Storm Trade X BeInCrypto AMA Session

In an AMA session with BeInCrypto, Denis Vasin, Lead Developer and Co-founder of Storm Trade DEX, unveils their decentralized derivatives trading platform’s innovative features and future plans on Telegram. By leveraging Telegram’s vast user base and seamless integration, Storm Trade aims to revolutionize the trading experience, making it as simple as chatting with friends. 

Denis discusses the platform’s high-leverage options, SocialFi mechanics, and strategic partnerships, highlighting how these elements combine to lower barriers for new users and create a vibrant, interactive community. 

Join us as Denis Vasin answers key community questions and shares insights into the future of decentralized trading.

Join BeInCrypto Trading Community, participate in our AMA sessions and earn cash prizes for your questions to our guest speakers!

AMA Session With Denis Vasin of Storm Trade

BeInCrypto: Today, we welcome the Lead Dev & Co-founder at Storm Trade DEX — Denis Vasin 🙌 

🗣 COMMUNITY
I’ll have some questions for Denis. After that, he will answer 5 questions from your (previously chosen).

Denis, let’s start with this point 👇

Storm Trade is described as the first decentralized derivatives trading platform on Telegram. Can you elaborate on why you chose Telegram as the primary platform and how this integration enhances user experience?

Denis Vasin: Hey guys! Thanks for having me here. Excited to engage with you!

Telegram is a massive and vibrant platform, and its user base is growing exponentially. In some countries, it’s become the go-to messenger for both personal and professional communication. Integrating with Telegram makes our exchange easily accessible and user-friendly. 

You don’t need to go through KYC or other checks, just open Telegram, create and connect a wallet, and start trading—all within a few clicks. We want trading to be as easy and familiar as chatting with friends. Try it out yourself – @StormTradeBot.

Moreover, we leverage the @wallet, an embedded wallet within Telegram that significantly simplifies the onboarding process for users new to crypto. This integration means users don’t need to install or manage external wallets or worry about selecting the right network. 

They can seamlessly use the @wallet to start trading, making the process virtually effortless. This not only enhances the user experience but also lowers the barrier to entry for newcomers to the crypto world.

BIC: This is what I understand as the beginning of an AMA session! So what are the key features of Storm Trade DEX that you believe are game-changers for users?

Denis Vasin: We have several cool features: high leverage up to x50, deep integration with Telegram, and SocialFi functions like team tournaments and distributing NFTs for participating in trading activities. 

We will continue to develop in the SocialFi sphere because we see, for example, with Notcoin, how simple mechanics can go viral within a few clicks, bringing a whole new audience to web3 and DeFi. We plan the same.

One of the key aspects that sets Storm Trade apart is our emphasis on SocialFi, which transforms trading into a social activity. In today’s world, trading is heavily influenced by social interactions, with numerous trading influencers and key opinion leaders (KOLs) driving trends and decisions. 

By integrating the exchange with a social network like Telegram, we bridge the gap between getting a trading idea and executing it. Users can quickly act on insights and signals shared within their network, significantly reducing the time from idea to execution.

Additionally, our platform supports community-building features such as team tournaments, where traders can collaborate and compete, enhancing the social aspect of trading. We also distribute NFTs as rewards for participation in trading activities, adding a gamified layer that makes the experience more engaging and rewarding. 

This combination of social interaction and financial activity within a single app not only makes trading more accessible but also fosters a vibrant, interactive community.

BIC: To attract the next 10 million DeFi users, what strategies are you employing to reach this ambitious target?

Denis: We rely on Telegram’s 900M user base, simplify the interface, and provide educational materials so newcomers can quickly get up to speed. We also run active marketing campaigns, partner with others, and incentivize early users through reward programs. 

For example, our utility token STORM’s TGE is coming soon, and we currently have a Reward Points program that rewards early users for every action on our exchange. Just opening your first position earns you 10 RP, which will be airdropped as STORM tokens.

Additionally, we’re doubling down on referral and viral marketing strategies. Inspired by the success of Notcoin’s viral campaign, we’re implementing a referral program that incentivizes users to invite others to the platform, creating a network effect that drives exponential growth. 

By offering rewards for both referees and referrers, we aim to tap into the power of social networks to spread awareness and attract new users organically.

