Q1 Roadmap Update, and beyond

Simon Yu
Simon YuMar 28, 2022
Q1 Roadmap Update, and beyond

Hello Stormers!

Time is flying by, and I am excited to share another update with you all. A lot has been going on at StormX HQ, so I wanted to personally talk about some of these exciting developments. So, let's get stuck in!

Introducing: Athens

First, we’re excited to have launched the Athens governance token ($ATH) last week. Our team has been diligently working on this for a long time, and we’re excited to release this as it’s a huge step forward to decentralization for StormX. If you haven’t read about the recent updates, please check out this blog.

StormX is ultimately building and improving its product offerings for you, our users. Because of this, we want to enable the community to help by making direct contributions to the StormX ecosystem. We all know Apple is making record profits with its iPhones. Still, compared to a decade ago, it is clear that the innovation on their phones has slowed. . Would this still be the case if users could voice their opinions and have an actual say as to how the product should evolve?

I know, it sounds crazy, right? But with governance, this is exactly what we plan to achieve. By allowing StormX users and the community to decide how StormX evolves positively for everyone, we aim to continue innovating.

We will have weekly governance calls set up and actively discuss proposals on our Discord channel. Be sure to join if you haven’t already.

Based on some of the early feedback, here are the first three proposals that will go live shortly after the claim period for the ATH tokens end.

1) Close the STORM <-> STMX swap.
2) Turn on liquidity mining for governance token.
3) Add VGX as a reward for the app.

If you haven’t claimed your tokens yet or want to check how many you are eligible for, please click here

We’re looking forward to connecting with you soon!

Cashback on-the-go

Here at StormX, we are incredibly excited to release the debit card to the public. We’re currently moving through our initial testing phases, and once completed will be moving on to the beta. Once we are happy that the product is working as intended, we will be releasing the debit card starting with virtual cards.

The beeping sound means you're earning crypto...

It is unfortunate that due to timelines from our external partners, the card has been delayed, and the timing has been out of our control. Regardless, the team has continued to build the infrastructure needed around these hindrances and will be able to swiftly progress once the final pieces from our third-party partners are completed.

We understand you’re all excited to start using your card, and as we continue to make progress, we will also continue to keep you posted on all debit card milestones.

It pays to know people

For those of you who are in our Discord channel, you may already be aware that Alex (CPO, StormX) hinted at this. So we’re happy to confirm, we have a new referral program on the way.

The current StormX referral program was designed to earn high rewards for our users, but with the membership price increasing significantly, it became much harder for users to earn these rewards. This is why we are revamping our entire system and replacing it with one that will be far more beneficial for users.

We will be releasing more information on just how later, so be sure to keep an eye on our socials, and community channels.

Utility in action

We’ve reached an all-time high for TVL this quarter. Much of it coming through direct wallet integrations with exchanges allowing users to connect their STMX balance more easily.

During this quarter, we added exchange wallet integrations for Binance and Kucoin, allowing users to upgrade their reward membership or stake without having to incur gas fees and transferring to their Web3 wallet.

With our estimate, we’re currently at around 250,000-300,000 reward members, including the users who are directly connected through exchanges. With the referral system and expansion into other products, we’re still aiming to reach the 1 million reward members milestone this year.

Things are looking good

If you have used the app in the last few weeks, you’ll have noticed several design changes geared towards making it easier for users to earn and use the StormX app. These include a complete overhaul to the memberships tab, along with some UI optimization tweaks.

Tasty new flavors, same great app

One of our main priorities at StormX is to continue making the products and user experience more straightforward. We want anyone, regardless of how technical they are, to be able to earn Crypto Cashback with ease.

Future for StormX this year.

2022 has started strong, during the first quarter of this year, we have been hard at work hiring, and upgrading our team across all departments. Most importantly, we’ve tripled our engineering team and within the next few months, our plan is to increase it to 10x the size that we started the year with.

Up until recently, we’ve operated with a very small engineering team. However, with a bigger team, we are able to expand all aspects of the StormX ecosystem and further increase the utility of StormX tokens as well. Our goal? More ways to earn for our users.

But as always, that’s what it comes to. Since the inception of StormX, my and Calvin’s goal has first and foremost been to allow all that use our app or Chrome extension to be able to earn. We started with rewarded videos, added micro-tasks, shopping, staking, and we’re not even remotely near being done.

Is a bigger engineering team the holy grail? Of course not, but this increased team size allows us to realize some of the expansion plans that we have. So, what do we have on the horizon? Well, we’re thinking NFTs, blockchain gaming, and you guessed it, more ways for you to earn.

The StormX Debit Card is at the forefront of our efforts, and we’re excited to add more utility to STMX. However, it’s worth mentioning that the utility we see for STMX today, is only a fraction of what we envision for the near future.

But wait, what about ETH Chain?

Finally, I’d like to address the suggestions our community has been asking us to switch to a chain that is more cost-efficient than Ethereum. Yes, there are several layer 1s that have cheaper transaction costs than Ethereum, but there are often tradeoffs between accessibility and gas fees. To date, we just haven’t found the perfect candidate in terms of chains. At least not one that fits all our criteria of having StormX being the easiest way to earn using blockchain technology.

Regardless, we have plenty of excitement planned for the rest of 2022 and we’re looking forward to building and connecting with you all!