All the mainstream crypto news website and articles are eating up ‘StellarX’ as a decentralized trading platform. Although the platform may look and seem like one, it isn’t as per the official announcement. The creators of the platform think of it as an asset trading platform set to take over the world.
StellarX wants to take over the world with by methodically positioning itself to be the most popular place to trade in the world. The platform build on Stellar allows transactions from fiat-to-cryptos as well.
StellarX is a third-party client which is specially build on top of Stellar’s open marketplace. The platform is made and run by Interstellar, a new company formed to make building and operating on Stellar even easier.
More About Interstellar
Interstellar is a result of the merger between, Lightyear Corporation and Chain Inc. on September,10.
Lightyear is a stellar focussed commercial entity formed last year backed by Stellar Development Foundation.
This merged company is to be called as Interstellar and Chain Inc.’s CEO, Adam Ludwin will act as Interstellar’s CEO and CEO of Lightyear Corporation and founder of Stellar Development Foundation, Jed McCaleb will be CTO of Interstellar.
Features of StellarX
Although StellarX doesn’t have a mobile trading platform yet, it provides amazing features for users.
StellarX is Free
People mostly say “Good things in life aren’t free” but trading on StellarX is free. Yes, the charge is so meager that all network fees get a refund. The blog by Co-creator Christian, also says, “We aren’t here for a cut. We’re here to redefine how assets move around the world.”
StellarX not only has fiat option but allows currencies like USD, Euros, Pound, Philippine Pesos, Nigerian Naira, Chinese Yuan and Hong Kong Dollar. And there are plans to add app deposits/withdrawal as well. And there are plans to include a suite of forex and to be a ‘local’ exchange for many countries.
The exchange has the most important coins like BTC, ETH and very soon, the listing on StellarX will be similar to many legacy exchanges. The company has ambitious plans to include bonds, stock, real estate commodities, and more, side-by-side with essential currencies.
Transparent Market System
StellarX believes that, for a market to flourish both users and token issuers must be transparent.
Transparency for Traders
Christian says that “There are no smart contracts to unravel ownership, or to catastrophically fail.”
Transparency for Issuers
It is possible to see and confirm the identity of the customers before interacting with them.
Pro Rata Airdrop
Moreover, this is given out every Tuesday to users who hold their funds in Stellar. Stellar’s built in-inflation (1 percent APR) via lumenaut.net.
As mentioned by Christian in his blog, these are the features coming to StellarX in no particular order,
- Night mode
- A mobile site, for great justice
- Continued improvement to signup, onboarding, and visual design
- Improved token stats and info
- Portfolio performance reporting & summaries
- Improved charting library
- Fungible path-payment support (i.e. allowing a sender to send token A and specify that the recipient receives it as token B)
- A market maker rewards program
- Multi-sig support
- SEP 0007 support for airdrops, etc.
- Non-XLM markets support
- In-app deposit/withdrawal support for all tokens via SEP 0006
- Universal (optional) KYC via SEP 0009 & 0010
- Self-serve platform for issuers to submit more token detail
- Bitcoin.tax support for Stellar trades
What do you think about this new trading environment? Would you invest your funds in StellarX in a chance to earn APR?
Check our review of the cryptocurrency trading platforms. Let’s discuss!
Image Courtesy- StellarX official site, crypto globe,