The Stellar Development Foundation (SDF) is a non-profit organisation that plays a pivotal role in fostering the development and expansion of the Stellar blockchain network. With a mission to increase economic opportunities worldwide, the SDF promotes financial fluidity, market openness, and individual empowerment. By leveraging blockchain technology, Stellar provides individuals and organisations with access to a stable global financial network. It offers an alternative to traditional financial systems and intermediaries.
A Brief Overview of Stellar Development Foundation’s Achievements
Stellar Development Foundation has made remarkable progress over the years, focusing on scalability, network innovation, inclusion, and utility for trust-building. Here are some notable achievements and milestones from different quarters:
In the first quarter of 2021, SDF launched Stellar USDC, a transformative partnership with Circle. It enables businesses and users to leverage the USD stablecoin on the Stellar network. SDF also made significant strides in network growth, investment, and the release of Horizon 2.0, which improved the performance and architecture of Stellar’s public API.
During the second quarter of 2021, SDF focused on supporting the robustness and usability of Stellar, building trust in the blockchain, and fostering sustainable use cases. Noteworthy achievements included investments in Tribal Credit and Airt through the Enterprise Fund. As well as that, joining the Association of Ukrainian Banks as an advisor on blockchain technology, and positive growth in accounts, payments, and decentralised exchange (DEX) volume on the network.
In the first quarter of 2022, SDF concentrated on scalability, network innovation, and inclusion. They announced Project Jump Cannon to explore native on-chain smart contracts and introduced Starbridge for interoperability with Ethereum. SDF also expanded its investments, supported the Biden Administration’s cryptocurrency policy approach, and sponsored SXSW’s Finance 3.0 summit.
Q3 and Q4 2022:
During the third quarter of 2022, SDF made progress on its roadmap by focusing on scalability, network innovation, and inclusion. Notable achievements included the launch of Soroban, a smart contracts standard, with a $100M adoption fund and incentive programs. SDF also testified before the U.S. Senate Committee, introduced the Australian Dollar stablecoin on Stellar, and enhanced inclusivity through the Stellar Community Fund and a startup bootcamp.
In the first quarter of 2023, SDF continued to make significant progress by focusing on utility as the growth exponent. They accomplished the three building blocks: easy and scalable innovation, winning over builders, and focusing on utility for trust. Highlights included advancements in Soroban development, technical improvements to Stellar Core, the launch of the Soroban Adoption Fund Programs, and partnerships to offer USDC on Stellar through cash transactions.
The Role and Mandate of Stellar Development Foundation
The Stellar Development Foundation manages Stellar’s codebase, supports the community, and engages with regulators and institutions. It operates various programs with allocated budgets, including Direct Development, Ecosystem Support, Use-Case Investment, and User Acquisition. These programs aim to enhance the adoption and usability of Stellar and enable fair access to the global financial system. SDF ensures transparency through quarterly accounting and audits, and it plans to disperse most of its lumens within ten years.
Engagement and Events
World Economic Forum:
The SDF actively engages with institutions and regulators, and it has been recognised by organisations such as the World Economic Forum. Its involvement reflects their commitment to promoting greater fluidity in financial transactions, openness in markets, and empowerment for individuals.
Events and Conferences:
The SDF participates in various industry events, conferences, and workshops. These events provide opportunities for learning, networking, and collaboration with developers, policymakers, and industry experts. By actively engaging in these events, the SDF promotes innovation and advances the understanding and implementation of blockchain technology.
Investments and Partnerships:
The SDF continued to support the growth of the Stellar ecosystem through strategic investments and partnerships. They allocated funds to support various projects, including African fintech Stax and technology incubators in the Caribbean. Additionally, partnerships with companies like Flutterwave, MoneyGram International, and Novatti have contributed to the expansion of Stellar’s reach and use cases.
Stellar Community Fund:
The Stellar Community Fund has played a vital role in driving innovation and inclusivity within the Stellar ecosystem. The fund received numerous applications and introduced improvements, such as a startup bootcamp and a redesigned website, to enhance its support for community projects.
The SDF has emerged as a leading force in promoting global financial inclusion through its work on the Stellar blockchain network. With a focus on scalability, network innovation, and inclusion, SDF has achieved significant milestones, strategic investments, and partnerships.
By leveraging blockchain technology, Stellar offers individuals and organisations the opportunity to participate in a stable global financial network, bypassing traditional intermediaries and informal methods. The SDF’s commitment to transparency and its ongoing efforts to empower individuals worldwide reinforce its position as a catalyst for economic opportunities and financial empowerment.
Disclaimer: The information provided in this article is based on publicly available sources and does not constitute financial or investment advice. Please do your own research before engaging in any financial activities related to Stellar or other cryptocurrencies.
For more insightful articles like this, check our Linkedin page: https://www.linkedin.com/company/investment-tribe/ .