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Stellar-Based Exchange Lumenswap (LSP) Introduces Crypto Trading Ecosystem and Token


u.today 30 June 2021 20:34, UTC
Reading time: ~3 m

The ecosystem of Stellar Network, a popular blockchain for retail and business use-cases, is now empowered by the decentralized cryptocurrency exchange, Lumenswap (LSP). Lumenswap attempts to deliver a one-for-all environment for major crypto storage and transfer scenarios of the DeFi era.

Swapping and storing crypto assets on Lumenswap (LSP)

Lumenswap (LSP) is an on-chain cryptocurrency exchange for Stellar (XLM) blockchain. It allows intuitive and user-friendly storage and transferring of digital assets between Stellar (XLM) accounts.

Lumenswap easy interface

In the ‘Swap’ section, a one-click exchange between any assets minted on Stellar Network (XLM) is available. By default, the system offers its users the best rates and the easiest interface. 

This option requires no orderbook, so it is suitable even for traders with a low level of expertise in crypto and blockchain. Lumenswap’s ‘Swap’ instrument works similarly to the ‘Buy Crypto’ option on major centralized exchanges like Binance or Coinbase.

More or less experienced users can try the ‘Spot’ section. On Lumenswap, ‘Spot’ looks like the main interface of an ordinary centralized exchange as it boasts an orderbook, a price chart, ‘Buy’ and ‘Sell’ tabs as well as market trades history.

In both the ‘Buy’ and ‘Sell’ tabs, traders can choose between market and limit orders to follow their trading strategies.

In ‘Spot’ sections, the trading pairs with all Stellar-based assets are available: users can open a position for a trading pair with any two currencies. Thus, the exchange avoids cumbersome checks and enormous listing fees that are common for the majority of centralized exchanges and tokensale launchpads. 

Lumenswap trading interface

The trading engine by Lumenswap (LSP) has a number of ‘killing features’. Lumenswap (LSP) utilizes Horizon protocol to ensure that its rates are the most profitable. The protocol automatically analyzes liquidity on chosen markets.

Due to its open and decentralized design, a user can add his own Stellar-based assets to Lumenswap and exchange them between each other. The whole set of detailed instructions about assets listing on Lumenswap is provided in the ‘Documentation’ section. 

Said Vladimir, CEO and co-founder of Lumenswap, is excited about the prospects of Stellar Network (XLM) ecosystem and Lumenswap’s role in its progress:

Stellar is a scalable and distributable payment global network that has a high potential in asset transfer. The mission of Lumenswap is to build an open-source and visually appealing client for trading and swapping assets on the Stellar network. We’re looking to provide a good user experience and user interface similar to what you’ve seen on more popular exchange clients. In short, we’re looking for these two terms: DEX Security and CEX Experience.

For better accessibility, Lumenswap integrates all mainstream wallets for Stellar, namely Rabet, Freighter, Albedo, and so on. Meanwhile, it doesn’t store users’ funds or assets, so the entire procedure of trading is executed on-chain.

Introducing LSP, a new-gen exchange utility token

Thanks to its on-chain non-custodial design, Lumenswap processes transactions with negligible fees at lightning-fast speed.

As covered by U.today recently, the Lumenswap team released the details of its LSP token’s tokenomics.

 

LSP is a cutting-edge exchange utility token and a pivotal element of Lumenswap’s business model.

Major use-cases of LSP will include the rewards for the most active users, both holders and traders.

LSP will be a very scarce asset: only 12 percent of its fixed supply of 1,000,000,000 LSP will be distributed between community members.

Lumenswap tokens (LSP) will play a crucial role in Lumenswap (LSP) governance scenario. LSP token holders will participate in crucial votings regarding all meaningful solutions that affect the platform’s operations.

LSP usage goes far beyond Lumenswap itself as the rewards can be obtained for LSP trading on every Stellar-exchange, not only Lumenswap. Thus, any LSP holder can be integrated in the staking and farming processes to get the most from the ongoing euphoria around decentralized financial protocols (DeFis).


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