The desire for decentralized crypto exchanges is huge. An example of this was provided by the co-founder of Ethereum, Vitalik Buterin, when he said at a conference:
“I clearly hope that all centralized crypto exchanges go to hell as much as they can.”
The centralized Bitcoin exchanges have suffered many hacks and scams in the past. Values in the range of many billions of US dollars have been lost. In addition, more and more people see the protection of financial privacy as a fundamental right. The traditional stock exchanges are subject to many guidelines and laws that conflict with this idea. In this light, the call for decentralized alternatives is understandable.
That's why StellarX was created. The team behind it has now announced the end of the beta testing phase. The service has officially started operations. This happened through Interstellar, which grew out of a partnership between Chain and Lightyear.
StellarX allows users to trade fiat currencies, tokens, and other assets. It is particularly advantageous that trading on the platform is generally free of charge. As the trades take place on the Stellar network, a small fee is payable in Stellar Lumens (XLM). However, these fees are so low (0.00001 Stellar Lumens) that StellarX reimburses them weekly.
However, it should be clarified that the platform is not really a crypto exchange. Rather, it is a graphical user interface for using Stellar's open marketplace.
Of course, the new crypto exchange also has disadvantages. StellarX “binds” all assets except Stellar and Stellar-based tokens. This means that the assets on StellarX are actually third-party tokens that guarantee ownership of the underlying asset. This leads, for example, to the fact that withdrawals must be made via the websites of the providers. Fees may also be charged for such withdrawals. After all, StellarX has plans to integrate the withdrawals into its own platform in the future.
These drawbacks may put off some hardened “crypto-anarchists” and “cypherpunks”. On a more neutral note, however, StellarX has found a good compromise between decentralization and user experience.
Presumably, the usability and security gained through decentralization will appeal to many customers. The platform also supports all Stellar-based tokens, which currently number about 2,500. About 50 more are added each week. That in turn attracts traders. In addition, there are several incentives to use Stellar Lumens (XLM) as the main cryptocurrency. StellarX will thus also promote the adoption and distribution of Stellar Lumens.
In addition, additional features for StellarX are planned for the future. StellarX can therefore make the Stellar network a breakthrough.
Sources: TechCrunch, Medium, StellarX, Pixabay
Author: Peter Joost – Source Post: https://www.kryptovergleich.org/stellarx-schickt-kostenlose-krypto-handelsplattform-ins-rennen/
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