Stellar Upgrades Its Community Fund to Grow XLM Ecosystem as Smart Contracts Launch Nears

Key Highlights:

• Stellar announced it has upgraded its Community Fund ahead of Soroban launch.
• The upgrade of Stellar’s Community Fund has seen the introduction of two types of awards, Activation Awards and Community Awards to guarantee consistency and transparency.
• Stellar revealed it has also redesigned the website in a bid to enhance transparency and user experience
• The price of XLM is expected to rise by 11.56% in the next month as the Stellar ecosystem continues to evolve.

Renowned payment-focused network, Stellar in its keen efforts to foster the growth of the XLM community, has announced a significant upgrade of the Stellar Community Fund (SCF).

1/ Introducing the new and supercharged Stellar Community Fund (SCF), our open-application awards program, to support the next generation of companies building on blockchain. Learn about the new changes and how to grow with Stellar ?https://t.co/LqhXSgMTlN pic.twitter.com/W416GUnEpZ

— Stellar (@StellarOrg) November 9, 2023

This remarkable development marks the fifth iteration of the Stellar Community Fund (SCF), an innovative program designed to support the growth of companies within the blockchain ecosystem.

According to the announcement, the latest upgrade of the SCF comes in preparation for the upcoming launch of Soroban’s Mainnet which features smart contract functionality.

Stellar Unveils Dual Award Types to Facilitate Transparency 

While Stellar has continued to prioritize transparency against many other things, the SCF’s new design will see the platform offering an improved user interface for submissions and reviews. It is interesting to note that the Stellar Community Fund upgrade comes with the addition of two award types namely, “Activation Award,” and “Community award.”

Per the announcement, the initiation of these two award types will see to the streamlining of the submission and review process to ensure consistency and transparency. Notably, the restructuring of the award scheme reflects the company’s efforts to remediate the inconsistencies between panel review and community vote.

Furthermore, the new award structure mandates the submission deadlines to be made every four weeks. With this in place, new projects can request Activation Awards worth up to $50,000 in XLM for 1-1.5 months of development work. 

On the other hand, the platform also entertains requests for Community Awards, valued at up to $100,000 in XLM for 2-3 months of development. Meanwhile, the allocation of Community Awards is determined through a Community Vote, with final decisions made by the review panel.

In addition to Stellar’s bid for transparency, the Stellar Community Fund website has received a well-deserved revamp. As part of its efforts to ensure the growth and efficiency of the XLM ecosystem, this website design lays strong emphasis on transparency and user experience.

Impressively, the new SCF website allows users to have a review of the projects preceding stories. Basically, it showcases past projects and teams awarded by SCF. Also, the website offers an organized project directory, and introduces a refreshed community section to encourage active participation in governance discussions.

Algorithm Predicts Stellar to Rise by 11.56% by December as the Network Continues to Evolve 

Arguably, Stellar’s preparation for the proposed Soroban Mainnet launch has been massive leading to more engagements and advancements within the ecosystem.

While the project has revealed plans to introduce additional support and incredible features, it appears that it is not backing down on the continuous improvement of the XLM ecosystem. As such, this has triggered hopes that while the Stellar market might be experiencing a downturn currently, there’s a chance for a slight boost in the near future.

Notably, algorithm provided by Coincodex predicts that the price of XLM will rise by 11.56% by the early weeks of December, 2023. 

Nonetheless, Stellar have encouraged builders eager to engage with Stellar and Soroban to make haste and participate in the evolving Stellar Community Fund (SCF) before the upcoming deadline on December 3rd.