Hey folks, I’ve been on a run of writing about low marketcap coins, and today’s article is no different. In today’s article I’m going to be doing a deep dive on $STRX, the native altcoin of Storex, a #RWA-project that’s seeking to revolutionize the e-commerce landscape with blockchain technology. But before I talk about some of the tokenomics of $STRX, let’s dive into Storex and what they’re trying to build.
What is Storex?
Still in open beta, Storex’s site on the surface level looks very similar to ebay, one of the most well known e-commerce exchanges. With a total marketcap of $22.66 billion, ebay made a reported $2.39 billion dollars so far this year, and for the web2 e-commerce giant, this is pretty much par for the course:
As profitable as ebay may be, it still is considered a 3rd party exchange where revenue is primarily generated from sellers; fees which can go up to 15% for products sold, or flat rates on insertion fees for advertisements, which can go up to $300 dollars depending on how long you want it running for.
Storex is taking e-commerce to the next level by adding revenue share through its $STRX token. On Storex, sellers who take $STRX as a form of payment will have zero fees, and vice versa buyers can earn $STRX if they choose to use $STRX (essentially giving a cashback return) as their form of payment when purchasing an item.
To be clear, as long as it’s allowed by the seller, multiple options for payment are able to be selected by the buyer, including:
($FOOBAR is the default token for beta testing)
$STRX Tokenomics
Supply: $STRX has a reported fixed supply of 2 billion tokens, and at the time of writing has a current price of 0.00047 cents, or in other words, approximately 2120.86 $STRX per dollar. This gives $STRX a FDV of roughly $940k, which means that not only does it have an extremely tiny marketcap, but that there’s great likelihood for market volatility as well too.
XPR Network: $STRX currently exists on Ripple’s XPR Network (formally known as XPR Proton). Personally, I’m not the biggest fan of Ripple and its’ tokenomics, but some of the advantages of existing on XPR is that $STRX is integrated with the WebAuth wallet, and all transactions (including listing, buying, etc.) can be done without the need of gas or fees — something essential if you’re wanting to gain mass adoption many sellers and buyers. $STRX used to be an ERC-10 token on Ethereum, but they migrated over to XPR back in November October 2021 (understandably so because its doubtful that any anyone would want to transact, selling a $20 vase but then have to pay $70 dollars in gas fees.)
Utility: As I mentioned previously, $STRX has direct utility through the platform from buying and selling items, but it’s also the only method of payment that will be available for sellers that want to upgrade their “storefronts” through either promotion or advertisements. Locking 500k $STRX will allow one to participate in Storex’s Governing Council, but from what I’ve gathered, much like the Storex platform itself, this has yet to be fully launched.
As I mentioned before, we’re still early.
The Storex team had initially planned launching on Ethereum, but as I pointed out before, with the rise in gas fees they had made a pivot to one that didn’t require any at all. The marketplace storex.io is still in beta, and many of the functions on the website are limited. That being said, you can help test out their platform and earn 1000’s of $STRX in the process through their Zealy questboard:
The quests are completely free, but the main ones comprise of simply putting up fake listings (no KYC required) and interacting with others. Additionally from a unmigrated V1 tokens left from Ethereum a reward pool has been formed, users can also currently stake the $STRX they earn with a variable APR of 9.81%:
Conclusion
Besides developing a complete platform, I anticipate a lot of hurdles that the Storex team will have to overcome before truly gaining mass adoption. Primarily with crypto-native users, privacy is a significant concern, and anyone who has been around long enough is surely aware of the problems that previous crypto-friendly e-commerce platforms such as the Silk Road have encountered in the past. Regardless, Storex has clearly put a lot of forethought into some of these considerations, and so I truly hope that they’re successful and that we’ll see more projects like these come out in the future.
And as always, thanks for taking the time to read this and be sure to follow me on twitter (https://twitter.com/CryptosWith) to get all my latest updates. Also, looking for a gift for your Crypto-loving/hating friend? Give them a REKT journal to cheer them up!
Disclaimer: And as a final reminder, this is not financial advice and this is for educational and entertainment purposes only. Please as always, do your own research and find what investments are best for you. Cheers everyone!
