Storm Trade Joins Cointelegraph Accelerator, Revolutionizing DEX User Experience & Futures Trading
Summary:
Storm Trade, a decentralized exchange, has become a part of the Cointelegraph Accelerator program. Despite the potential of decentralized exchanges (DEXs), they face user-friendliness and onboarding obstacles. To combat this, the user-oriented platform Storm Trade aims to improve the onboarding process and simplify trading, while increasing engagement through gamification and a referral program. With more than 250,000 linked wallets and a daily transaction volume of $5-20 million, Storm anticipates growth after its token launch on TONstarter in Q2 2024. The platform also eyes listing on centralized exchanges in the near future.
Storm Trade, a decentralized exchange (DEX) offering the ability to execute perpetual futures trades across diversified asset classes, is the newest member of the Cointelegraph Accelerator Program. DEXs, which allow direct peer-to-peer transactions by eliminating the need for centralized systems, still face considerable obstacles which limit their broader deployment. These obstacles include a lack of user-friendliness and challenges in onboarding. Centralized exchanges offer easily navigable interfaces, while DEXs often present a steep learning curve due to their dependence on users for wallet integration, private key management, and asset security. Interaction difficulties with wallets, exchanges, and protocols might result in financial losses for users due to simple human errors. The DEX volume is also compromised due to onboarding issues. Furthermore, their poor showing in the futures market, where they currently hold only a 1.5% share, highlights the need for improved user experience, sophisticated trading options, and reliable educational resources within the DEX space. Storm, a DEX accessible via Telegram and a web app, simplifies trading in perpetual futures of cryptocurrencies, stocks, forex, and commodities. It aims to make trading less tedious through the application of social finance mechanics. A referral program and gamification feature introduced by the platform incentivizes user participation and growth. Storm Trade has taken user-friendly steps to simplify the transition from reading a key opinion leader's post on Telegram to initiating a trade. With the ease of executing trades, managing portfolios, and accessing market data all within the convenience of the Telegram app, Storm brings high-yield liquidity into focus. Storm collates liquidity from various sources through its Omni-vault and dvAMM models, strengthening liquidity, minimizing slippage, and enhancing trade execution. With a dedicated team of 12 based in Dubai, Storm boasts a daily transaction volume of $5-20 million, engaging between 300-700 active users and over a quarter-million linked wallets. After successfully launching its token on TONstarter in Q2 2024, Storm anticipates an increase in volume and wallet count. Its imminent listing on centralized exchanges (CEX) indicates a significant step in its progression. Pantera Capital, a blockchain and crypto-focused investment firm, lauds Storm's potential to reach over $10 million in daily trading volume. It commends the Storm user experience and expects similar TON native Telegram bots to endear traders. As part of its strategic growth plans, Storm seeks to bring in new participants to the blockchain field through Telegram, targeting its 900 million active monthly users. Storm continually evolves and improves its app in its ambitious endeavor to revolutionize decentralized trading and create a lasting effect on crypto trading.
Published At
6/6/2024 8:00:00 PM
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