Stellar Dex’s value of exchange amount now stands at $242,115 worth of digital assets currently. The platform 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 account. Once you log in, you check the link that you are on the right website.
Trade, store and move funds
Basically, the Stellar 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. 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 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 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 orderbook if there is no matching offer (for instance to sell the target crypto for that amount). It stays on the orderbook 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.
Users are allowed 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 at any given time. This involves the user scrolling the orders on the current orderbooks to find the meaningful conversations that provide the best rate.
Stellar is also adding support for Lightning Network support.
Visit Stellar official – https://stellarterm.com/
Image source – StellarOrg Twitter