What is StormX (STMX)? An Overview of the Project
Bridging the gap between Web2 enthusiasts and the world of crypto, StormX has crafted a unique approach. Their shopping app offers users the chance to earn crypto cashback.
Project's Mission
StormX seamlessly melds the crypto realm with daily routines, offering an intuitive and user-centric crypto experience. The project was co-founded by Simon Yu (CEO), and Calvin Hsieh (CTO).
StormX: Paving the Way for Broad Crypto Acceptance Source: https://twitter.com/stormxio
In essence, StormX marries traditional online shopping with the power of blockchain. With the app, users can earn crypto cashback on purchases, get rewarded for completing tasks, and benefit from staking the project's native token STMX.
StormX partners with over a thousand diverse brands, among which are Amazon, eBay, Adidas, New Balance, Nike, Levi's, Lego, and many others. To get started, users simply need to download the app or activate the browser extension in Chrome, choose an online retailer, make their purchase, and earn Crypto Cashback. The cashback percentage can range from as low as 0.9% to upwards of 87%, depending on the retailer and the user's reward tier on the platform. Users can withdraw their cashback once they accumulate $10 or more.
StormX features over 1,000 online stores from renowned brands Source: https://twitter.com/stormxio
Additionally, StormX offers several enticing features for its users:
- A debit card that provides up to 5% crypto cashback on standard purchases and up to 8% for Amazon orders. Currently, the card is being updated, and its services are on hold.
- The StormX Bracket Challenge focuses on the top-tier NCAA Division I track and field events. Participants have a chance to win $1 million in STMX and can also design their own NFT, which updates daily based on the points they accumulate.
- An option to stake STMX tokens. Those earned through shopping can be staked, yielding an annual return ranging from 10% to 50%, with the option to unlock the staked STMX at any time.
StormX (STMX) Token
Purpose
StormX (STMX) is the native token of the StormX platform, adhering to the ERC-20 standard. It's crafted to provide crypto cashback, offer staking benefits, and serve as rewards for those engaging in The StormX Bracket Challenge.
Tokenomics
StormX first graced the market scene in 2014, and by 2017, it ventured into a crowdsale of its native StormX (STMX) token. Back then, each token was going for $0.011. Impressively, the endeavor raised a hefty sum of over $30 million, drawing the interest of more than 2 million enthusiasts.
The total supply of STMX tokens was an ample 10 billion. Their distribution broke down as follows:
- Crowdsale: 41.74%
- Reserved for company initiatives: 25%
- Locked tokens: 23.26%
- User allocation: 10%
In the summer of 2020, StormX decided on a token transition, switching their ticker from STORM to STMX. This fresh smart contract came with a bolstered layer of security and the added feature of token staking.
Current Market Situation
According to coingecko.com, as of this article's penning, StormX (STMX) comfortably sits in the 345th slot of the cryptocurrency hierarchy. It's currently trading at $0.00520667. Its market cap has surged past $57 million, its circulating supply stands at 11 billion, and it has been recording a daily trading volume of $6.3 million.
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