StormX - $STMX, Asset Review
StormX has access to over 1,000 stores available to earn cashback in crypto. More than 5,5M dollars have been earned in crypto cashback while some retailers offer back 87.5% on purchases. StormX also offers a debit card that allows users to earn up to 5% crypto cashback on all purchases. Users are given the option to stack rewards and then stake them for more tokens.
Content:General Information-What is StormX
StormX Background
StormX Funding/Collaboration
Token Information-Tokenomics
Governance
Additional Information-
Staking
Technical Analysis
Conclusion
General Information-
What is StormX?
StormX is a company that built an application allowing users to earn cash back when they shop online. The application utilizes a browser extension or mobile application achieving convenience for users to receive the most for their online purchases. StormX also offers a debit card that allows users to receive up to 15% on partner cashback which releases in the middle of 2022. StormX’s goal is to help users earn more crypto every step of the way.
2. StormX Background
StormX is a project based in Seattle and founded by Simon Yu in 2014. Initially, when $STORM was minted in 2017, it was launched with 10 billion tokens. In the summer of 2020, a token swap took place to change the ticker from $STORM to $STMX. Simon Yu envisioned a mutually beneficial relationship between the users of StormX and the company. In other words, StormX makes money in a way that allows users to also save money creating a win-win for the business and the consumer. Each time a user earns cashback using the application, StormX earns a small transaction fee.
3. StormX Funding/Collaboration
StormX had an initial coin offering in December 2017. They raised about $30 million according to cryptorank.io. Additionally, StormX has had funding rounds with the following: Plug and Play Tech Center, and Optimista Capital. StormX didn’t have large funding rounds, but as time progressed it continued to gain more attention. The founder of Cardano($ADA), Charles Hoskinson became an advisor for StormX in 2018. It is also important to acknowledge that StormX has partnered with over 15,000 physical retailers for cashback with some well-known retailers. Most recently, the Portland TrailBlazers an NBA franchise partnered with StormX to make it easier for all to make earning crypto easy and accessible for anyone.
Token Information-
Tokenomics
$STMX tokens total supply of 10 billion tokens with a circulating supply of 9,293,310,496. $STMX is also an ERC-20 token built upon Ethereum's blockchain. StormX sold 41.74% of the supply for fundraising, 25% of the supply was attributed to the company StormX, 23.26% of the supply is locked, and the final 10% is attributed to users who will use the network to earn cashback on rewards. $STMX token may also be utilized for staking, which we will cover in the next section.
2. Governance
StormX has a governance token named Athens($ATH) that allows participants to vote on proposals for the StormX ecosystem. Athens($ATH) was airdropped to users who held $STMX or interacted with the token during a period. The airdrop ratio was 1 STMX = .000127 ATH. $ATH token holders have the power to vote on both company and community-raised proposals. $ATH is a decentralized governance token that will play a huge part in growing the network. Athens(ATH) also has a 50% staking reward for users who decide to stake their tokens.
Additional Information-
1. Staking
$STMX token holders may contribute to the network by staking. Staking rewards are 7% and have no minimum requirement of tokens. Additionally, the $ATH token may also be staked for rewards up to 50%. Staking both $ATH and $STMX have no lock-up period to stake your tokens. Currently, 25.51% of all $STMX’s circulating supply is staked. The complexity of staking is straightforward and user-friendly which may be completed in the mobile app or browser extension.
2. Technical Analysis
Before sharing the current price action, I wanted to reflect on when I first discovered $STMX. Below are two tweets from early and mid-2021 briefly discussing why I was bullish on $STMX. My initial target was $0.23, but since there was not much price action. As the momentum was impulsive my targets updated later decreased the trend was weakened.
$STMX has had a sensational run from $.003 all the way to $.10 yielding 36x returns. Ever since $STMX hit all-time-highs, we have seen the price fall into a high time frame demand zone (green box) acting as a support region. Price is likely to consolidate in the green box before making a new move. The way the correction subdivides will give hints on how the next move plays out. Bottom structures typically take a long time to form and reverse when the bears are exhausted, so it’s best to stay patient for a clear structure.
Conclusion-
Whether you like it or not, StormX has done a remarkable job in the crypto space. Being founded in 2014 and still existing today is a legitimacy that other projects can't own. Being through multiple bull and bear markets and continuously building makes me bullish on what StormX will create in the future. A cashback product that helps users first and the business second is a win-win business model. In addition, seeing the StormX patch on the Portland, TrailBlazers shows that the StormX team will continue to grow as it was their best partnership in the years. Finally, the price of $STMX may fluctuate but the effort of the team throughout the years has been thriving.
Please note that this research is not financial advice and all views are my own