Definition: Stellar's unique consensus algorithm that implements the Federated Byzantine Agreement (FBA) model, forming a quorum through a voting mechanism. Function: Participants directly select trust targets without a closed system, achieving low latency and high security at the same time. Soroban: On-chain state mapping: Existence
Investment View
Stellar strategically combines off-chain elements for scalability and real-world financial integration. Anchor trust and operational risk: Stellar’s value depends on the quality of the anchor network. Latecomer to the smart contract market: Since the formation of Soroban's ecosystem was delayed compared to existing layer 1 systems such as Ethereum, it may have difficulty securing developers and liquidity in competition with other platforms with strong network effects.
Caution: This report is not investment advice and does not include buy/sell recommendations or price predictions. Stellar presents “global payments, tokenization, DeFi, the real world” as its core pillars on its official website, and provides low-cost payment and asset issuance infrastructure for developers, financial institutions, fintech, and wallets. According to the official document, Stellar Consensus Protocol, hereinafter referred to as SCP, is a federated Byzantine consensus model to achieve consensus without relying on a closed list of validators, and aims for “decentralized control, low latency, flexible trust, and asymptotic security”.
Investment View
Payment, RWA, DeFi, privacy, and agentic payments are all mentioned, but the indicator that the market can recognize as an overwhelming KPI has not yet been clearly fixed. Stellar's overall maturity is evaluated at 74.6%. The final judgment is “mature as an institutional payment/tokenization L1, but in the early stages of growth as a general-purpose DeFi L1.”