Frequently asked questions
Everything you need to know to get started.
Stellar Lumens, often referred to as XLM, is the native cryptocurrency of the Stellar network. Established in 2014, Stellar is an open-source, decentralized protocol for digital currency to fiat currency transfers which allows cross-border transactions between any pair of currencies. Lumens serve as the native asset on the Stellar network, facilitating these transactions and enabling users to participate in various activities within the network.
Stellar Lumens play several key roles within the Stellar ecosystem, including facilitating fast and low-cost transactions, serving as a bridge currency for multi-currency transactions, and supporting the creation of decentralized applications (DApps) and smart contracts. Additionally, Lumens also act as a deterrent to spam transactions by requiring a small fee known as a 'base fee' for each transaction.
Overall, Stellar Lumens and the Stellar network aim to provide an efficient, accessible, and inclusive platform for financial transactions and services, with a focus on facilitating cross-border payments and financial inclusion for all.
Stellar Lumens play several key roles within the Stellar ecosystem, including facilitating fast and low-cost transactions, serving as a bridge currency for multi-currency transactions, and supporting the creation of decentralized applications (DApps) and smart contracts. Additionally, Lumens also act as a deterrent to spam transactions by requiring a small fee known as a 'base fee' for each transaction.
Overall, Stellar Lumens and the Stellar network aim to provide an efficient, accessible, and inclusive platform for financial transactions and services, with a focus on facilitating cross-border payments and financial inclusion for all.
"XYZ tokens" or coins represent digital assets created on the Stellar Lumens network. These tokens are designed to foster organic growth within the market by encouraging users to place market orders at prices they find acceptable. However, there's a unique twist to this ecosystem: users must lock their coins within an unspecified time period, failing which all assets or tokens risk revocation. This setup resembles a game of musical chairs, adding an element of urgency and strategy to the process.
The purpose of this locking mechanism is twofold. Firstly, it aims to discourage rampant speculation and promote price stability within the market. By requiring users to commit to holding their tokens for a certain period, the system discourages short-term trading and encourages a longer-term investment approach. Additionally, this locking mechanism serves as a means of earning rewards during specific time slots, incentivizing users to participate actively in the ecosystem while contributing to its growth and stability.
The purpose of this locking mechanism is twofold. Firstly, it aims to discourage rampant speculation and promote price stability within the market. By requiring users to commit to holding their tokens for a certain period, the system discourages short-term trading and encourages a longer-term investment approach. Additionally, this locking mechanism serves as a means of earning rewards during specific time slots, incentivizing users to participate actively in the ecosystem while contributing to its growth and stability.
An airdrop in the context of cryptocurrencies refers to the distribution of free tokens or coins to holders of a particular cryptocurrency. These distributions are often conducted by blockchain projects as a way to promote their token, reward existing users, or encourage adoption of a new technology or platform.
In the case of Stellar Lumens (XLM), the term "claimable balance" typically refers to a specific type of airdrop mechanism used by the Stellar network. Stellar occasionally conducts airdrops of XLM to holders of certain cryptocurrencies, such as Bitcoin or Ethereum. These airdrops are usually announced in advance, and eligible recipients can claim their share of the distributed XLM by meeting certain criteria, such as holding a minimum amount of the specified cryptocurrency in a compatible wallet.
Once the airdrop is announced, eligible users can check their claimable balance through their Stellar wallet or by using tools provided by the Stellar community. They can then follow the instructions to claim their allocated XLM, which is usually credited to their Stellar wallet after completing the necessary steps.
Claimable balances are designed to incentivize participation in the Stellar ecosystem, increase awareness of the project, and distribute XLM tokens to a wide range of users. Additionally, they serve as a way to distribute tokens fairly and transparently, as users must meet specific criteria to be eligible for the airdrop.
Overall, airdrops and claimable balances play a role in the broader cryptocurrency ecosystem by distributing tokens to users and encouraging engagement with blockchain projects and platforms like Stellar.
In the case of Stellar Lumens (XLM), the term "claimable balance" typically refers to a specific type of airdrop mechanism used by the Stellar network. Stellar occasionally conducts airdrops of XLM to holders of certain cryptocurrencies, such as Bitcoin or Ethereum. These airdrops are usually announced in advance, and eligible recipients can claim their share of the distributed XLM by meeting certain criteria, such as holding a minimum amount of the specified cryptocurrency in a compatible wallet.
