Cointelegraph has introduced Storm Trade, a decentralized exchange that allows users to trade perpetual futures on a variety of assets, as the latest addition to the Cointelegraph Accelerator program.
Decentralized exchanges (DEXs) facilitate direct peer-to-peer trading by eliminating the need for centralized structures. However, DEXs still encounter significant challenges that hinder widespread adoption, such as user-friendliness and ease of onboarding.
Unlike centralized exchanges that provide intuitive interfaces, DEXs present a steep learning curve for newcomers, requiring users to handle wallet integration, private key management, and asset security themselves. This complexity can lead to financial losses due to human error, as seen in cases where traders paid hefty fees for small trades or sold valuable assets for significantly less than their worth.
Onboarding difficulties also contribute to the low volume of trades on DEXs, with data showing that DEXs only hold a 1.5% share of the futures market, falling far behind centralized exchanges.
The lack of information and communication further hinders DEXs from gaining market share in the futures segment compared to CEXs. To address these challenges, improved user experience, advanced trading tools, and reliable educational resources are essential in the DEX ecosystem.
Storm Trade aims to simplify access to trading by providing a decentralized exchange accessible via Telegram and a web app. The platform allows users to trade perpetual futures on various assets while integrating social finance mechanics to enhance user engagement. Storm also offers gamification and a referral program to encourage user participation.
With its user-centric approach, Storm streamlines the trading process from Telegram KOLs’ posts to actual trading, allowing users to manage their portfolios and access market data directly within the Telegram app. The platform ensures high-yield liquidity through its omni-vault and dvAMM models, consolidating liquidity from multiple sources to reduce slippage and enhance trade execution.
Backed by a dedicated team of 12 professionals in Dubai, Storm boasts a daily transaction volume of $5-20 million, 300-700 active users, and over 250,000 connected wallets. The platform is set to launch its token on TONstarter in the second quarter of 2024, expecting to increase trading volume and wallet counts. Storm also plans to list on centralized exchanges, marking a significant milestone in its development.
Pantera Capital, a blockchain and crypto-focused investment firm, has recognized Storm’s potential, noting its daily trading volume exceeding $10 million. The firm believes that TON native Telegram bots, like Storm, will become the preferred user experience for many traders.
Storm is committed to expanding its user base within the blockchain community on Telegram, which boasts 900 million monthly active users. Through continuous updates and enhancements to its platform, Storm aims to promote decentralized trading and make a lasting impact on the crypto trading industry in the long run.
To learn more about Storm Trade, visit their website.