Cashback rewards for purchases have lengthy been a preferred tactic utilized by banks and bank card corporations to entice customers to make use of their providers.
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 group.
StormX (STMX) is a gamified market that enables customers to earn STMX in addition to different cryptocurrencies for purchasing at one among its on-line community accomplice shops or by finishing micro-tasks by its app.
Knowledge from Cointelegraph Markets and TradingView exhibits 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 value larger.
Staking incentives entice lively customers
One of many fundamental driving forces behind progress within the cryptocurrency sector over the previous 12 months has been decentralized finance, which has provided a method for crypto holders to earn money and earn a yield on their holdings with out making a taxable occasion.
StormX at the moment presents 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 at the moment 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 venture’s web site, the StormX partnership community already incorporates greater than 700 shops and web sites from around the globe, with extra being added weekly as cryptocurrency adoption grows.
A scroll by the venture’s Twitter feed additionally exhibits common promotional occasions with big-name retailers like Walmart, eBay and Kroger, in addition to cashback presents 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 could be discovered on the venture’s roadmap.
The event group is at the moment working to combine debit card performance to the StormX app which can permit customers to straight use their cryptocurrency holdings to pay for purchases and earn rewards on the identical time.
As a option to get the neighborhood concerned in its growth, StormX launched its first open-source bounty competitors by calling for designs for its future debit playing cards and provided $100 in DAI to the successful submission.
The group additionally plans to introduce on-chain governance voting to resolve if new reward currencies needs to be added to StormX.
Including assist for extra tokens might open the ecosystem to new traders who is likely to be desperate to spend their cryptocurrency on on a regular basis purchases.
With a wide-ranging partnership community and consumer 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 creator and don’t essentially mirror the views of Cointelegraph.com. Each funding and buying and selling transfer includes threat, it’s best to conduct your individual analysis when making a call.