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!
Thanks matt!
And to clarify: Correct. The
Steem Vaultis indeed the @steemanchor account. And that those tethered Assets are actually backed by real STEEM & SBD, can be verified at all times on steemanchor.com:Again, thanks for the great feedback! And we will also have implemented keychain very soon into the deposit process.
Nice> Tether is a bad word nowadays and here everything is siple and clear.
Update: Keychain support is now live!
Steem and Stellar: two best cryptos currently!
Congrats! This post is featured on today's news (in Chinese :D)
That's great, thanks for mentioning us!
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.
Thanks JTM! That's also what @upheaver and myself believe in. We want STEEM to be accepted as a form of payment by as many exchanges and people as possible, for it to be seen as a good payment currency for the rest.
I honestly feel that accomplishing this, would be more useful then just getting steem on more exchanges, as many are clamoring for. As this creates whole new buckets of liquidity. So more power too the both of you IMO.
Really appreciated! Let's make STEEM interesting again, the price will follow suit.
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.
You have 5 DEX to choose from :)
I personally prefer the UX of StellarX, but regardless of the DEX. One of the craziest aspects is that you're even able to use the tethered STEEM & SBD with your Nano Ledger S or other Ledger products.
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I wanted to bring something to your attention and not post it directly as a comment to a root thread, and found this, which might be what I have been seeking for months.
What I wanted to bring to your attention is your #24 pick for a witness:
He is a piece of shit, a hypocrite, but the part that may be of interest for you is that you vote for him, while he does not vote for you, despite having 5 empty slots and despite voting for worse picks than you, at least according to my current opinion.
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!popcorn
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.
Does this work also the other way around? Can someone, who has no steem account, buy STEEM and SBD using this... technology? I agree with @creatingutopia, it's hard to keep up with all the innovations ;)
In fact - yes. As long as STEEM and SBD do not leave Stellar network you don't need to have a Steem account. It's required only if you want to convert the tethered STEEM and SBD you own on Stellar into native STEEM or SBD and withdraw them.
Cool :)
This is damn cool!
Thank you!
You're very welcome. @therealwolf already had my witness vote you just got it too. I look forward to utilizing this tool.
Finally!
Will It work on StellarX?
Edit: Just Saw the parte about StellarX.
Anyway, i was thinking why there wasnt something like this already.
Good job.
Definetly going to use this service. @steemanchor
Apriciate your effort. ☺️☺️☺️☺️☺️☺️☺️👏👏👏👏👏👏👏👏👏
How cool is that, Steem + Stellar = Moon
🚀🚀🚀 To help us all get there we need everyone's help to create a liquid market on Stellar - if you have few minutes to spare, try out the product and create a few trading orders on Stellar for STEEM or SBD vs XLM. Thanks!
What is the advantage of this over, say, sending Steem to an existing exchange, trading it for Stellar and then sending it on to a Stellar recipient for use on Stellar platforms? I haven't used Stellar apps at all yet.
Ok, thanks for explaining. There are a couple of no fee exchanges I am aware of that are potentially introducing Steem soon, but we can never have too many!
So to be clear, i set up my stellar x acount and can buy steem from THERE with USD or my desired currency & then transfer it to anchor then to my steemit account?
Am i right??
Yes, that's correct! Of course we need the Steem community to be active in creating the liquid market on Stellar exchange - opening buy / sell orders on the marketplace will bring new investors to Steem ecosystem.
Liquidity is going to be super low in the start, even Steem's own Steem/SBD market has low liquidity.
Cool thanks for the clarification!
It's nearing impossible to keep up with the innovation in this space. I certainly applaud the hard work that went into creating this new project, keep up the great work and thanks for sharing!
Thanks!
so now steemit can be redeemed for many of the leading fiat currencies! great work @steemanchor team. The community appreciates he effort it must have taken to build such an application. Connecting us with the stellar blockchain is a genius idea. now all we need to do is attract liquidity.
Steem Anchor is awesome, especially the fact that it provides the Steem users with access to cheap, fast and scalable decentralized trading.. very nice
Great work guys. This is an awesome development, and definitely opens up the Steem blockchain to be used by more people who haven't yet at a chance to encounter it. Hopefully it also draws more people to Steemit as well. :)
Er no. It gives us a chance to get off the Steem blockchain and gives Stellar a pegged coin. You still need an account for using Steem and XLM users are not going to need to migrate to the Steem blockchain in order to speculate on the price of Steem or Steem dollars.
My mistake. Less exciting then I suppose.
Good!
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very nice
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Great initiative! Thanks for the contribution!
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Thank you!
Very well needed project looking forward to that partnership. Is there any KYC required by the stellar networks?
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KYC requirements depend on each Anchor - there are no KYC requirements for Steem Anchor, but there are some if you deposit USD with Stronghold.
Good, we need more competition with steem exchanges, otherwise people like @blocktrades can still be in business charging 4-7% for each transaction.
Good day! It's great imitative. Maybe you will add link to name of your site in post for easier access?
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Happy to see steem on more exchanges, especially on decentralized ones :)
WOW..... finally a development I´m waiting for so long now... Thx a bunch !!!
Seems like in this bear-market there is high focus on stablecoins/pegging/loans.
Another interesting project which has come to light is the Peg.Network - an innovative protocol for creating customized asset-pegged tokens. Through PEG Network anyone can create an ERC-20 token pegged to a currency, commodity or underlying asset of their choice.
This is awesome! I'll have to read more about this! Thanks for the info.
This is good development.
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This seems a great project and I want to invest some more time to explore it in detail. Thanks for sharing.
This is what I call breakneck speed of development in the Steem ecosystem! Great projects are starting to be released on a weekly basis. This seems like a perfect moment to invest. Does this project take delegations?
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Thanks, we are excited as well! Steem Anchor does not take delegations, but there are few ways you can help out:
I can't seem to find NGN on StellarX
Nigerian Naira on Stellar is anchored by cowrie.exchange - symbol: NGNT (StellarX market)
Thank you Steem Anchor for this great news! Hoping this would realized in the upcoming years.
Congratulations @steemanchor!
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Great to see steem on more exchanges, with cheap, fast and scalable decentralized trading.
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Good idea. Thanks for this post.
Such a great project with its provision. Thanks for sharing!
Great ! We need this ! For a long time, we have been self-enclosed, it's a good thing to see these projects for a change ! I resteemed this post and others should do it also. But I have a question, if the vault is @steemanchor account can it hold all the deposits and perform all the transactions without a problem?
Yes. We will provide segregated vaults in the future for additional safety to match the deposit growth.
oki great ! nice job
Nice project for steem and stellar.
It would be nice if some other blockchain currencies wouldn’t be added like Neo’s coins and others
looks like a good idea for trading Steem and SBD. but i have no idea about stellar.
Great! 2 in 1 now! Very excited on this platform! Let's Go Steeming!
great news! Interested for smt's though!
This is cool, gonna vote for you as my witness, thanks for amazing work!