Introducing: Steem Anchor
Today we are very excited to present to you Steem Anchor; a new service combining technologies from two leading blockchain projects - Steem and Stellar.
Steem Anchor represents Steem and Steem Dollar (SBD) on the Stellar Decentralized Exchange. Our STEEM and SBD tokens on the Stellar Network are backed by real STEEM and SBD, which is stored safely and securely in our Steem Vault.
How does it work?
When you deposit STEEM or SBD (and soon SMTs) through steemanchor.com, an equivalent amount of tethered assets are minted on the Stellar Network and delivered to the Stellar account address included in the transaction memo.
Tethered STEEM and SBD can then be traded and atomically exchanged for any other asset or currency tether available on Stellar Decentralized Exchange via Stellar Lumens (XLM) - Stellar's native currency (currently #6 by market cap globally).
You can trade and use tethered STEEM and SBD across a number of great apps, exchanges and services which are built on top of Stellar, including storing tethers in your Ledger hardware wallet - how cool is that?
To withdraw STEEM or SBD tethers from Stellar simply send them to username*steemanchor.com, a federated address on the Stellar network, where username is your account name on steem.
Assets will be delivered to your steem account minus any transaction fees and the equivalent of tethered assets will be burned and removed from circulation.
Deposit and Withdrawal transactions usually take less than a minute, and any invalid transactions are refunded automatically.
Why use Steem Anchor?
Steem Anchor provides Steem users with access to cheap, fast and scalable decentralized trading available through a wide range of exchanges built on top of Stellar.
StellarX for example, offers completely free trading even going as far as refunding the network costs and supports a wide range of native assets, crypto tethers and fiat currencies such as USD, EUR, HKD, GBP, CNY, NGN and PHP.
Steem Anchor also provides Stellar's existing users with the ability to discover and invest into Steem.
We believe that Steem Anchor will play a key role in scaling Steem's community and economy over the upcoming years and we invite you all to join us in making it a reality.
Who is behind Steem Anchor?
Steem Anchor is brought to you by the @sweatshop team - a dedicated blockchain project incubator led by two Steem witnesses - @upheaver and @therealwolf.
Limits and Transaction Fees
Steem Anchor takes transaction fees to support its operation.
These were the fees at press time:
- Deposit fee: 0% (free)
- Withdrawal fee: 0.25 + 0.75% of the amount
- Maximum fee capped at 1000 STEEM or SBD 🐋
Transaction limits:
- 0.1 minimum deposit
- 1.0 minimum withdrawal
Fees are subject to change at any time, so please be sure to check our website often to find out the most up-to-date fee and limit schedule.
Get Started!
If you don't have a Stellar account, we recommend opening one through StellarX.
If you already have a Stellar account, simply head over to steemanchor.com and follow the instructions to Deposit or Withdraw your STEEM or SBD assets.
Our technology is really growing very fast than you can imagine
Is the "Steem Vault" the @steemanchor account? If there are other accounts where the STEEM and SBD are stored can you let us know what those are so it can be verified that the tethered coins are actually backed by the appropriate amount of the actual tokens on the Steem blockchain?
EDIT: I should have looked at this more before posting! I see on steemanchor.com it clearly shows the amount in the "vault" and has a verify link which opens the @steemanchor account info on steemd.com. Anyway, awesome service and great work!
Update: Keychain support is now live!
So can I use this decentralized exchange privately without any sign ups or KYC/AML tomfoolery?
Yes, for the most part. It depends on assets you want to trade - in case an asset requires KYC the asset issuer will request it from you. Usually this will apply to securities or fiat.
Now this is the sort of thing I want to see a lot more of. Ways to interact steem with other chains. In the end this could provide a lot of added stability to STEEM. SteemAnchor indeed.
Wow great news. I chose those two cryptos as my preferred ones and seems this is getting better. I long time ago saw the similarities and scalability of both assets and hope the future will be brilliant for both.
Cheers
Thank you Steem Anchor! Great work for this awesome development. Hoping this would open up the Steem blockchain to more people looking for scalable, decentralized trading.
That's awesome. Glad to see someone building a Stellar anchor for Steem. It'd be cool to be able to trade with Steem on Stellar.
This is a great addition! More and more exchanges are coming for us. Exciting times for Steem :)
this is great, can't wait to play with this.
So can you link your bank account and buy Steem and SBD directly with USD?
Yes! You can deposit USD through https://stronghold.co into Stellar, exchange it to STEEM issued by us on Stellar DEX, and withdraw that to your Steem account.