Stellar (XLM) – The SDEX Could Make It As Big As Ethereum [ETH]
Stellar was the most significant cryptocurrency alongside Ethereum [ETH] last week, development-wise. In the week that saw major coins across the top 100 stay in red, Stellar included, it was difficult to point out the best performing crypto. Nevertheless, Stellar seems to have edged the rest in the top 20 category with its performance off the trading floor.
When Vitalik Buterin announced the impending publication of “Casper” and “Plasma” and signaled that Ethereum was poised to extend its dominance over competitors, only Stellar seemed ready to continue fighting for a slice of the huge market.
The smart contracts and dApps platform has serious competition with coins like EOS, NEO, and NEM all stacked up against Ethereum’s unassailable lead. However, Stellar is the one that is likely to come out strongly out of the rest.
And this assumption is anchored in a document released earlier this year by Stellar.org: the 2018 Stellar Roadmap. Interestingly, the roadmap only has two goals for the year.
The first goal was to have the Stellar Decentralised Exchange launched. The other was to implement the Lightning Network to improve on scalability and speed. The second roadmap goal is going to make Stellar faster and cheaper, but it’s the SDEX that has potential to make XLM appealing to investors and partners alike. Here is a snip of the roadmap.
Well, Stellar scored on this one as the SDEX is already operational and a number of trading assets are available on the site. At the time of writing, there are 11 different pairs on the SDEX, with Smartlands/Lumens (SLT/XLM) accounting for the highest volume of 49 percent. Other pairs trading at higher volumes include MOBI/XLM at 22 percent, XRP/XLM at 8 percent and SureRemit RMT/XLM at 4.58 percent.
Part of the reason Stellar is predicted to grow even as 2018 progresses is related to what Stellar tokens get when they launch on the Stellar platform. The roadmap lists them as niceties, which could play a pivotal role in attracting several ICO companies to use the Stellar network.
Projects like Mobius show that Stellar [XLM] has the capacity to compete against the other cryptocurrencies that offer similar functionalities. And as the roadmap envisions, the success of the SDEX will be a success to the Stellar ecosystem.
Nevertheless, the SDEX isn’t the only thing that makes Stellar an attractive cryptocurrency in 2018. The cryptocurrency landscape is quickly establishing itself as a platform for everyday use. And it’s those projects that demonstrate real-world use that is likely to be successful. In this regard Stellar is going to be up there with the best of the rest.
So, last week’s announcement that Stellar would be funding the development of OKCupid’s Keybase project concluded an exciting week for the Stellar Community. What does this mean for Stellar?
Partnering Keybase could prove Pivotal in Stellar Integration
When a new partner joins your team, the general expectation is that they will help make you better than you were before. That usually seems to work; at least in terms of business partnerships that are driven by the need to go a step higher on the performance scale.
And that is why teaming up between StellarLumens and Keybase.io is a very promising proposition. It’s not as lucrative as, let’s say, having IBM (who Stellar are partnering too). But what this deal means for Stellar is that it provides an avenue for it to penetrate another market using the Keybase customer base. In fact, according to reports published on Coindesk, Keybase customers will in the future be allowed to hold Lumens.
On why they are excited to have Stellar, the Coindesk report states that…
“One feature of lumens the team likes is its ability work as IOUs for fiat, backed by institutions (such as banks) that can be transferred between users.”
And that’s not all. Lumens will allow Keybase users transfer value easily and securely. Additionally, it would all not need having to exchange the lumens when you receive them.
“Using blockchain, these fiat-backed lumens could easily cross borders, so a French user could pay in euros to a British user who would receive pounds, all for tiny fees subtracted from the transaction”.
This is why one would say that engaging with Keybase could be a pivotal move by the Stellar Foundation. Though still below $1 for now, Stellar [XLM] is one of the coins that could be profitable if the Stellar platform continued to grow. What do you think?