The catch is a lot of excitingly terrible coins, and that the royalty-free part is a matter of belief.
Stellar Lumens always planned a completely open decentralized exchange, the so-called SDEX, with great foresight.
The idea is that there is only one main Stellar order book to better overcome the low liquidity issues that so often disrupt decentralized exchanges while taking full advantage of decentralized exchanges. People can access it through different platforms that have the different features they want, but they all access the same order book.
Set to launch in the near future, StellarX plans to profile itself as the first truly complete Stellar exchange that reimburses all fees to users while also providing incentives for market makers.
According to StellarX, around 50 new Stellar-based tokens come online every week, adding to the already over 2,500. And it is widely believed that most of them are hot rubbish and should never have seen the light of day. To avoid clutter and unnecessary headaches, most platforms don’t bother listing all of the junk.
However, StellarX plans to open its digital doors to anyone and everything, guided by the founding principles of being “the most diverse and open marketplace in the world”.
“Since StellarX is the first full client for Stellar, we support every last token issued on the network … StellarX is designed to reveal every asset, every order book, every trade.”
The team behind StellarX includes developers of apps like Kickstarter, Headspace, and OkCupid, and their choice of Stellar over other coins was no accident.
StellarX co-creator Christian R describes Stellar as a “fantastic settlement backend” without a real frontend. They particularly liked its ability to make it easier for people to digitize and trade assets, and called the concept “an extension of the tether idea”.
Much like how Tether is pegged to the US dollar, Stellar enables the creation of digital tokens tied to other assets, “Pork Futures or Zcash or SkyMiles or USD or whatever … Stellar therefore unites separate economies (and blockchains ) in a single market “. . “
They also cite Stellar’s relative efficiency compared to Bitcoin and other proof-of-work coins, and the benefits of “using it knowing that we’re not paying some guys to drown our grandchildren”. The implications of using a Bitcoin-linked token on the Stellar network to get all of the price advantages of Bitcoin in a much more efficient and transferable package are as fascinating as they are silly.
“Trading on StellarX is completely free because the Stellar network fees are so low that we can refund them out of pocket. In fact, we pay top market makers to ensure the tightest spreads for everyone. And we give Stellar’s automatic Return 1% APR inflation to our users and keep none of the weekly airdrops for us. If you hold funds on StellarX, you will get your pro-rated Lumens every Tuesday, “the announcement reads. Approximately 100,000XLM per week were provided to motivate market makers in Stellar.
What’s the catch?
It could be difficult to trust a platform without a monetization model and users simply need to take StellarX’s good intentions as a matter of belief. In response to the question, Christian R assured people that StellarX’s number one priority is the growth and functionality of Stellar itself and that it would be self-destructive to compromise this for a monetization model.
“Once the marketplace is established, we will certainly have a lot of options that don’t necessarily depend on our fee structure (or lack thereof),” he says.
If you’re interested in an unrestricted Stellar marketplace, StellarX is now giving early adopters invitations in advance of launch.
Disclosure: At the time of writing, the author holds ETH, IOTA, ICX, VET, XLM, BTC and NANO.
Disclaimer: This information should not be interpreted as endorsing the cryptocurrency or any particular provider, service or offer. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve considerable risks – they are very volatile and sensitive to secondary activities. Performance is unpredictable and past performance is no guarantee of future performance. Take into account your own circumstances and seek your own advice before relying on this information. You should also review the nature of a product or service (including its legal status and relevant regulatory requirements) and check the websites of the relevant regulators before making a decision. The finder or the author may have holdings of the discussed cryptocurrencies.
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