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.

Image
source:
Shutterstock