Stellar Unveils 'Abacus', XLM Responds with 10% Profit - Eminetra Canada .

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The Stellar (XLM) Development Foundation celebrated the preview launch of its upcoming smart contract platform called “Abacus”. As part of “Project Jump Cannon,” the initiative behind the platform’s development, the organization invited developers to create their own contracts.

The announcement of the abacus is highly anticipated by Stellar (XLM) users. The platform could offer new use cases and a new wave of adoption for the network, offering capabilities that compete with major blockchains such as Ethereum.

According to the official post, Stellar’s smart contracts follow the project’s vision of providing an accessible, easy-to-use, and scalable platform for its users. The team behind the project claims that the abacus could become the “standard for smart contracts” in the cryptocurrency industry.

The Stellar Development Foundation (SDF) claims that the crypto space does not have a smart contract platform with the above capabilities. Most “present too many footguns for developers”.

We believe in building something special with Abacus, and because we stay true to our open source roots, we believe it’s important to share our development process. We hope that developers in the Stellar ecosystem and smart contract developers in other ecosystems will have the opportunity to make a meaningful impact together.

Soroban will operate independently from Stellar, but will be paired with this network to provide users and developers with accessibility and “fair access” to the decentralized finance (DeFi) sector. The organization has revealed that its smart contract platform will be built with Rust as its programming language.

Unlike other popular programming languages ​​in this space, SDF believes Rust offers safer and more “efficient” computation. In order for Abacus to be scalable and meet a “robust and minimal bytecode specification”, in his design he also implements WebAssembly (WASM).

XLM price is trending down on the 4-hour chart. Source: XLMUSDT Tradingview

XLM with Potential to Increase Profits

At the time of writing, the price of XLM follows the general sentiment across the cryptocurrency market and looks likely to rise further. The cryptocurrency trades at $0.11 and has gained 11% over the past week.

In the short term, XLM has registered increased buying pressure since August 2nd.nd This suggests that investors were shaken by SDF’s claims about the future of smart contract platforms. If the organization can launch Abacus on mainnet, this could remain a key bullish factor in the long run.

Data provided by Material Indicators (MI) records an increase in ask (sell) orders as the price of XLM is on an upward trend. As you can see below, there is an ask order of around $1 million above XLM’s current price level, increasing buying pressure from retail investors.

Stellar bids appear to have less liquidity, which could indicate a possible retest of previous support levels.Bitcoin and other big cryptos boost crypto markets If continued, this may become invalid. In that case, the XLM price could break resistance and reach $0.18.

Stella XLM XLMUSDT MI 1
XLM price (blue line in chart) enters resistance (yellow and red levels above price) on short timeframes.Source: Material Index