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Stellar Releases 2022 Roadmap to Expand DeFi Through MoneyGram with Smart Contracts

Wed, 01/26/2022 - 10:27
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Tomiwabold Olajide
Stellar to expand DeFi through MoneyGram as smart contracts might soon arrive on XLM network
Stellar Releases 2022 Roadmap to Expand DeFi Through MoneyGram with Smart Contracts
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In a newly released roadmap for 2022, Stellar (XLM) notes that the year 2021 provided the direction for where it needs to go next. It, therefore, states that as part of its 2022 strategy, the Stellar Development Foundation (SDF), a nonprofit organization, reveals its commitment to supporting the development of smart contracts on Stellar.

Tomer Weller, VP of Technical Strategy at Stellar, says, ''We're taking DeFi on Stellar to the next level. Smart contracts will lower the barrier of entry and allow developers to build new trust-minimized functionality without protocol changes.''

With smart contracts intended to arrive on the Stellar blockchain, XLM will join the likes of Ethereum, Polkadot, Cardano and Cosmos with the enabling of smart contracts.

Smart contracts are typically used to automate the implementation of an agreement without the need for middlemen or wasted time.

The AMM DeFi functionality became available in 2021; thus, DeFi is not quite novel for Stellar. However, the cross-border token aims to expand its DeFi offering by providing direct access to a global network of on and off-ramps, such as MoneyGram.

In 2021, global payment giant MoneyGram announced its partnership with Stellar and will thus provide crypto-to-cash conversions.

As to what might go into the smart contracts and the expected date of launch, Tomer Weller says, ''We're exploring various options for smart contracting languages and VMs, both existing and developing our own. Our main considerations are: safety, scalability, & equitable access.''

On the date, he says, ''We're aiming for a feature-complete test network by the end of 2022. Ultimately, the ecosystem will decide if and when to turn on smart contracts on Stellar.''

Stellar releases 2022 roadmap

Stellar (XLM) discloses that its 2022 roadmap is built around three strategic building blocks:

First, increasing network scalability and network innovation. This it hopes to achieve by expanding network capacity by an order of magnitude and enabling trust-free innovation.

Second, activating more network participation. This it wants to achieve through incorporating ecosystem feedback and involvement in a long-term Stellar strategy, increasing ecosystem commitment and ownership, and attracting new participants.

Third, demanding and promoting diversity and inclusion by doing the necessary research.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.