Stellar (XLM) Development Foundation Reports Major Growth in Q2 2024
The Stellar (XLM) Development Foundation (SDF) has released its Q2 2024 report, showcasing noteworthy achievements and growth metrics. The report captures the progress made in various aspects, including network expansion, real-world asset tokenization, and the adoption of Soroban smart contracts, according to Stellar.
Network Growth
One of the standout metrics from the report is the increase in total addresses on the Stellar network. The number of addresses surpassed 8.4 million, marking an addition of over 400,000 addresses within the quarter. This growth reflects Stellar's expanding user base and increasing adoption.
Real-World Asset Tokenization
Real-world asset supply on the Stellar network reached over $598 million by the end of Q2. Tokenization efforts have been bolstered by partnerships such as that with WisdomTree. The financial services company has expanded access to assets through its retail financial app, WisdomTree Prime, which is now available in 41 states, covering 75% of the U.S. population.
Enterprise and Matching Funds
The SDF's Enterprise and Matching Funds saw significant activity, with investments totaling over $7.8 million. These funds were directed towards companies in Colombia, Nigeria, and the US, aiming to build the future of financial services.
MoneyGram Access and Innovations
The report also highlights the two-year anniversary of MoneyGram Access, a pivotal solution for expanding the utility of the Stellar network. This initiative has facilitated remittances in key markets and has laid the groundwork for innovations like Stellar Aid Assist and the Stellar Disbursement Platform. The recent launch of Soroban smart contracts has further enhanced the platform’s capabilities, enabling cash-to-defi functionalities.
Soroban Smart Contracts
Soroban adoption and development are on an upward trajectory. The Foundation has invested heavily in developer education and engagement, resulting in a surge of new projects. In Q2 alone, the Stellar Community Fund awarded over $5 million worth of lumens to 107 projects, 86 of which are building on Soroban.
Moreover, a new state archival proposal aims to address blockchain’s scalability issues, particularly state bloat. This proposal has sparked significant industry discussions, positioning Stellar as a leader in blockchain innovation.
For those interested in a deeper dive into these achievements, the full Q2 2024 report and a webinar featuring Denelle Dixon, CEO and Executive Director, Justin Rice, VP of Ecosystem, and Jason Chlipala, Chief Business Officer, are available on the Stellar website.