While XRP is slowly shifting its focus to offering its products to crypto exchanges, Stellar too doesn’t stand far behind. In fact, Stellar has gone a step ahead and has launched a complete new decentralized exchange on its own blockchain, called the StellarX.
Enter StellarX: World’s first zero-fee decentralized exchange with fiat deposits
StellarX is the first full-featured trading app for Stellar’s universal marketplace. It was created by a team with deep user-friendly building experience and showcases a wide selection of assets: crypto, fiat tethers, commodities, bonds, and more.
StellarX is launched–free trades, fiat onramp, all kinds of tokens! Still lots to do. But here’s a look at where we are and where we’re going. https://t.co/BnHGwxD8E0
— StellarX (@stellarxhq) September 28, 2018
According to the announcement, StellarX, which is a product of the new company formed by Chain and Lightyear, Interstellar, offers similar user control to its Ethereum blockchain counterparts, including IDEX and EtherDelta.
To add to its moat over other exchanges, StellarX comes free. The Stellar network charges a flat per-transaction fee as an anti-spam measure, but the fee is so low (0.00001 XLM) that they refund it out-of-pocket for every trade made on StellarX. Network fee refunds are bundled into a single payment and issued each week. StellarX pays all network fees due to its unique consensus mechanism that does not require “work” or “stake.”’
The exchange is completely transparent as everything meaningful that happens on StellarX is on-chain, and so the world can see it. The announcement provides an insight into the transparency parameters as it stated:
“Everything meaningful that happens on StellarX is on-chain, and so yeah the world can see it. But here I mean “transparent” in a larger sense, both for users and, crucially, for token issuers. Because both must be informed for a market to flourish.
- Transparency for traders: Our tokens behave in an expected manner. There are no smart contracts to unravel ownership or to catastrophically fail. Tokenization is handled at the protocol layer from simple templates. Important features are set as flags, not in custom code.
- Transparency for issuers: if you so choose, you can see who your customers are and confirm their identity before they interact with your token.”
Christian R, co-creator of StellarX, also stated in its official Medium post:
“Stellar’s universal marketplace is greenfield for experienced, adventurous traders — the order books are raw and underexplored. Since StellarX is the first complete client for Stellar, we support every last token issued to the network, all 2500+ of them, including dankness like eQuid (GBP tether or digital cephalopod, who can say?) and something calling itself “charna token”. Roughly 50 new tokens come online each week — crypto, commodities, fiat tethers, securities, and so on,”
StellarX could multiple Stellar Lumens reach and its token price
Known for being pitted directly against XRP in the battle for the cross-border payment market, Stellar Lumens find the same foe in a battle of powering exchanges. Being a third-party client built on top of Stellar’s open marketplace, StellarX will definitely multiply the reach of Stellar lumens in hands of a vast population which currently doesn’t own any. If StellarX can develop its promised features while remaining effectively free to use, it could bring the Stellar exchange universe into much broader use.
StellarX is a strong positive for XLM adaption. The coin is currently placed 6th on the cryptocurrency list by market cap and trades at a price of $0.258583. If all goes well and according to plans of StellarX, we may soon see Stellar touching USD 1.
Will StellarX power Stellar Lumens (XLM) to rise high on the price charts? Do let us know your views on the same.