First no-fee trading app for Stellar marketplace goes live
StellarX, the Stellar based peer to peer trading app which was originally announced in July has begun trading and is fully operational. StellarX is a free trading platform like Robinhood developed by Interstellar. StellarX hopes to be the most popular crypto exchanges of the world. "We aren’t here for a cut. We’re here to redefine how assets move around the world," reads the blog.
StellarX was launched for Stellar's universal marketplace. The platform enables trading in all types of assets faster and cheaper and lets users maintain 'sole control of their keys'. The exchange is built on an open Stellar order book which requires no middlemen to complete a transaction.
On the House
"Trading on StellarX is completely free because the Stellar network fees are so low we can refund them out-of-pocket. In fact, we pay top market-makers to ensure the closest spreads for everyone. And we also give Stellar’s automatic 1% APR inflation back to our users, keeping none of the weekly airdrops for ourselves. If you hold funds on StellarX, you will get your pro rata lumens every Tuesday," according to a Medium Blog.
The primary feature of StellarX is zero fee trading. The platform will refund the network costs borne by the user. Users are not charged a trading fee because there are no middlemen involved in a transaction as all the trades and orders are 'native' to Stellar.
The trading app promises transparency to traders and issuers. A smart contract doesn't exist which can reveal the ownership of the tokens. Issuers can choose to ask for KYC requirements before a person can trade their tokens. The app allows information to flow freely between the token holders and issuers.
StellarX is planning to add more features to the website. They intend to improve the visual design and also the token statistics and information. They also plan to roll out support for other tokens other than XLM and also provide a fungible path payment system, a system which allows the sender to send an asset and the recipient to receive another asset of the same value according to his/her choice.
StellarX is the first complete client for Stellar, the platform is designed to support every token issued to the network. It is built to reveal every asset, every order book, every trade. The launch of a free trading platform based on the Stellar technology doesn't seem to have affected the XLM prices. XLM prices are currently trading at $0.25 and are rising against USD by 1.14%. The coin is struggling to break out from the current resistance level found at $0.2620.
Image via Shutterstock
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