Once the airdrop is announced, eligible users can check their claimable balance through their Stellar wallet or by using tools provided by the Stellar community. They can then follow the instructions to claim their allocated XLM, which is usually credited to their Stellar wallet after completing the necessary steps.
Claimable balances are designed to incentivize participation in the Stellar ecosystem, increase awareness of the project, and distribute XLM tokens to a wide range of users. Additionally, they serve as a way to distribute tokens fairly and transparently, as users must meet specific criteria to be eligible for the airdrop.
Overall, airdrops and claimable balances play a role in the broader cryptocurrency ecosystem by distributing tokens to users and encouraging engagement with blockchain projects and platforms like Stellar.
A trustline is a foundational concept within the Stellar network, facilitating the establishment of relationships of trust between accounts for the seamless exchange of assets. In the Stellar ecosystem, each account has the ability to define trust relationships with other entities, enabling the holding and transacting of specific assets issued by trusted counterparties.
To initiate a trustline, an account must explicitly express trust in the issuer of a particular asset. This is achieved by adding a trustline to the account, specifying the asset code and the issuer's unique account identifier. By doing so, the account effectively signals its willingness to accept and transact the specified asset within the Stellar network.
Trustlines serve as a mechanism for accounts to exercise permission and control over the assets they are willing to accept and engage with. By establishing trustlines, accounts can selectively engage with assets issued by trusted counterparties while maintaining autonomy over their asset preferences and transactions. This system fosters a network of trust and interoperability, enabling efficient asset exchange and facilitating a wide range of financial activities within the Stellar ecosystem.
To initiate a trustline, an account must explicitly express trust in the issuer of a particular asset. This is achieved by adding a trustline to the account, specifying the asset code and the issuer's unique account identifier. By doing so, the account effectively signals its willingness to accept and transact the specified asset within the Stellar network.
Trustlines serve as a mechanism for accounts to exercise permission and control over the assets they are willing to accept and engage with. By establishing trustlines, accounts can selectively engage with assets issued by trusted counterparties while maintaining autonomy over their asset preferences and transactions. This system fosters a network of trust and interoperability, enabling efficient asset exchange and facilitating a wide range of financial activities within the Stellar ecosystem.
A Decentralized Exchange (DEX) represents a paradigm shift in the way cryptocurrency trading occurs, operating without the need for a central authority or intermediary. Unlike traditional exchanges that rely on centralized servers and custody of funds, DEXs facilitate peer-to-peer trading of cryptocurrencies directly between users through smart contracts or other decentralized protocols.
One of the defining characteristics of DEXs is their decentralization, meaning they operate on decentralized networks or blockchains. This structure eliminates the need for a central authority to oversee trading activities, promoting censorship resistance and reducing the risk of single points of failure. Users connect their wallets directly to the DEX platform, maintaining control of their funds throughout the trading process.
The security aspect of DEXs is notable, as users' funds remain under their control during trading. Unlike centralized exchanges where users must deposit funds into exchange-controlled wallets, DEXs enable trading directly from users' wallets, reducing the risk of hacking or theft associated with centralized platforms. However, users must still exercise caution and ensure the security of their private keys and wallet addresses. Transparency is another key feature of DEXs, with many platforms providing access to trading data and smart contract code. This transparency allows users to verify the integrity of the platform and ensure fair trading practices. Moreover, DEXs often prioritize user privacy, enabling trading without requiring extensive personal information or KYC (Know Your Customer) verification procedures.
One of the defining characteristics of DEXs is their decentralization, meaning they operate on decentralized networks or blockchains. This structure eliminates the need for a central authority to oversee trading activities, promoting censorship resistance and reducing the risk of single points of failure. Users connect their wallets directly to the DEX platform, maintaining control of their funds throughout the trading process.
The security aspect of DEXs is notable, as users' funds remain under their control during trading. Unlike centralized exchanges where users must deposit funds into exchange-controlled wallets, DEXs enable trading directly from users' wallets, reducing the risk of hacking or theft associated with centralized platforms. However, users must still exercise caution and ensure the security of their private keys and wallet addresses. Transparency is another key feature of DEXs, with many platforms providing access to trading data and smart contract code. This transparency allows users to verify the integrity of the platform and ensure fair trading practices. Moreover, DEXs often prioritize user privacy, enabling trading without requiring extensive personal information or KYC (Know Your Customer) verification procedures.
