StellarX, the first ever, completely free trading platform for cryptocurrencies has long been in process and is finally here.
Stellar has finally announced the final version of StellarX as the fresh month of October begins, with high expectations thrust on the new product which has been claimed to have enormous potential. StellarX has been lauded as the world’s first, truly free trading platform by its developers and has been predicted to become the world’s foremost place to trade cryptocurrency soon.
While platforms such as Ethereum based DEX’s might be considered “free,” the traders on these platforms continue to incur miscellaneous fees that cannot be avoided such as gas payments and rising costs that continue to cost the user a glob of their investments. However, on StellarX, even gas payments do not ‘exist.’ StellarX’s co-creator Christian explained the probable eventuality of network costs arising on the transactions would only result in the user being refunded immediately. He said in his announcement:
“Using StellarX, costs you nothing. We 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 StellarX can afford running a decentralized exchange without as much as needing the capital to run is a secret they have devoted time to uncover. According to the creator, the platform’s strength is down to the technology that was employed in its implementation and creation. Complete decentralization only means the platform is free and autonomous and does not even depend on the capital to work.
“How can we afford this?”
The right answer simply lies in Stellar choosing the right tech for the product. Trades and orders are native to Stellar, in sharp contrast to layers that have to be superimposed via relayers and smart contracts. The fact that the platform’s consensus mechanism does not require a ‘work’ or ‘stake’ to operate, completely eliminates the need for a capital.
StellarX new benefits include future proofing and FIAT integration, that not only allow users to trade crypto to crypto, but also provide an opportunity for traders to exchange crypto for FIAT.
StellarX has promised to even keep improving on their almost-perfect product as they aim to enter into a lasting period of dominance.