The Stellar Community Fund (SCF) on Monday, August 3 commenced the final voting round for the 8 community projects that made it through through the nomination phase. The final voting phase will last only a week. The eight projects are Free Voting Platform, The Interstellar Platform, Lettuce, Opensolar, Rigel, Stellarmint, Stellar Update, and Trybal.Network. These projects will share a prize pool of 3 Million XLM according to the number of votes they receive in the final round.

“Lumens are distributed based on the final percentage of the votes. For example, if a winning project receives 20% of the vote, they will receive 20% of the awarded lumens (600,000XLM of the 3M XLM pool).”

According to a recent release from SCF other projects that did not make the final round are enjoined to continue to improve on their works so that next time they can qualify for the funding. Essentially, the community funds will continue for longer period of time. This move will help developers and teams building their projects to improve their projects until they are eligible to qualify for the funding. The qualifying works will also gain some level of visibility and an opportunity to increase their user base. 

The Stellar Protocol is doing all in its capacity to increase its use cases, through the SCF more developers are attracted to the project. Built to be a solution for Banks to improve their interoperability, Stellar Lumens has proven through its achievements that it is serious about making financial transactions as easy and fast as sending a mail.

Stellar Lumens and the Financial World

In early 2019, IBM announced that it will build its IBM World Wire on Stellar Protocol, a public blockchain. This is because IBM private blockchain will not be suitable to connect banks worldwide where the ability to display transactions publicly and transparently is key. The move was envisioned to onboard millions of people worldwide who are unbanked. These unbanked populations are deemed unfit for banking services mostly because they do not possess required documents or because the facilities for banking are too far from where they are. The Blockchain technology will seamlessly connect them to banks of their choice to transact. 

Stellar and Defi?

The Stellar Protocol seems to have been excluded in the Decentralized Finance- DeFi recent trend as almost none to none of the projects built on its blockchain are focusing on the trend. Despite the fact that Stellar protocol was built to aid financial Remittance and give Banks superpowers, are we going to see projects on SCF with DeFi at its core? or is Stellar planning and building something along that line?

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The TCAT team.