Cashback rewards for purchases have lengthy been a well-liked tactic utilized by banks and bank card corporations to entice customers to make use of their companies.
A number of cryptocurrency corporations like BlockFi and Coinbase have revealed future plans to supply cryptocurrency-backed debit and bank cards that provide cashback rewards in Bitcoin and StormX (STMX) has joined the gang.
StormX (STMX) is a gamified market that permits customers to earn STMX in addition to different cryptocurrencies for buying at one in every of its on-line community companion shops or by finishing micro-tasks via its app.
Knowledge from Cointelegraph Markets and TradingView reveals that the value of STMX has surged greater than 2,800% over the previous two months, going from a low of $0.0028 on Feb. 1 to a excessive of $0.083 on Feb. 20 as will increase in staking, big-name retailer integrations, and optimism in regards to the launch of debit card helped propel the token worth larger.
Staking incentives entice lively customers
One of many most important driving forces behind progress within the cryptocurrency sector over the previous yr has been decentralized finance, which has supplied a means for crypto holders to generate income and earn a yield on their holdings with out making a taxable occasion.
StormX presently provides a 17.5% yield on STMX tokens and the cashback rewards are elevated for token holders.
In accordance with information from the StormX app, there are presently 799.7 million STMX tokens locked on the protocol, equating to a complete worth locked of $43.2 million on the time of writing.
Partnerships and community growth result in adoption
In accordance with the challenge’s web site, the StormX partnership community already comprises greater than 700 shops and web sites from world wide, with extra being added weekly as cryptocurrency adoption grows.
A scroll via the challenge’s Twitter feed additionally reveals common promotional occasions with big-name retailers like Walmart, eBay and Kroger, in addition to cashback provides for different bills like hotel accommodations and on-line studying programs at Udemy.
Cryptocurrency rewards can vary from 0.5% to greater than 85% relying on the shop and the customers’ membership stage. Customers have the choice to obtain their rewards in Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Dai (DAI), Yearn.finance (YFI) or STMX.
StormX joins in on the debit card pattern
A 3rd purpose for the robust progress and constructive ahead outlook for StormX might be discovered on the challenge’s roadmap.
The event workforce is presently working to combine debit card performance to the StormX app which can enable customers to immediately use their cryptocurrency holdings to pay for purchases and earn rewards on the identical time.
As a strategy to get the neighborhood concerned in its improvement, StormX launched its first open-source bounty competitors by calling for designs for its future debit playing cards and supplied $100 in DAI to the successful submission.
The workforce additionally plans to introduce on-chain governance voting to resolve if new reward currencies ought to be added to StormX.
Including assist for added tokens may open the ecosystem to new buyers who could be desperate to spend their cryptocurrency on on a regular basis purchases.
With a wide-ranging partnership community and person incentives like token staking and cashback rewards on frequent purchases, the StormX ecosystem is well-positioned to see additional progress, assuming that the mainstream consciousness and adoption of cryptocurrency will increase.
The views and opinions expressed listed below are solely these of the writer and don’t essentially replicate the views of Cointelegraph.com. Each funding and buying and selling transfer includes danger, you need to conduct your individual analysis when making a choice.