Stellar (XLM) launches the world’s first fee-free, decentralized exchange “StellarX” with Fiat Deposits
While XRP is slowly shifting its focus to offering its products on crypto exchanges, Stellar is not far behind either. In fact, Stellar went a step further and launched an entirely new decentralized exchange on its own blockchain called StellarX.
Enter StellarX: the world’s first toll-free decentralized exchange with fiat deposits
StellarX is the first fully functional trading app for Stellar’s universal marketplace. Created by a team with extensive user-friendly building experience, it showcases a wide variety of assets: crypto, fiat tether, commodities, bonds and more.
StellarX is launched – free trading, fiat onramp, all types of tokens! Still a lot to do. But here’s a look at where we are and where we are going. https://t.co/BnHGwxD8E0
– StellarX (@stellarxhq) September 28, 2018
According to the announcement, StellarX, a product from new company Interstellar founded by Chain and Lightyear, offers user control similar to its Ethereum blockchain counterparts, including IDEX and EtherDelta.
To expand its moat to other exchanges, StellarX is free. The Stellar Network charges a flat fee per transaction as an anti-spam measure, but it is so low (0.00001 XLM) that it is refunded out of pocket for every trade made on StellarX. The network fee reimbursement is bundled into a single payment and issued every week. StellarX pays all network fees based on its unique consensus mechanism that requires no “work” or “effort”. ‘
The exchange is completely transparent as everything that matters on StellarX takes place in the chain and the world can see it. The announcement gives a glimpse into the transparency parameters, as it says:
“Everything that matters on StellarX is on the chain, and so the world can see it. But here I mean “transparent” in the broader sense, both for users and, above all, for token issuers. Because both have to be informed for a market to flourish.
- Transparency for traders: Our tokens behave as expected. There are no smart contracts to untangle property or fail catastrophically. Tokenization is handled at the protocol layer using simple templates. Important functions are set as flags, not in custom code.
- Transparency for issuers: if you wish, you can see who your customers are and confirm their identity before they interact with your token. “
Christian R, co-creator of StellarX, also said in his official Medium post:
“Stellar’s universal marketplace is for seasoned, adventurous greenfield traders – the order books are raw and under-explored. As StellarX is the first full client for Stellar, we support every last token issued to the network, all over 2500 including Dankness like eQuid (GBP tether or digital cephalopod, who can say that?)charna Sign “. About 50 new tokens come online every week – crypto, commodities, fiat tether, stocks and so on.”
Also read: Investors watch out: Stellar [XLM] can also replicate last week’s rally of XRP
StellarX could reach multiple Stellar Lumens and its token price
Stellar Lumens is known for going head-to-head against XRP in the battle for the cross-border payments market, and finds the same enemy in a battle for power of the exchanges. As a third-party client building on Stellar’s open marketplace, StellarX will definitely multiply the reach of Stellar Lumens in the hands of a large population that does not currently own one. If StellarX can develop its promised features and at the same time can be used effectively for free, it could use the Stellar exchange universe much broader.
StellarX is a strong plus for the XLM adaptation. The coin is currently 6. placedthe on the cryptocurrency list by market cap and trade at a price of $ 0.258583. If all goes well and according to StellarX’s plans, we could soon see Stellar touching $ 1.
Will StellarX cause Stellar Lumens (XLM) to climb high on the price charts? Let us know what you think about it.
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The content presented may contain the author’s personal opinion and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication assumes no responsibility for your personal financial loss.
About the author
For the past 8 years, Nilesh Maurya has been an investment banker with Omega Capital, a bespoke investment banking firm with offices in Mumbai, New York, Singapore and Dubai. He writes regularly for business publications such as Business India and Market Express and has been a mentor for many start-ups. For the past 8 years, Nilesh Maurya has been an investment banker with Omega Capital, a bespoke investment banking firm with offices in Mumbai, New York, Singapore and Dubai. He writes regularly for business publications such as Business India and Market Express and has been a mentor for many start-ups. Follow him on Twitter at @ KoinKing1 or connect with me on LinkedIn.