The crypto market is catching up the pace, there is a lot of buzzes surrounding the bullish market this year. Many users are looking for an secure exchange platform to trade the cryptocurrencies. I have researched on Stellar DEX commonly known as SDEX much more for my users and figure out the points to explain you, So now let’s check below to understand the Stellar Distributed Exchange.
Stellar Distributed Exchange Review
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Stellar platform connects banks, payments systems, and people. It Integrates to move money quickly, reliably, and at almost no cost.
The platform offers multiple cryptocurrencies from different blockchains with its native XLM as a base currency. However, All transactions are on a peer-to-peer level with no middlemen or intermediaries. The Stellar Decentralized exchange allows you to trade from your own wallet. It also allows you to keep total control of your keys and digital assets.
This platform stores the order book “on-ledger”, and has transaction settlement on-ledger and it builds its order matchmaking into its protocol.
The lumen (XLM) coin of stellar at 9th position with market cap of $2,566,258,768 USD and 24-hr volume of $413,616,279 USD. The circulating supply is 19,267,054,195 XLM and total supply 105,002,442,920 XLM.
SDEX has a $114,292 digital asset and offers 27 trading pairs. USD is an open-source client for the Stellar Network. With the Stellar project, you can send, receive and trade assets on the network easily.
With the SDEX or Stellar distributed exchange, you can send EUR credits to your friend using your USD credit balance. It will convert EUR credits at the lowest rate for you and the receiver receives EUR that he can withdraw at an anchor supporting EUR.
The system will look at an offer asking for USD in exchange for lumens – the native crypto. It simultaneously looks for an offer asking for lumens in exchange for EUR. It makes the exchanges and sends the recipient the EUR credit.
StellarTerm, the web wallet allows you to manage the SDEX account. Once you log in, you check the link that you are on the right website.
Trade, store and move funds
Basically, the Stellar Distributed Exchange allows anyone to issue and move assets and the balances are held by user accounts that allow users to buy and sell assets. First, any decentral network allows peers that can run independently for each other.
Usually, There are many independent servers participating in the Stellar network. The network will allow you to send any currency you hold to anyone else in a different currency through the platform. The receivers can receive any currency through an anchor that they add.
On the SDEX exchange, the account can use the Manage Offer operation to make an offer to sell or buy assets. The account should hold the assets the user wants to sell or buy. In addition, the account must trust the issuer of the assets that the user targets to sell or buy.
Once an offer comes on from a user, the SDEX system checks the asset against the existing order book for that asset pair. If the request matches an offer, the offer is taken up and the order filled at the price of the existing offer.
Otherwise, the system saves the offer in the order book if there is no matching offer (for instance to sell the target crypto for that amount). It stays on the order book until there is an offer for it, when a payment takes it or if the user offering the same cancels it.
The system fills existing offers before the new ones that come up.
Stellar DEX Cross-payment
They allow users to keep their assets in whatever currency of their choice because it is very easy to make cross-asset payments on the Stellar network. The user will only have to exchange the cryptocurrency at the point of sale.
Cross-asset payment feature allows the user to look for the best path (pathfinding) that offers the best rate of conversion for his or her assets. This involves the user scrolling the orders on the current order book to find meaningful conversations that provide the best rate.
Stellar is also adding support for Lightning Network support.
Stellar DEX fees
There is not exactly what Stellar DEX’s trading fees will amount to. This is due to the decentralized nature of this exchange
Accordingly, we strongly urge you to make your own analysis of the trading fees at Stellar DEX before depositing any funds here and before concluding that it is the best cryptocurrency exchange site for you.
You can find the stellar fees structure here: https://www.stellar.org/developers/guides/concepts/fees.html
Stellar DEX does not charge any withdrawal fees. This is one of the strong points in the market and this differentiates Stellar DEX from most other top crypto exchanges.
Nov 5, 2019: SDF burnt around 55 billion Lumen tokens to reshuffle its development strategy.
Aug 11, 2019: Stellar Development Foundation (SDF) revamped the stellar.org website. New features are implemented.
20 May, 2019 : The Stellar Monthly Roundup is released. This month’s highlights include info on latest releases, platform updates and recaps of recent Meetup events. Check it out:://bit.ly/2YLo50v.
17 May, 2019 : new Go SDK released for the Stellar network. Since then, there have been few improvements. Check out the blog on the new Go SDK and the GitHub link for notes on the latest horizon client v1.2.0 and txnbuild v1.2.0.
10 May, 2019: The Stellar testnet will be upgraded to Stellar Protocol 11 on Monday, May 13, 2019, at 0900 UTC. Advice to all developers to upgrade their SDKs and other dependencies to support Protocol 11 on testnet.
23 July, 2019 : StellarX Android & iOS wallet apps launched.
Overall, Stellar dex is a good platform. Stellar’s XLM cryptocurrency is one of the top 10 cryptocurrencies in the world. The platform offers various features for the users, still, there is still plenty of work to be done on improving the platform, adding more assets, and bringing more users to build sufficient liquidity.
In the long term, Stellar DEX looks promising, and it has a lot going for it, making a welcome addition to the decentralized exchange ecosystem.
All transactions are on a peer-to-peer level with no middlemen or intermediaries. The Stellar Decentralized exchange allows you to trade from your own wallet. It also allows you to keep total control of your keys and digital assets.
As of now, Stellar DEX does not accept Fiat deposits. It only accepts cryptocurrency deposits of BTC, ETH, and XLM.
Yes, the platform requires a minimum balance of 1 lumen to open an account. To add every new asset, 0.5 lumen has to be held in the account.
Stellar’s blockchain network settles transactions in an average of 5 seconds, with all transactions processed within a maximum of 10 seconds.