Thursday, May 23, 2024
HomeDeFiNew features added on XLM network

New features added on XLM network

Will Stellar Development Foundation Smart Contract prove its entry into CBDC?

The Stellar Development Foundation disclosed that smart contracts will make their appearance on the XLM network. It is in the interests of both investors and fintech stakeholders.

On the subject of DeFi upgrades Tomer Weller said that MoneyGram has joined the project to allow crypto-to-cash conversions. The facility will be available in over 300,000 worldwide locations. Tomer Weller is Stellar’s Vice President of Tech Strategy.

The Automated Market Maker (AMM) is one application that combines smart contracts and foreign remittances. It is the protocol that permits trade to take place in a DEX without the involvement of a centralised authority.

Carolyn Yi, a spokesman for the Stellar Development Foundation (SDF), told AMBCrypto that AMMs on Stellar have offered more efficient cross-border transaction routes, as well as the opportunity for developers to dynamically seek liquidity assistance. As on January 10, this year, approximately 30 percent of transactions were routing through the AMMs.

Stellar stated in a recently released 2022 plan that it will aim to achieve network scalability through “trust-minimized innovation.” Other objectives will be increasing participation, creativity, and diversity. The plan includes country level work and expansion in existing network participants such as Brazil, USA, Canada, Kenya and Ukraine.

Swiss National Bank (SNB) members U-turn on CBDC

There has also been talk about Stellar entering the CBDC area, similar to how Ripple has worked in Bhutan and Palau. The SDF spokeswoman also stated that discussions about possible CBDC agreements are ongoing. Stellar is a well-known brand inside the Ukrainian fintech industry.

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