Stellar (XLM) Launches World’s First ‘Truly Zero-Fee’ Decentralized Cryptocurrency Exchange
The Stellar-based, Zero-free decentralized cryptocurrency exchange StellarX has been fully launched on Friday, September 28. The launch was announced in a blog post from its developer Interstellar.
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
The StellarX exchange was initially revealed to be under development this past July. The hallmark feature of the client is that it is built on Stellar’s universal marketplace, using the open-source Stellar protocol to provide cryptocurrency-to-fiat exchanges.
Per its announcement, the StellarX team explains that they are able to offer these unique terms because “Trades and orders are native to Stellar, not a layer that has to be superimposed via relayers and smart contracts.”
They claim that this represents an advantage over Ethereum-based exchanges which charge Gas fees as “Stellar’s consensus mechanism requires neither “work” nor “stake” — that is, it doesn’t use your capital to function. Thus, we don’t need your capital to function either.”
The fiat on-ramp for the exchange will turn the US dollar into a special asset, USDX. The platform will also create the option for additional tokenization for stablecoins linked to other currencies.
The decentralized exchange will also allow multiple operators to create pairs and marketplaces. In effect, StellarX would be a collection of various exchanges, where even a KYC process would be built into the protocol.
“We allow issuers — if they so require — to impose KYC requirements before a person can trade their token. And we give holders human-readable information about what they own, so they can make decisions for themselves.”
Furthermore, StellarX touts being a supposedly truly transparent exchange, where all notable events will happen ”on-chain” for all the world to see – as well as for users and, most notably, token issuers.
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