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Token Swap 2.0

Alex Hidalgo
· 2 min read
Untitled design

Great news Stormers! ⛈️

We are breaking ground on the token swap proposal to assist those community members that did not make the cutoff for last year's token swap which was open for 5 months. This starts us off on the long awaited path towards governance!

For those that already have $STMX tokens, there is nothing else you need to do. The swap only affects less than one percent of users who need to swap from STORM to STMX tokens.

We'll explain two major parts below. The first is how we'll allow the community to vote on the token swap proposal and the second is how the token swap being proposed will actually work.

How do I vote?

We are currently working on a voting mechanism that will allow all StormX app users the ability to vote on whether the proposal should be implemented or not. Here's how it will work.

REMINDER This is not live yet. We are starting our dev research at the end of the month. Its possible we may need to tweak the voting mechanism.

  1. Download the StormX Chrome extension or mobile app
  2. Connect a wallet to your StormX app account
  3. Visit the Vote menu on the More tab in the mobile app or extension
  4. You'll be navigated to the proposal on https://snapshot.page
  5. Connect your Rewards Wallet to Snapshot
  6. Vote YES or NO.
    1. Each voter gets 1 vote. No STMX tokens are needed and no gas is required.

That's it! 🥳 The vote will last for 2 weeks which is several times longer than the standard voting windows in DeFi.

What are we voting on?

Up to a few hundred StormX token holders missed the token swap window last year. We're voting on a mechanism to allow them to swap this year. Just to be clear, the swap will re-open, we are just voting on the details of how to run the swap.

The following are the requirements for a wallet address to be eligible for the swap:

  1. The wallet currently holds STORM tokens
  2. The STORM tokens were in the wallet before the end of the last swap on X date Y timestamp

If the wallet address meets these requirements then the wallet owner can submit their wallet address to an online form which will be verified for eligibility. We understand using a smart contract to do this would be nifty, but using a form is the fastest way to help these community members ❤️ and kick off governance 🏛️

The swap would stay open until the community votes to close the swap again. We don't anticipate the swap taking too long.

OK, gang that's the update! Thanks for reading and we'll follow up with the development progress as the engineers make way.

We also need a sweet governance meme. Anyone willing to make one hop into our Discord 👋

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