Last week StellarX is fully open. There’s a lot we still need to do (and I’ve listed some of that at the end of this post.) But we’re excited about what we’ve built — been up just 24 hours and DonaldTrump is talking to SatoshiNakamoto in the trollbox, why not, and JesseLivermore shrewdly came back from the dead to trade our fat spreads.
StellarX is free
StellarX a totally free trading platform, almost certainly the only one. Legacy exchanges charge per trade. A “free” custodial platform, like Robinhood, profits from its customers’ idle funds. 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.
Using StellarX, on the other hand, costs you nothing. StellarX take no fees and, even above that, we refund all network costs, something no other decentralized exchange can match. All the while, you have sole control over your assets, so whenever there’s interest, it’s yours.
How can StellarX afford to do this? In short, StellarX chose the right tech. Trades and orders are native to Stellar, not a layer that has to be superimposed via relayers and smart contracts. And 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.
Today, StellarX has a real fiat onramp, a first for a decentralized platform. If you have a U.S. bank account, you can deposit dollars directly, via ACH, right inside our app. StellarX also, today, show tokens for Euros, Philippine Pesos, Nigerian Naira, Chinese Yuan, Hong Kong Dollar, and the British Pound, and we’ll add in-app deposits/withdrawals for these as soon as their issuers support our standards. We anticipate a full suite of forex stablecoins in the coming months: we will be a “local” exchange for many countries that currently have nothing.
On the crypto side, the most important coins are already in place, BTC, ETH, and so on, and we’ll be adding deep into the coinmarketcap top n very soon. StellarX have listings comparable to many legacy exchanges, and we’ll far exceed them in the near future. The “X” in StellarX might seem like a nod to “exchange”, but we see it as the algebraic x. Anything. Anyone. Anywhere.