Our platform’s SocialFi mechanics are another key feature that significantly enhances user engagement and growth. We integrate social elements such as team tournaments and collaborative trading challenges, which make trading a more interactive and community-driven activity.

BIC: Storm Trade offers leverage up to x50. What measures have you implemented to manage the risks associated with high-leverage trading? How does Storm Trade DEX ensure security and privacy for its users in general?

Denis: Since an exchange is a very serious matter, the safety of our users is our top priority. To manage the risks associated with high-leverage trading and ensure security and privacy for our users, we have implemented several key measures.

First, we conduct thorough audits of our smart contracts to ensure their integrity and security. These audits help identify and mitigate potential vulnerabilities, providing an additional layer of protection for our users’ funds.

Second, we allow users to trade using self-custodial wallets, which means they retain full control over their assets at all times. This approach eliminates the need for KYC procedures, enhancing privacy and ensuring that users’ personal information is not collected or stored.

Third, our platform incorporates a robust economic risk management model for liquidity providers. This model includes multiple risk parameters to ensure the stability and security of the platform. By carefully managing these parameters, we can protect liquidity providers from excessive risk and ensure the overall health of the trading environment.

Additionally, we employ a decentralized liquidation engine that efficiently handles the liquidation of positions. This engine ensures that liquidations are carried out in a transparent and decentralized manner, protecting the interests of both traders and liquidity providers.

It’s important to understand that our platform is designed so that users only risk the funds they have directly allocated as margin for a position. This means that even in the event of a significant market movement, users’ exposure is limited to the specific funds they have committed to their trades.

BIC: I’m impressed 👏 you mentioned SocialFi mechanics, including squad trading tournaments and copy trading. How do these features contribute to community engagement and platform growth?

Denis: Great question! One of our goals is to make trading fun. Users should feel like they’re part of something exciting and interesting. For example, we’re planning to add squads for the Telegram channel or chat owners. By joining a squad, groups of traders can compete against each other and win unique prizes. The competitive spirit and engagement will create an active organic community around Storm Trade.

Additionally, our upcoming copy trading feature is a game-changer for community engagement and platform growth. We will enable copy trading pools bound to Telegram channels for trading influencers and key opinion leaders (KOLs). 

This allows followers to automatically replicate the trades of their favorite influencers within the same platform they use for social interactions. By integrating copy trading directly with Telegram, we make it easier for users to discover and follow successful traders, enhancing their own trading strategies and outcomes.

These features—squad trading tournaments and copy trading pools—foster a collaborative and competitive environment. They transform trading from a solitary activity into a communal experience where users can learn from each other, share strategies, and celebrate successes together.

BIC: You plan to launch deep Telegram integration. Can you share more details about the upcoming features and expected impact? 👀👀

Denis: When we talk about deep Telegram integration, we mean creating a seamless and intuitive trading experience directly within the app. Traditionally, when a Telegram channel author shares a market entry opportunity, users have to navigate through multiple steps on an exchange—logging in, finding the pair, setting the leverage and amount, stop loss / take profit; and performing additional steps. This process can be time-consuming and might cause users to miss optimal entry points.

With Storm Trade, we are developing features that simplify this process. Channel authors will be able to create and share links with pre-set trading parameters. Users can simply follow these links, connect their wallets, and instantly open positions. This makes trading much more efficient and user-friendly, especially for those who follow trading signals.

Additionally, we leverage Telegram bots as a notification mechanism for our decentralized trading platform. These bots can send real-time updates and alerts about market movements, order execution, and other important information, ensuring that users stay informed and can act quickly.

This comprehensive integration with Telegram is geared towards crafting an unparalleled user experience within our web3 application, addressing the prevalent issue of non-user-friendly interfaces across many web3 apps. 

By simplifying trade execution steps and harnessing familiar notification systems, we’re dedicated to offering a seamless and intuitive trading experience. 

This focus on UX is poised to significantly improve accessibility and responsiveness, driving enhanced user engagement and facilitating platform growth amidst a landscape where user-friendly web3 applications are scarce.

BIC: With the launch of your token $STORM on the horizon, what impact do you anticipate it will have on the platform and its users?

Denis: The $STORM token will be the heart of our ecosystem, offering numerous benefits to our users. It will provide discounts on trading fees, allowing users to maximize their profits. 

