Phoenix Rising: Creating the “one-stop shop” for DeFi on Stellar

With the launch of the Soroban smart contract platform on StellarDevelopers are rushing to create decentralized applications (decentralized applications) and platforms within the Stellar ecosystem.

Among the first to launch is the Phoenix DeFi Hub, which aims to be the “one-stop shop” for decentralized finance (Challenge) on Stellar, its creators said Decrypt.

“We’re going to launch a set of DeFi protocols that all work in synergy with each other and generate value,” said Griffin Williams, Phoenix’s chief marketing officer. First, there’s a decentralized exchange (DEX) was launched in May, and an NFT marketplace is expected to follow soon.

“We started with a DEX because token swapping is the core functionality that DeFi was founded with,” said Jakub Bogucki, Phoenix co-founder and head of smart contracts. After the NFT marketplace launches, he added, “we want to add additional protocols that will expand the user experience and give users more options to use their funds strategically.”

“We’re really focused on the end user,” said Milan Steiner, co-founder and front-end lead at Phoenix, adding that “Stellar is the perfect chain for this because we have all these ingress and egress possibilities with Stellar Anchors.” The focus on stablecoins on the Stellar network also makes it “the perfect integration for new users,” he said. To that end, Phoenix has joined the Circle Alliance program and plans to “deeper integrate Circle assets like USDC in the future,” Williams said.

Phoenix is ​​also looking to attract seasoned DeFi degens with airdrops to the Peas And Solana ecosystems, Williams added.

Stellar may have “joined smart contracts quite late in the race,” Bogucki said, but that means “all the lessons have been learned.”

The Soroban smart contract platform uses the “excellent” Rust programming language, he explained, and offers “a lot of unique features” for developers. “Soroban focuses on efficient use of storage on very small binary sizes, minimizing transaction costs as much as possible,” he said. Efficient and “lightning fast” inter-contract calls are coupled with a comprehensive SDK with “excellent documentation,” he added, “allowing you to easily deploy the contract, play with storage, and run tests.”

“Soroban is also great because we can actively help shape the tech stack,” Steiner added, with the platform responding “within weeks or months” to developer feedback.

As Phoenix prepares to launch its NFT marketplace and other new features, including a “surprise protocol,” developers, the Soroban platform, and Stellar have plenty to keep them busy. “Stellar seems to be the most legitimate chain, from a business perspective,” Bogucki said. “They have very stable leadership, they have a concrete vision of what they want to accomplish and what kind of projects they want to host, and it shows.”