Stellar Decentralized Exchange Week 7/9 Recap

Despite this week being sluggish for cryptocurrency in general, three veteran Stellar tokens lit up the Stellar DEX as they mooned on heavy volume in the $XLM market. $XXA and $SCOP both soared to multiyear highs while $SHX is challenging its May heights.

CityStates Medieval, a popular Play2Earn game being developed on Stellar, wrapped up a successful first round seed sale, raising over $75k despite limited marketing and promotion. The game has garnered a lot interest very quickly and has helped to bring positive attention to Stellar. Both tokens from the game $CSM (profit sharing token) and $HEX (in-gamed yield currency) have started trading on the Stellar DEX.

On a macro level, indicators for the cryptocurrency market are pointing towards a bullish direction. Stablecoin deposits to exchanges have been building up slowly since the June crash while Bitcoin and Ethereum reserves on exchanges have been steadily declining. This week actually started off well until interest rate uncertainty on Thursday created volatility in the global markets. Things seem to have settle back down.

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