Additionally, $STORM holders will have the opportunity to participate in governance, giving them a voice in the platform’s future development and decision-making processes.

We’ve also designed an effective deflationary token mechanism. A significant portion of protocol fees—30%—will be distributed to stakers, incentivizing long-term holding and supporting the token’s value. This mechanism not only rewards our users but also helps maintain a healthy and sustainable ecosystem.

BIC: What innovations or trends in blockchain technology are you most excited about, and how do they align with Storm Trade DEX’s plans?

Denis: Blockchain technology is evolving rapidly, and several innovations and trends particularly excite us at Storm Trade DEX. These advancements align perfectly with our plans and vision for the future.

Firstly, the rise of Social-Fi platforms is a major trend we’re enthusiastic about. Social-Fi combines social networks with decentralized finance, fostering community engagement and collaborative trading experiences. 

Secondly, the integration of AI in trading data analysis is another exciting development. AI algorithms can analyze vast amounts of trading data to identify patterns, predict market movements, and provide actionable insights.

Thirdly, perpetual decentralized exchanges (perp DEXs) and synthetic assets represent significant innovations in the DeFi space. Perp DEXs allow for continuous trading of assets without the need for traditional expiration dates, providing users with greater flexibility and opportunity. 

Synthetic assets, on the other hand, replicate the value of real-world assets on the blockchain, broadening the range of trading options available. 

 As a platform operating on the TON network, we are eager to capitalize on its high-speed, low-latency transaction capabilities to ensure a seamless trading experience. To complement this endeavor, we are rolling out innovative features such as Wallet v5 with gasless transactions and one-click trading functionalities. 

Additionally, we’re implementing account abstraction, a feature that allows users to interact with smart contracts without needing to manage gas fees directly. Gas fees have traditionally posed challenges for users, often causing delays and hindering the trading process. 

By introducing gasless transactions and simplifying trading to just one click, combined with account abstraction, we aim to alleviate these issues and provide users with a smoother, more efficient trading experience. 

These advancements in transaction processing and user interaction will enable us to efficiently handle higher trade volumes, reducing wait times and enabling users to capitalize on market opportunities without delay.

BIC: What advice would you give developers looking to enter the DeFi space and build their platforms?

Denis: For developers looking to enter the DeFi space and build their platforms, my advice would be to immerse yourself in the ecosystem and stay up-to-date with the latest developments. Participating in hackathons and diving deep into the open-source code can provide valuable insights and practical experience. 

However, it’s crucial to remember that success in DeFi goes beyond just technical proficiency. Focus on building user-friendly interfaces and ensuring robust security measures to instill trust in your platform. Additionally, don’t underestimate the importance of product development, marketing, and community engagement. 

Listen to your users, respond to their feedback, and cultivate a strong community around your platform.  Also, to all developers out there, remember to prioritize both the technical and community aspects of your project—it’s the key to long-term success.

BIC: Ok, let’s move to the questions from our Community 🔥
@Kennedy192 wants to know:
What strategies and incentives does Storm Trade employ to encourage user engagement and liquidity provision on the platform? How does the tokenomics of Storm Trade support these goals?

Denis: That’s a great question. Let’s delve into how liquidity provision works on Storm Trade and the strategies employed to encourage user engagement. Traders engage in trading by providing collateral when opening positions, and Storm Trade offers leverage to these traders. 

To facilitate this leverage, external liquidity is utilized, and this is where liquidity providers play a crucial role. By supplying liquidity to Storm Trade, users enable trading activities, and in return, they receive 70% of all protocol fees generated. 

Additionally, we employ liquidity mining as an incentive mechanism, rewarding users with rewards points for providing liquidity. In the future, these rewards points may be converted into Storm tokens, further incentivizing liquidity provision. The Storm token serves as a buffer, enhancing the liquidity model and facilitating smoother transitions. 

Notably, liquidity provision on Storm Trade differs from traditional models, as it involves providing liquidity in a single token rather than through multiple pools, offering an attractive APR of 73% on USDT at present. These strategies collectively incentivize user engagement and liquidity provision, fostering a robust and vibrant ecosystem on Storm Trade.

BIC: @BGerbara:
Can you discuss any partnerships or collaborations Storm Trade has established with other projects or platforms in the blockchain and cryptocurrency space, and how these partnerships are expected to enhance the platform’s offerings and reach?

