Cointelegraph has recently announced that Storm Trade, a decentralized exchange that allows users to trade perpetual futures across a variety of assets, has officially become a part of the Cointelegraph Accelerator program.
Decentralized exchanges (DEXs) provide a platform for direct peer-to-peer trading without the need for centralized structures. Despite their advantages, DEXs still encounter significant barriers to widespread adoption, such as user-friendliness and onboarding processes.
Unlike centralized exchanges that offer easy-to-use interfaces, DEXs require a steep learning curve for new users, as they are responsible for integrating wallets, managing private keys, and ensuring asset security on their own.
The complexity of interacting with wallets, exchanges, and protocols can lead to costly mistakes. For example, a trader once mistakenly paid a $9,500 fee for a $120 trade due to a user error. In another unfortunate incident, an NFT worth $1.2 million was sold for less than a cent by mistake.
Issues with onboarding contribute to the low volume of DEXs in the futures market. Data shows that DEXs only hold a 1.5% share of the futures market, falling far behind their centralized counterparts.
The lack of information and communication also hinders the market share of DEXs in the futures segment compared to centralized exchanges. Many users rely on Telegram key opinion leaders (KOLs) for trading knowledge, which can complicate the process and lead to misinformation.
To address these challenges, Storm Trade aims to simplify access to trading by offering a user-friendly platform available on Telegram and a web app. Storm enables users to trade perpetual futures on various assets, including cryptocurrencies, stocks, forex, and commodities. The platform incorporates social finance mechanics, gamification, and a referral program to enhance user engagement and growth.
Storm’s core functionality lies in its high-yield liquidity supply, facilitated by its omni-vault and dvAMM models. With a team of 12 professionals based in Dubai, Storm boasts a daily transaction volume of $5-20 million, 300-700 active users, and over 250,000 connected wallets.
With plans for a token launch on TONstarter in the second quarter of 2024, Storm aims to increase its volume and wallet counts. The platform also intends to be listed on centralized exchanges (CEX), marking a significant milestone in its development.
Notably, investment firm Pantera Capital has recognized Storm’s potential, highlighting the platform’s daily trading volume exceeding $10 million. Pantera believes that TON native Telegram bots, like Storm, will become the preferred user experience for many traders.
Storm is focused on strategic growth by attracting new users to the blockchain space via Telegram, which boasts 900 million monthly active users. Through continuous updates and enhancements to its app, Storm is committed to promoting decentralized trading and making a lasting impact on the crypto trading industry in the long run.