To buy XYZ tokens, you can utilize decentralized exchanges (DEXs) that facilitate trading for assets on the Stellar network. These DEXs offer a platform where users can directly trade cryptocurrencies with each other, eliminating the need for intermediaries. StellarX, SDEX, and Interstellar are among the popular DEXs supporting Stellar-based asset trading.
Accessing a DEX involves visiting its website or platform and either creating an account or connecting your Stellar wallet to start trading. Once logged in, you can navigate the DEX interface to search for XYZ tokens. Using the search or browse function, you can locate XYZ tokens by entering their name or symbol.
After finding XYZ tokens, you can proceed to place a buy order. This involves specifying the amount of XYZ tokens you wish to purchase and either selecting the current market price or setting a specific price if you prefer a limit order. It's essential to review the order details before submitting it to ensure accuracy.
Upon placing your buy order, the DEX will match it with a suitable sell order. Once matched, the trade is executed, and the XYZ tokens are credited to your account on the DEX. From there, you can manage your XYZ tokens as desired, whether holding them for investment purposes or engaging in further trading activities.
Accessing a DEX involves visiting its website or platform and either creating an account or connecting your Stellar wallet to start trading. Once logged in, you can navigate the DEX interface to search for XYZ tokens. Using the search or browse function, you can locate XYZ tokens by entering their name or symbol.
After finding XYZ tokens, you can proceed to place a buy order. This involves specifying the amount of XYZ tokens you wish to purchase and either selecting the current market price or setting a specific price if you prefer a limit order. It's essential to review the order details before submitting it to ensure accuracy.
Upon placing your buy order, the DEX will match it with a suitable sell order. Once matched, the trade is executed, and the XYZ tokens are credited to your account on the DEX. From there, you can manage your XYZ tokens as desired, whether holding them for investment purposes or engaging in further trading activities.
Accepting a claimable balance in Stellar can be seamlessly done using the Stellar Laboratory, an online tool provided by the Stellar Development Foundation for interacting with the Stellar network. To initiate the process, you'll first need to navigate to the Stellar Laboratory website. Upon arrival, if your wallet isn't already unlocked, you can do so by selecting the "Unlock" button located at the top right corner of the page. This step typically involves entering your secret key or utilizing a hardware wallet for added security.
Once your wallet is unlocked, proceed to the "Claimable Balances" tab found on the left sidebar of the Stellar Laboratory interface. This section will display a list of any claimable balances associated with your Stellar account. These balances represent XLM or other assets that you're eligible to claim. Identify the specific claimable balance you wish to accept from the list and select it to view detailed information, including the asset type, amount, and issuer details.
With the desired claimable balance selected, you can initiate the claiming process by clicking on the "Claim" button. This action generates a transaction that claims the balance and credits it to your Stellar account. Review the transaction details, including any associated fees, and sign the transaction using your Stellar wallet. Once you've confirmed the transaction details, click on the "Submit" button to broadcast the transaction to the Stellar network.
Upon submission, you should receive a confirmation message indicating the successful acceptance of the claimable balance, which is now credited to your Stellar account. With this process completed, you can freely utilize the received assets within the Stellar ecosystem for various transactions or other purposes. Through the straightforward steps outlined above in the Stellar Laboratory, users can efficiently manage and leverage claimable balances associated with their Stellar accounts.
Once your wallet is unlocked, proceed to the "Claimable Balances" tab found on the left sidebar of the Stellar Laboratory interface. This section will display a list of any claimable balances associated with your Stellar account. These balances represent XLM or other assets that you're eligible to claim. Identify the specific claimable balance you wish to accept from the list and select it to view detailed information, including the asset type, amount, and issuer details.
With the desired claimable balance selected, you can initiate the claiming process by clicking on the "Claim" button. This action generates a transaction that claims the balance and credits it to your Stellar account. Review the transaction details, including any associated fees, and sign the transaction using your Stellar wallet. Once you've confirmed the transaction details, click on the "Submit" button to broadcast the transaction to the Stellar network.
