Perpetual futures on Telegram: Storm Trade joins Cointelegraph Accelerator

Cointelegraph has announced that Storm Trade , a decentralized exchange that enables users to trade perpetual futures across various assets, has joined the Cointelegraph Accelerator program.

Decentralized exchanges (DEXs) enable direct peer-to-peer trading by eliminating the need for centralized structures. However, DEXs still face significant hurdles that prevent widespread adoption , such as ease of use and onboarding.

Unlike centralized exchanges that offer user-friendly interfaces, DEXs have a long learning curve for newcomers as they leave wallet integration, private key management and asset security up to the user.

Since wallets, exchanges and protocols are not easy to interact with, some users may lose money due to human error. For example, a simple user error caused a trader to pay a $9,500 fee for a $120 trade. In another unfortunate case, a nonfungible token (NFT) worth $1.2 million was mistakenly sold for less than a cent .

Onboarding issues reduce DEX volume

In addition to deficiencies in the user interfaces, DEXs have a limited share in the futures market. Data reveals that DEXs hold only a 1.5% share of the futures market, lagging significantly behind their centralized counterparts.

The share of DEXs in the derivative trading market is only 1.5%. Source: CoinGecko

The lack of information and communication contributes to why DEXs face challenges in gaining market share in the futures segment compared to CEXs.

Many users learn trading from Telegram key opinion leaders (KOLs). Eventually, users complicate the trading process and can potentially be misinformed. These challenges underscore the need for improved user experience, advanced trading and reliable educational resources in the DEX ecosystem.

Simplifying access to trading

As a decentralized exchange available on Telegram and a web app, Storm allows users to trade perpetual futures on cryptocurrencies, stocks, forex, and commodities. By integrating with Telegram, Storm aims to make trading as easy as possible while using social finance mechanics to make trading less boring. The platform includes gamification and a referral program to encourage user engagement and growth.

In addition to its user-friendly approach, Storm, a user-centered platform, streamlines the process of going from a KOL’s post on Telegram to opening an exchange and starting trading. Users can trade, manage their portfolios, and access market data within the confines of their Telegram app.

Trade everything on Storm Trade ⚡️ pic.twitter.com/dzQ1lxDYyr

— Storm Trade ⚡️ (@storm_trade_ton) April 2, 2024

At the core of Storm’s functionality, the basis of its operation is the supply of high-yield liquidity. With its omni-vault and dvAMM models, Storm brings together liquidity from all sources, providing strong liquidity, reducing slippage and improving trade execution.

Supported by a dedicated team of 12 based in Dubai, Storm has a daily transaction volume of $5-20 million, 300-700 active users and more than 250,000 connected wallets.

With the token launch on TONstarter in the second quarter of 2024, Storm expects to raise the volume and wallet counts. The platform is also set to be listed on central exchanges (CEX), marking an important milestone in its journey.

Additionally, Pantera Capital, an investment firm focused on blockchain and crypto ventures, mentioned Storm’s potential. In a recent blog post, Pantera noted that Storm delivers over $10 million in daily trading volume and believes similar TON native Telegram bots will be the user experience of choice for many traders.

Storm is building its strategic growth plans with new users who will join the blockchain area via Telegram, which reached 900 million monthly active users. With constant updates and improvements to its app, Storm wants to promote decentralized trading and aims to create a permanent impact on crypto trading in the long term.