Cointelegraph recently announced that Storm Trade, a decentralized exchange offering perpetual futures trading across a variety of assets, has become a part of the Cointelegraph Accelerator program.
Decentralized exchanges, or DEXs, provide a platform for direct peer-to-peer trading without the need for centralized intermediaries. Despite their advantages, DEXs still face obstacles that hinder their widespread adoption, such as user-friendliness and onboarding difficulties.
Unlike centralized exchanges with intuitive interfaces, DEXs present a steep learning curve for new users, requiring them to handle wallet integration, private key management, and asset security on their own. This lack of user-friendly features can lead to costly mistakes, like a trader paying a $9,500 fee for a $120 trade or a valuable NFT being sold for less than a cent.
In addition to these issues, DEXs hold only a small share of the futures market, accounting for just 1.5% compared to centralized exchanges. This disparity is attributed to a lack of information and communication, making it challenging for DEXs to compete in the futures market.
Storm Trade aims to simplify the trading experience by offering a user-friendly platform accessible through Telegram and a web app. By integrating with Telegram, Storm seeks to make trading more engaging through social finance mechanics, gamification, and a referral program to encourage user participation.
The platform’s core functionality lies in its high-yield liquidity supply, made possible through its omni-vault and dvAMM models. With a team of 12 professionals based in Dubai, Storm boasts a daily transaction volume of $5-20 million, 300-700 active users, and over 250,000 connected wallets.
Storm plans to boost its volume and user base through a token launch on TONstarter in the second quarter of 2024, as well as listing on centralized exchanges. Supported by Pantera Capital, Storm aims to revolutionize decentralized trading and leave a lasting impact on the crypto trading landscape.
For more information on Storm Trade and its innovative approach to decentralized trading, visit their website.