Blockchain Protocol Stellar Launches Decentralized Crypto Exchange StellarXbr>
Blockchain payments platform Stellar has officially launched its zero-fee decentralized crypto exchange.
StellarX, first announced in July of this year, is the first full-featured trading app for Stellar’s universal marketplace. It is run by Interstellar, a new company formed by Chain and Lightyear to make building and operating on Stellar easier.
The new decentralized crypto exchange allows users to deposit US dollars directly from a US bank account. In addition, the exchange shows digital tokens for a large variety of fiat currencies, such as Euro, Philippine Peso, Nigerian Naira, Chinese Yuan, Hong Kong dollar, and the British Pound. On the crypto side, the platform lists all major cryptocurrencies such as ETH, BTC, LTC, BCH, etc.
“Our full potential, however, is so far unrealized: StellarX will one day have bonds, stocks, real estate, commodities, and so on all side-by-side with essential currencies, but these new assets take time and the right protocol to digitize,” said Stellar co-creator Christian Rudder. “This leads me to our final founding value, a subtle and little-understood one, but really the most important thing that StellarX offers, because without it no exchange can become the world’s marketplace.”
Rudder said StellarX differs significantly from existing decentralized offerings as it takes no fees and refunds all network costs.
“Legacy exchanges charge per trade. A “free” custodial platform, like Robinhood, profits from its customers’ idle funds,” said Rudder. “Decentralization offers a more user-friendly experience, but users of any Ethereum DEX — IDEX, EtherDelta, and so on — have to pay for gas, which, as we’ve already shown, is too expensive today and will be even more expensive in the future.”