Stellar Lumens Decentralized Exchange (SDEX) & USD Anchor Network Progress
The XLM stronghold by Stellar Lumens plans on launching the very first USD anchor in the system. The news was revealed by the members who are of the Reddit community; this has all come as an exciting development for the individuals who support the cryptocurrency. The Stronghold exchange has used stellar networks, the network has been designed to be intrinsic in the decentralized mechanism and also protocol.
Additionally, the company has also hinted at the news that was just uncovered by the Redditors; as a result, we are able to see a USD anchor on the Stellar term. Stellar has been put among the seven cryptocurrencies that are expected to be legalized in Thailand; this is per the new regulations that have been set straight from the Thai Sec. And the other recent news from the Lumens camp is that the SDF (Stellar Development Foundation) is just about ready to launch the SDEX – Stellar Decentralized Exchange – trading platform as the final touches be put together before officially announcing its grand opening.
A Little More To Know
So it is said that actual USD will be withdrawn and also easy deposited from the anchor, unlike the other Tether’s stable coin swap mechanism that we have been accustomed to. And from here it is able to get digitized and also exchanged for any of the current digital assets that are present on the Stellar protocol decentralized-exchange, the DEX platform.
Furthermore, the system that they have put in place which is the USD anchor, will facilitate for a swift exchange to take place. The good news about all this is that it is a much cheaper option than what you can find in the market. It is all thanks to the cheap transactions costs you will explore on the network. The 1XLM is able to power 100,000 transactions at the moment approximately.
A Little About Stronghold
The Stronghold platform is actually a crypto coin trading platform that has been able to have over 200,000 users on it. The exchanges platform on Stronghold is a supporter of the newly developed Stellar protocol, and they have been involved with the founders of the company since the year 2014. In the year 2014, the company actually launched an anchor, but this got closed very soon after as there was a general lack of interest in the market.
But with their expertise and knowledge of the market is truly paying off after all these years. Especially so, as they are the very first company to launch a fiat anchor on their network once again.
Stellar Has A Game Changer
At times it can prove to be difficult to either deposit or withdraw funds from the network, this is in both the decentralized and also centralized exchanges; thus this leads to substantial transaction fees. But with the development of Coinbases’ easy to use interface and even their straightforward mechanism in depositing funds, it is the reason behind its dominance in the crypto world. But still, the common factor that exists in these networks is the high transaction fees.
But with the Stellar platform, having the seventh largest digital token on the crypto market and also having been designed with a direct fiat that has an on and off ramp, this will definitely be a game changer we need to all look out for.
All this will also be very handy at the time they are disassociating the company’s native asset XLM and the Stellar network for the current bitcoin volatility. But there is still uncertainty on whether this news will be able to attract new speculators to the Stronghold DEX.
But with its own foundation of the SDEX that will be launched in the month of July might actually just do the trick. And this is not all as it will get a makeover of a professional grade traders platform that will be a rival with the Binance in both the functionality and the UI.