Skip to content

StellarX Decentralized Exchange. Analysis, Will it boost the price of XLM?

The StellarX Decentralized Exchange made its Inception in the cryptocurrency domain in July 2018 in the form of its beta test
The StellarX Decentralized Exchange made its Inception in the cryptocurrency domain in July 2018 in the form of its beta testing phase.

Elucidating the attributes of StellarX Decentralized Exchange.

Why is decentralization essential?

Incorporating decentralization in the crypto economy is highly challenging, as most of the trading centers, better known as cryptocurrency exchanges, are centralized in nature and accommodate over 90% of the total crypto transactions. It wouldn’t be a cakewalk in transforming decentralized exchanges into decentralized one. Nevertheless, immense efforts can be observed these days, in the field by the community members and experts towards a decentralized initiative. The crypto economy is supposed to be decentralized in nature, as decentralization is at the core of its working mechanism. Let’s read about StellarX  Decentralized Exchange.

What is StellarX Decentralized Exchange?

The StellarX is living testament, for one of such initiatives taken by The Stellar Foundation. The Decentralized Exchange is well known for their transaction fee model. The Exchange collects 0% net transaction fees, with a sole intention of democratizing the crypto economy, apart from incorporating decentralization within the exchange. According to the exchange, a minimal transaction fee of 0.0001 XLM is collected by the exchange, to avoid spam transactions. Interestingly, all the fee collected for a particular user within a time window of one week is returned automatically to the customer’s wallet.

Is StellarX Decentralized Exchange reliable enough?

The world-class crypto Exchange can be cited as the perfect option for the crypto users, as they also support the functionality of Fiat deposits. This particular incentive is quite attractive as no other relative decentralized exchange provides such facility. The StellarX Decentralized Exchange is highly safe and reliable as the powers of the exchange is not vested with the deposits or management of crypto funds, but the funds are in the direct control of the users. Therefore, there is entirely no room for manipulations. The support of cryptocurrencies as well as fat deposits, has given StellarX Decentralized Exchange, an upper hand relative to its competitors such as IDEX or Forkdelta.

How did it all start? What currencies does it support?

The StellarX Decentralized Exchange made its Inception in the cryptocurrency domain in July 2018 in the form of its beta testing phase. The overall initiative finally went live on 28 September 2018, as The Stellar Foundation unveiled that StellarX Decentralized Exchange is fully opened to be used by the users. The members of the StellarX Decentralized Exchange also believe that the transaction fees of various crypto exchanges would be experiencing a spike, which would make the trading process unaffordable. Apart from significant Cryptocurrencies like Bitcoin, Ethereum, Bitcoin Cash, etc, the StellarX Decentralized Exchange would also be supporting first currencies like the British pound, Euros, Philippine pesos, Hong Kong dollar, Chinese Yuan, etc.

How is StellarX Decentralized Exchange different from other exchanges?

The futuristic exchange is highly flexible as it uses a middle path between the proof of work and the proof of stake consensus mechanism. This decision leads the Crypto exchange to be independent of capital, for its functioning. Even the interface provided by the exchange is entirely interactive and acts as an interface to utilize the Stellar open marketplace. It’s the Exchange’s verification system that requires someone known as Delegates, who are chosen based on their operations on the network. Many assets on the StellarX Decentralized Exchange is tethered or tied up with underlying assets, which indirectly guarantees a sense of ownership due to the underlying asset.

Will it boost the price of XLM?

The Inception of the StellarX Decentralized Exchange would indirectly trigger a reaction in the Crypto space concerning the Stellar lumen coins. The StellarX Decentralized Exchange would boost the prices of XLM, which was also witnessed, as the XLM/USD was observed to be making strong progression in the upward direction. This significant checkpoint, on the roadmap of the Stellar Foundation, would mark a turning point for the incorporation of its native crypto asset. The sixth largest cryptocurrency, XLM would undoubtedly overtake the topmost positions as further such advancements are observed.

What is the future of StellarX Decentralized Exchange?

A zero fee decentralized exchange along with Fiat deposits, is a deadly combination, in advancing the Crypto domain in general. The StellarX Decentralized Exchange is raising the bar for the standards of the Crypto exchanges in the current era, which indirectly doesn’t seem to be shooting the requirements of the exchange but there are also downsides to the StellarX Decentralized Exchange. The StellarX Decentralized Exchange even collaborates with Changelly for easier processing of Fiat deposits.

Latest