Stellar X Launches Peer-to-Peer Asset Trading Platform
StellarX, the first zero-fee decentralised exchange with a fiat on-ramp, went live this week on the Stellar blockchain.
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 exchange, designed by Interstellar, is not only without trading charges but also guarantees to refund all related network costs.
X Marks the Spot
In 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 unique fee structure is backed by the ability for US traders to deposit fiat to the exchange directly from their bank account. This facility is expected to be extended to other countries and fiat currencies in due course.
It is clear from the announcement that the founders believe this is merely one milestone on the roadmap as they envisage including bonds, real estate, commodities and stocks at a later date to create not just an exchange but a “complete marketplace”.
Explaining their goal, co-founder Christian Rudder drew attention to the company’s name as the ‘X’ in StellarX refers not to ‘exchange’ as most expect but more in line with the ‘X’ in algebra expression where it can mean – “Anything. Anyone. Anywhere.”