Denis Vasin, one of the founders and the main developer behind Storm Trade, presented his innovative project during a Cointelegraph AMA as “the first leverage trading platform built directly into Telegram.” Through Telegram’s wallet, users can seamlessly connect and begin trading using Storm’s mini-app. “It’s that simple,” explained Denis. “With Storm, our goal is to empower Telegram users with financial freedom.”
The idea for Storm Trade originated during the initial TON hackathon, where Denis showcased a prototype for a perpetual DEX on the TON blockchain. The project secured second place, motivating Denis and his team to further develop the concept. Funding was provided by TONcoin.Fund (formerly TON Ventures). Since its launch on the TON mainnet, Storm Trade has seen remarkable growth, with daily trading volume reaching $5-20 million within just four months. “And that number is doubling every month,” added Denis.
Storm Trade offers a user-friendly mini-app within Telegram optimized for mobile use. It enables users to place limit orders, market orders, and implement automated trading strategies. The app focuses on established, high-liquidity blue-chip assets, aligning with Telegram and TON’s objectives of widespread adoption.
Describing Storm Trade as a perpetual futures exchange, Denis emphasized that the platform trades synthetic assets rather than real ones. This approach ensures liquidity efficiency, as liquidity providers do not need to offer separate assets like Bitcoin, Ethereum, or TON.
Simplified Assets
Unlike traditional DEX models, Storm Trade requires liquidity providers to offer only one asset (settlement asset) for all trading pairs, eliminating the need to manage various assets across fragmented pools. The platform utilizes two main pools, TON and USDT, for settlement, resulting in higher liquidity utilization rates (50-100%) compared to traditional DEX models. It leverages oracle solutions such as Pyth Network for accurate pricing data.
Storm Trade implements a funding rate system to manage risk for liquidity providers and maintain stability in its perpetual futures contracts. Maximum spread limits can prevent trading in case of significant deviations from expected oracle data. In the event of an economic attack, various limits are applied to ensure the platform’s stability. External firms and the TON technical team conduct audits to identify vulnerabilities in its smart contracts.
Differentiating from Telegram trading bots, Denis noted that while bots focus on speed and new coin opportunities, Storm Trade aims to cater to a broader audience with its user-friendly interface.
One-Click Setup
During the AMA, Denis highlighted Storm Trade as a user-friendly mini-application with a real trading terminal optimized for mobile devices. “Everything can be set up in a single click, allowing users to open trades instantly. Additionally, as a noncustodial platform, we do not possess our users’ keys or hold any funds.”
Denis expressed his admiration for TON, emphasizing its potential as a blockchain for mass adoption. He praised TON for its user-centric approach, citing features like seamless USDT transfers between Telegram users as a testament to its convenience and speed.
He also compared TON to other chains, noting Ethereum’s research focus and Solana’s tech-centric approach. Denis underlined the importance of scalability and user experience, pointing out TON’s design for high volumes of users without the need for bridges or complex layer-2 solutions.
Developing on The Open Network
Acknowledging the challenges of building on TON due to its current immaturity, Denis highlighted the unique programming patterns required compared to other blockchains like Solidity. He emphasized the technical complexity of TON’s development model and the lack of development tools, making it a challenging environment for programmers.
The TGE of the STORM token is scheduled for early summer, marking a significant milestone for Storm Trade. Denis anticipates strong trading data post-token launch, driving future growth and expansion. The roadmap includes protocol enhancements, social trading features, and further development based on user feedback.
For more information on Storm Trade, visit their website.
Disclaimer: This article is sponsored by Storm Trade. While Cointelegraph provides information on the project, readers are advised to conduct their research before making any investment decisions. This article should not be considered as investment advice.