Stellar-based decentralized exchange, Stronghold adopts XLM pairs. This is in addition to two new pairs that were added. Recently, Stronghold exchange had dropped three XLM trading pair as opposed to Ethereum, Bitcoin, and its own currency SHX. This happened while they added two new pairs. Many XLM followers questioned the drive behind these sudden actions and requested an explanation.
Stronghold is a distribution exchange that is made on the Stellar network. It allows users to purchase stellar Lumerms (XLM), Ethereum (ETH), and Bitcoin (BTC). The firm has released an official explanation to its surprising moves,
“We made this decision solely by looking at what we want to focus on,” said Sean Bennett, the co-founder and chief executive officer of Stronghold, “not by thinking about which markets we should be taking down.”
Besides the release of stronghold USD, in the previous three months, there have been two more Cryptocurrencies, XRP and Litecoin added. Then 3rd largest digital asset was also added.
The focus is on stronghold USD & top Cryptos by market cap.
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Bennett also explained how they opted Cryptos to drop or add depending on market tiers.
There are assets in the Tier 1 markets that are paired against US dollar token. Stronghold USD gives six markets XRP/USD, LTC/USD, SHX/USD, XLM/USD, BTC/USD, and ETH/USD.
Bennet added,
“This ties in strongly with our payments infrastructure, as the overwhelming majority of the settlement we allow for is sent or is in with Stronghold USD.”
Everyone does not have access to Stronghold, while many do not want it either. Tire 2 steps in during these moments and assists people in liquidity, trading, selecting paired assets with BTC. Within this tier, the main objective is market capitalization. The top assets in digital form namely, XRP/BTC, ETH/BTC, and LTC/BTC are in the focus.
“It is coincidental, but reassuring, that the markets we continue to support had the highest demand, by volume.”
All this has meant that the Stronghold assets are “anchored” on Stellar, have no changes made, as assured by Bennet. There is still anchoring of XRP, BTC, USD, LTC, and ETH within the stellar network.
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Overall, Stellar (XLM) indeed seem to raise several promises regarding potential and has already shown a lot of potential for a long run. There have been several instances when Stellar (XLM) occupied a higher position than(XRP). This also led to the domination of the cross border payment industry as it enables the removal of the middle man out of the equation. It gives power to the end user. Interest in Stellar(XLM) has also seen a rise with the introduction of new brokers listing XLM pairs. Furthermore, several Dapps are also on the wait to hold ICOs on Stellar’s reliable blockchain with the improvement in the market.
