StellarX Launches the First Zero-Fee Decentralized Exchange With Fiat Deposits
StellarX is launched–free trades, fiat onramp, all kinds of tokens! Still lots to do. But here's a look at where we are and where we're going. https://t.co/BnHGwxD8E0
— StellarX (@stellarxhq) September 28, 2018
According to the announcement, StellarX, which is a product of the new company formed by Chain and Lightyear, offers similar user control to its Ethereum blockchain counterparts, including IDEX and EtherDelta. However, unlike these DEXs, StellarX pays all network fees due to its unique consensus mechanism that does not require “work” or “stake.”
Perhaps the most unique feature of the new StellarX exchange is its real fiat on-ramp, a first for a decentralized platform. This can be done by using ACH transactions directly from a U.S. bank account that links to the StellarX application. The exchange will also soon support euros, pesos, naira, yuan, Hong Kong dollars and the pound.
Given the increasingly complex regulatory environment, Stellar has built a flexible functionality to allow issuers, if they so desire, to impose KYC requirements before traders are able to access their tokens for trading.
Moving forward, StellarX has a number of additional functionalities planned, including multi-sig and non-XLM markets support.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.