Storm Business joins the Cointelegraph Accelerator
Cointelegraph has announced that Storm Trade, a decentralized exchange that allows users to trade fixed futures across multiple assets, has joined the Cointelegraph Accelerator program.
Decentralized exchanges (DEXs) enable peer-to-peer transactions, eliminating the need for centralized structures. However, DEXs still face significant barriers that prevent widespread adoption, such as ease of use and onboarding.
Unlike centralized exchanges that offer a user-friendly interface, DEXs have a long learning curve for newcomers as they leave wallet integration, private key management and asset security up to the user.
Because wallets, exchanges, and protocols are not easy to communicate with, some users may lose money due to human error. For example, a simple user error caused a trader to pay $9,500 in fees for a $120 trade. In another unfortunate incident, $1.2 million worth of Invincible Tokens (NFT) were mistakenly sold for less than a cent.
Boarding issues reduce the amount of DEX
In addition to shortcomings in user interfaces, DEXs have a limited share in the futures market. The data shows that DEXs lag far behind their centralized counterparts, accounting for only 1.5% of the futures market.
The share of DEXs in the initial trading market is only 1.5%. Source: CoinGecko
Lack of information and connectivity contributes to why DEXs face challenges in gaining market share in the futures segment compared to CXs.
Many users learn business from Telegram's Key Opinion Leaders (KOLs). Eventually users will find the transaction process complicated and may be misinformed. These challenges underscore the importance of improved user experience, superior marketing, and reliable educational resources in the DEX ecosystem.
Ease of access to transactions
As a decentralized exchange on Telegram and web app, Storm allows users to trade sustainable futures on cryptocurrencies, stocks, forex and commodities. By integrating with Telegram, Storm aims to make shopping as easy as possible by using social finance mechanics to make shopping as easy as possible. The platform includes gamification and a referral program to encourage user engagement and growth.
In addition to its user-friendly approach, Storm facilitates the process of opening a KOL post to an exchange and starting a transaction via Telegram. Users can trade, manage their portfolios and access market information within the confines of their Telegram app.
Trade everything up a storm ⚡️ pic.twitter.com/dzQ1lxDYyr
— Storm Trade ⚡️ (@storm_trade_ton) April 2, 2024
At the core of Storm's functionality, the basis of its operation is high-yield liquid supply. With Omni-Vault and DVAMM models, Storm brings liquidity from all sources, provides strong liquidity, reduces slippage and improves trade performance.
Backed by a dedicated team of 12 in Dubai, Storm has a daily transaction volume of $5-20 million, 300-700 active users and over 250,000 connected wallets.
When the token launches on TONstarter in the second quarter of 2024, Storm expects to increase volume and wallet counts. The platform is set to be listed on the Central Exchange (CEX), marking a milestone in its journey.
Additionally, Pantera Capital, an investment firm focused on blockchain and crypto ventures, cited Storm's potential. In a recent blog post, Pantera believes Storm will deliver more than $10 million in daily trading volume and that similar tons of native Telegram bots will be the user experience for many traders.
Storm is building its strategic growth plans with new users joining the blockchain environment through Telegram, which has reached 900 million monthly active users. By making regular updates and improvements to the app, Storm wants to promote decentralized trading and aims to make a lasting impact on crypto trading in the long term.
