How StellarX Will Take Over The World

StellarX is free

We’re a totally free trading platform, almost certainly the only one.

Legacy exchanges charge per trade. A “free” custodial platform, like Robinhood, profits from its customers’ idle funds. Decentralization offers a more user-friendly experience, but users of any Ethereum DEX — IDEX, EtherDelta, and so on — have to pay for gas, which, as we’ve already shown, is too expensive today and will be even more expensive in the future.

Using StellarX, on the other hand, 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. We’ve even written our own fee out of our agreements with deposit partners, who, we’ve found, often put in a percentage by default. We aren’t here for a cut. We’re here to redefine how assets move around the world.

How can we afford to do this? In short, we chose the right tech. Trades and orders are native to Stellar, not a layer that has to be superimposed via relayers and smart contracts. And 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.

We let you trade anything

Today, StellarX has a real fiat onramp, a first for a decentralized platform. If you have a U.S. bank account, you can deposit dollars directly, via ACH, right inside our app.

Our market is transparent

Everything meaningful that happens on StellarX is on-chain, and so yeah the world can see it. But here I mean “transparent” in a larger sense, both for users and, crucially, for token issuers. Because both must be informed for a market to flourish.

  • transparency for traders: Our tokens behave in an expected manner. There are no smart contracts to unravel ownership, or to catastrophically fail. Tokenization is handled at the protocol layer from simple templates. Important features are set as flags, not in custom code.
  • transparency for issuersif you so choose, you can see who your customers are and confirm their identity before they interact with your token.

We realize nobody really wants to think about compliance — it’s probably blockchain’s least sexy word — but how a platform enables or discourages it has massive effects, especially as newer and more interesting types of assets get digitized. Whether you find it wrong or not, it’s just a legal fact that banks, corporations, and municipalities have to know who holds their credit, their stock, and their bonds.

Yet almost every other platform defies this basic truth. Thus Gemini, in order to launch their big dollar stablecoin, had to write the underlying Ethereum contractto allow them to:

generate an infinite amount of tokens, and every 48 hours…totally change the implementation, making all tokens non-transferable or pretty much anything else

This is blockchain fine-print that hurts both the token holders and the issuer. It’s unfair to traders to have to sort out ownership risk via a code review.

Stellar has a better way. We get that KYC is a thing in the world. We also understand that smart contracts are the wrong place to bury fundamental information. We allow issuers — if they so require — to impose KYC requirements before a person can trade their token. And we give holders human-readable information about what they own, so they can make decisions for themselves.

To fulfill the promise of a universal platform, information has to flow freely between holders and issuers. No one is going to issue stock or whatever to the blockchain otherwise.

16 Comments

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