Denis: Yes, our partnerships are integral to our ecosystem’s growth and vitality. We prioritize collaborations with other projects and platforms in the blockchain and cryptocurrency space, leveraging synergies to enhance our offerings and expand our reach. 

Our partnerships span a range of areas, including ecosystem projects, investment funds, and media resources. We regularly host partner tournaments with enticing rewards, fostering engagement and community involvement. These tournaments incentivize users to trade on Storm Trade, climb the leaderboard, and compete for prizes. 

Additionally, we collaborate with prominent investment funds that have invested in our platform, providing valuable support and resources. Furthermore, we are excited to announce our collaboration with Pyth Network and Stork, oracle data providers network, which allows for low-latency price feeds on Storm Trade. 

These partnerships not only enhance our platform’s capabilities but also reinforce our commitment to providing users with reliable and up-to-date market data. We extend our gratitude to all our partners for their ongoing support and collaboration, and we look forward to continuing to strengthen these relationships in the future.

BIC: @NilsaTellez50:
The concept of “Trade Everything” is intriguing. Could you elaborate on how Storm Trade enables users to trade a diverse range of assets, including both cryptocurrencies and real-world assets, within a single platform?

Denis: Certainly! At Storm Trade, our commitment to “Trade Everything” extends beyond cryptocurrencies to encompass a diverse range of assets, including real-world assets, all within a single platform. 

We’ve recently added approximately 20 major cryptocurrency market-leading tokens to our platform, providing users with access to a wide array of trading opportunities. For instance, we recently listed NOTcoin futures, which have already gained significant popularity among our users. But our vision doesn’t stop there. 

We’re actively working on expanding our offerings to include assets beyond cryptocurrencies. Imagine being able to trade Forex and commodity assets directly from Telegram. Picture the excitement of trading oil futures or shorting gold at historic highs, all within the convenience of our platform. 

At Storm Trade, we’re dedicated to empowering users to trade a diverse range of assets seamlessly, making the world of trading more accessible and exciting than ever before.

BIC: @Huyenlay:
What distinguishes TON-Margined trading on Storm Trade from traditional stablecoin-based trading, and how does it expand the trading opportunities for users?

Denis: TON-Margined trading on Storm Trade offers a significant departure from traditional stablecoin-based trading, presenting users with unique advantages and expanded trading opportunities. TON margin futures represent a notable breakthrough for the TON ecosystem, as they enable TON to be utilized as collateral for positions and to pay commissions. 

With TON margin futures, users no longer need anything else in their wallets besides TON, streamlining the trading process and enhancing convenience. As the TON ecosystem approaches mass adoption, Storm Trade is poised to emerge as one of its flagship platforms, driving further growth and adoption. 

It’s worth noting that while TON-Margined trading caters specifically to the TON adopter community, USD-Margined futures remain the most popular crypto trading product, generating 90% of all volume. 

Thus, Storm Trade’s provision of both TON-Margined and USD-Margined futures caters to a broad spectrum of users, ensuring inclusive access to trading opportunities within the platform.

BIC: @sondeptrai5:
Can you explain how Storm Trade addresses concerns regarding slippage and front-running in decentralized trading? How does Storm Trade facilitate cross-chain trading, if at all?

Denis: Yeah, that’s a good question. As we have already said, the security of our users and assets is paramount to us. To avoid frontrunning we use powerful onchain price oracles which, thanks to our partners like Pyth Network and Stork, allow us to get prices updated several times per second with minimal risk of latency. 

We continuously audit all our smart contracts and utilize robust risk management metrics to ensure our liquidity providers remain protected at all times.

BIC: Ok, great, that’s it! Denis, thank you for having time today 🖤

Denis: Thank you for inviting me!

Conclusion

As the AMA with Denis Vasin concluded, we gained some interesting insights about Storm Trade. By integrating deeply with Telegram, offering high-leverage options, and incorporating SocialFi mechanics, Storm Trade aims to create a seamless, engaging, and user-friendly trading experience. 

Denis’s insights into the platform’s innovative features, strategic partnerships, and future plans show a commitment to revolutionizing derivatives trading. With its focus on accessibility, community, and cutting-edge technology, Storm Trade DEX is set to lower barriers and attract a new generation of traders.