Stellar-based exchange launch pushes lumen higher
A new Stellar-based, zero-fee cryptocurrency exchange called StellarX was launched on Friday by a company called Interstellar.
Writing in a blog post this weekend, co-creator of StellarX – who calls himself simply “Christian” – says the exchange is positioning itself to be the “most popular place to trade in the world”.
He says that while such a target may be seen as a “big, dumb goal” the team behind the exchange thinks it is achievable.
“We’re a totally free trading platform, almost certainly the only one,” Christian says, but how can they afford to do this?
Christian answers: “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.”
The company writes its own fees out of its agreements with its deposit partners who mostly put in a percentage by default.
“We aren’t here for a cut. We’re here to redefine how assets move around the world,” Christian adds.
Another first for a fully decentralised platform is StellarX’s fiat currency “on-ramp”, which means users can deposit fiat currency directly to begin trading cryptocurrencies through an automated clearing house built inside its app.
On Monday morning, Stellar lumens was one of the few cryptocurrencies inside the top 10 by market capitalisation to be showing gains.
Price round up
Here’s how the top 10 line up at 11.15am [London time]:
- Bitcoin -0.5% at $6,619
- Ethereum -3.1% at $230.66
- Ripple -4.5% at $0.58
- Bitcoin cash -1.8% at $537.84
- Eos -4% at $5.66
- Stellar lumens +0.8% at $0.26
- Litecoin -2.4% at $60.86
- Tether unch at $1
- Cardano -2% at $0.08
- Monero -1.6% at $114.99