What Is StormX (STMX)?
What Is StormX (STMX)
StormX is a blockchain-based rewards platform that allows users to earn cashback in crypto when they shop from stores like eBay, Nike, and 1,000+ stores. StormX is available both as a smartphone app and a Chrome extension. Its native token is STMX.
Similar to a traditional cashback platform, StormX credits users’ accounts with crypto cashback when they use the platform to shop at one of the participating retailers. Users can earn crypto cashback not just on crypto purchases but also on purchases made in fiat currencies.
In addition to its cashback feature, StormX also rewards users when they complete microtasks on the StormX Marketplace. These tasks include but are not limited to watching videos, playing games, or doing surveys.
Who Created StormX (STMX)
Co-founded by Simon Yu and Calvin Hsieh in 2015, StormX is headquartered in Singapore.
Both co-founders are alumni of the University of Washington and took part in the Berkley Blockchain Xcelerator in 2020, held by the University of California. Simon Yu, the CEO, previously worked as a financial analyst intern for Amazon and senior credit risk analyst for KeyBank. Calvin Hsieh is the CTO of StormX and was previously the manager and web developer of Bomba Fusion LLC.
In 2021, StormX secured $9 million in a series A funding round led by Optimista Capital to support its expansion plans. It is also the first blockchain company to be a jersey patch in the NBA with a multi-year partnership with the Portland Trailblazers. StormX was the Trail Blazers’ first International Rights Partner as part of the NBA’s International Team Marketing Program aimed to engage fans around the globe, which grants StormX the rights to distribute and conduct team-identified marketing and activities internationally.
In April 2023, StormX announced a change in its CEO leadership, making a full circle back to Simon Yu, the co-founder, after a period under Vivek Ganesan, StormX’s former EVP of Engineering. StormX’s inception to its current position as a leader in the rewards space was guided by Simon’s leadership, with an expansion in user base, new partnerships, and the launch of new products. The StormX app has a global user base across 187 countries.
How Does StormX Work
StormX is an Ethereum-based protocol and it uses Ethereum’s Proof of Stake (PoS) consensus mechanism to validate and secure transactions on its network. In a Proof of Stake network, users stake their tokens to validate transactions.
To start using StormX, users need to create an account and download the StormX app or Chrome extension. After which, they can start browsing through the stores of participating retailers.
When the user is ready to make a purchase, they will have to click on the “Shop Now” button next to the retailer they want to shop at. This will open up the retailer’s website in a new window. The user can make the purchase as normal and once the purchase is complete, StormX will credit the user’s account with the crypto cashback.
The crypto cashback balance can be viewed in the StormX app or Chrome extension. Users can withdraw their cashback and transfer it to their crypto wallet or exchange it for other cryptocurrencies.
Why Trade STMX token
Earning Opportunities: One of the primary reasons to consider trading STMX is its unique approach to rewards and earning opportunities. StormX has partnered with over 700 online retailers allowing users to earn cryptocurrency by shopping on a wide variety of products and services through the platform.
Users can get crypto cashback anywhere between 0.5% to over 85%. Furthermore, the gamified experience appeals to those looking to accumulate cryptocurrencies without the complexity of traditional mining or staking.
Ease of Use: StormX is available as a mobile app and a Chrome extension making it easy to use on the go.
Market Potential: Trading STMX presents the potential for substantial returns on investment. The crypto market is known for its growth, and STMX has shown significant price movements in the past. Traders who can effectively analyze market trends and make informed decisions may benefit from trading STMX.
Blockchain Integration: StormX leverages blockchain technology to ensure transparency and security in its reward distribution system. This integration not only provides users with a sense of trust but also aligns with the broader trend of blockchain adoption across industries.
Global Expansion and Partnerships: StormX has been actively expanding its reach and forming strategic partnerships within the e-commerce and cryptocurrency industries. This enables more users to earn STMX as cashback rewards for their purchases. The more prominent and diverse these partnerships become, the more opportunities there are for users to earn and spend STMX, thus increasing its utility.
Traders may find value in STMX should they believe that StormX’s position as the first crypto cashback solution that allows users to earn cashback on both crypto and fiat purchases makes it the go-to cashback platform.
STMX Tokenomics
STMX is the utility and governance token of the StormX platform and these are its main use cases:
Staking
Users who stake their STMX can earn rewards in the form of more STMX tokens. In addition, staking STMX can increase users’ crypto cashback rates. The more STMX a user stakes, the higher their cashback rate will be.
Governance
STMX token holders can participate in StormX’s governance by voting on proposals such as new features, partnerships, and token distribution on the platform.
STMX has a total supply of 12,500,000,000 tokens of which 10,000,000,000 tokens are in circulation as of September 2023.
The planned distribution of STMX tokens is as follows:
- Public Sale – 40%
- Team and advisors – 20%
- Investors – 15%
- Ecosystem – 15%
How To Trade On The Flipster App
To trade STMX on Flipster:
- Download the Flipster app and set-up your account
- Go to [Trade]
- Click on [Search] at the top of the page and type in STMX
- Click on STMX
- In the [Amount] field, type in the amount of STMX you wish to buy or sell. Alternatively, you can select the percentages below to choose how much to use from your available funds.
- Click [Preview order] to check your order
- Once you have confirmed the details, click on [Buy STMX – Long] button or [Sell STMX – Short] respectively.
Disclaimer: This material is for information purposes only and does not constitute financial advice. Flipster makes no recommendations or guarantees in respect of any digital asset, product, or service.
Trading digital assets and digital asset derivatives comes with significant risk of loss due to its high price volatility, and is not suitable for all investors.