Upon submission, you should receive a confirmation message indicating the successful acceptance of the claimable balance, which is now credited to your Stellar account. With this process completed, you can freely utilize the received assets within the Stellar ecosystem for various transactions or other purposes. Through the straightforward steps outlined above in the Stellar Laboratory, users can efficiently manage and leverage claimable balances associated with their Stellar accounts.
After accepting an airdrop, it's crucial to manage the received tokens effectively to mitigate any potential risk of forfeiture. One method to accomplish this involves creating a claimable balance for the received tokens and setting a future date for acceptance. Here's a step-by-step guide on executing this process within the Stellar Laboratory interface:
Access Stellar Laboratory: Begin by accessing the Stellar Laboratory platform at https://www.stellar.org/laboratory/. This web-based interface provides direct interaction with the Stellar network, enabling users to perform various transactions and operations.
Create Claimable Balance Transaction: Navigate to the "Transactions" tab within the Stellar Laboratory interface and select "Claimable Balances" from the dropdown menu. This option allows users to initiate transactions related to claimable balances. Choose "Create Claimable Balance" to commence the transaction creation process.
Specify Claimants and Token Amounts: In the transaction form, designate yourself as the claimant to ensure the tokens are directed to your Stellar account. Next, specify the amount of tokens received from the airdrop that you wish to lock in the claimable balance. This step ensures that the tokens remain secure until they are ready to be claimed.
Set Future Acceptance Date: To comply with the terms of the airdrop and prevent any risk of asset revocation, it's essential to set a future acceptance date for the claimable balance. This action effectively locks the tokens until the designated time, providing added security and assurance.
Review and Sign Transaction: Carefully review the transaction details to ensure accuracy, including the specified claimant, token amounts, and acceptance date. Once satisfied, sign the transaction using the appropriate authentication method provided by Stellar Laboratory, such as a secret key or hardware wallet.
Submit Transaction: After signing the transaction, click on the "Submit" button to broadcast it to the Stellar network for processing. Upon successful submission, the claimable balance with the specified future acceptance date will be created, safeguarding the tokens until the designated time period.
Additionally, it's worth noting that if you want to send the tokens from one account to another within the same Stellar network, effectively "locking" them, you can simply initiate a transaction where both the source and destination account public keys match, indicating that you're sending the tokens to yourself. This transaction will ensure that the tokens remain under your control while effectively locking them in the destination account until you choose to transact with them further.
Access Stellar Laboratory: Begin by accessing the Stellar Laboratory platform at https://www.stellar.org/laboratory/. This web-based interface provides direct interaction with the Stellar network, enabling users to perform various transactions and operations.
Create Claimable Balance Transaction: Navigate to the "Transactions" tab within the Stellar Laboratory interface and select "Claimable Balances" from the dropdown menu. This option allows users to initiate transactions related to claimable balances. Choose "Create Claimable Balance" to commence the transaction creation process.
Specify Claimants and Token Amounts: In the transaction form, designate yourself as the claimant to ensure the tokens are directed to your Stellar account. Next, specify the amount of tokens received from the airdrop that you wish to lock in the claimable balance. This step ensures that the tokens remain secure until they are ready to be claimed.
Set Future Acceptance Date: To comply with the terms of the airdrop and prevent any risk of asset revocation, it's essential to set a future acceptance date for the claimable balance. This action effectively locks the tokens until the designated time, providing added security and assurance.
Review and Sign Transaction: Carefully review the transaction details to ensure accuracy, including the specified claimant, token amounts, and acceptance date. Once satisfied, sign the transaction using the appropriate authentication method provided by Stellar Laboratory, such as a secret key or hardware wallet.
Submit Transaction: After signing the transaction, click on the "Submit" button to broadcast it to the Stellar network for processing. Upon successful submission, the claimable balance with the specified future acceptance date will be created, safeguarding the tokens until the designated time period.
Additionally, it's worth noting that if you want to send the tokens from one account to another within the same Stellar network, effectively "locking" them, you can simply initiate a transaction where both the source and destination account public keys match, indicating that you're sending the tokens to yourself. This transaction will ensure that the tokens remain under your control while effectively locking them in the destination account until you choose to transact with them further.