channeled into startups in Colombia, Nigeria, and the United States. These initiatives aim to foster innovation and drive financial inclusion in these regions.
Another milestone was the second anniversary of MoneyGram Access, a crucial component of Stellar’s remittance solutions. The platform has facilitated small but impactful transfers, serving as a foundation for innovative services like Stellar Aid Assist and the Stellar Disbursement Platform.
The launch of Soroban smart contracts marks a new chapter for Stellar, enabling cash-to-defi capabilities. The foundation has committed significant resources to developer education, funding, and Soroban development, resulting in a growing ecosystem of projects building on the platform.
The Stellar Community Fund distributed over $5 million in lumens to 107 projects, with a strong focus on Soroban development. This support is vital for nurturing innovation and expanding the Stellar ecosystem.
In a groundbreaking move, the foundation proposed a solution to address the blockchain scalability challenge known as state bloat. The proposal has sparked industry-wide discussions, positioning Stellar as a leader in tackling this critical issue.
Overall, Q2 2024 was a period of substantial growth and achievement for Stellar Development Foundation. The focus on network expansion, asset tokenization, and smart contract development positions the platform for continued success in the evolving blockchain landscape.