Proposal: Add New Token To Withdrawal List

Lets discuss what token we should add to the withdrawal list in the app next

Add Withdrawal Token Soft Poll
  • DOGE
  • AVAX
  • BSC
  • MATIC
  • SOL
  • FTM
  • ADA
  • SHIB
  • PLU
  • BAT
  • HNT
  • EGLD
  • GALA
  • BNB
  • CRO
  • UNI

0 voters

2 Likes

From what I’ve seen, Dogecoin has been mentioned a fair bit - I think this might be a good addition.

It’s been a pretty well known throughout the crypto industry for quite a while. The network it is on is very cheap in terms of transferring. Simon and Billy (Creator of Dogecoin) have had some good interactions through Twitter.

I’ve also seen some pretty nice stories of local businesses/stores/traders accepting Dogecoin. From the Doge communities I see, they are pretty wholesome and most are shared in the vision to get cryptocurrency to be more mainstream.

I’m happy to hear any arguments against adding it, but from where I stand, it would be a good idea to add this.

1 Like

Nice. No argument against Dogecoin.

I think at the end of the day we want to add a token that’s judged based on some criteria we agree on for example:

User Demand or Community Critieria

  • Demand for current StormX users to withdraw into this token (1-10)
  • Overlap with another community causing increase in StormX community (1-10)

Technical Criteria

  • Effort/cost for integration (1-10) erc20 or not
  • Some minimum liquidity required via cefi/defi (hard minimum)
1 Like

Dogecoin would be good, i agree. I think some heavy hitting protocols would be smart too if at possible.

Some users would wants avax/bsc/polygon/sol/ftm etc.
and dare i say it… xrp (but legal issues )

2 Likes

I would like to see VGX be added.

2 Likes

Awesome! So far it sounds like the most interesting coins to add are

  • VGX
  • DOGE
  • AVAX
  • BSC
  • MATIC
  • SOL
  • FTM
1 Like

Not sure how possible it is but would like to add to the list(Technical Criteria):
ADA
SHIB

I personally choose those 2 despite the fact that I’m not interested in these projects is that they have almost cult like and big communities.

3 Likes

PLU (Pluton), the token used by the Plutus debit card, would be another good one to add. I could see myself using the StormX debit card more often, more so than Plutus, but would still like to accrue PLU to work towards their higher reward tiers to unlock more Perks when I’m not using their card. I think this would be more of a Euro/UK-centric request at the moment!

BAT (Basic Attention Token) would be a good one to add. Finally, we could accrue BAT while not being on our phone or desktop. Another utility coin with the ability to tip publishers on the web and also to be used as currency on web apps, though I believe it’s yet to take wide adoption, certainly a worthwhile investment if it does become more commonplace, in my opinion.

3 Likes

How about Luna Inu?! (joking lol)

All jokes aside I am a big supporter of adding DOGE, SOL, or AVAX

Alex, would DOGE be an easy one considering it is very similar to BTC and LTC? I’m a bit ignorant on how much effort would be required, but assuming it is very similar to those 2 and knowing that StormX already supports them I just assume it would be relatively simple. please correct me if I’m wrong.

As far as ERC-20’s go I think VGX would be a good idea considering the great relationship between StormX and Voyager, although I’m unsure about how many new users it would attract. That being said if it’s pretty low effort it seems like a no-brainer to just do it anyway.

2 Likes

The community has voted to move forward with a New Withdrawal Token proposal during today’s call!

What’s next?
We have until next Friday July 15th to add token recommendations via commenting on Proposal: Add New Token To Withdrawal List - #2 by GoldBoi We already see some consensus forming around a few tokens so take a look :eyes:

On July 15th we’ll open a soft poll that will run for one week with 10 tokens to choose from. The top 5 will be used in the Snapshot proposal.

On July 22nd we’ll launch a Snapshot proposal with those 5 tokens for the community to pick one winner.

In August we’ll start work towards integrating that new withdrawal token.

Some selection criteria includes the following which is still up for discussion.

  1. Not a scam token = Due diligence TBD
  2. Some minimum liquidity & slippage = TBD
  3. Recognized on the Coingecko Token List. Ethereum token lists
  4. Not a token that enforces a transfer fee. This is whereupon transaction, a portion of the sent amount of tokens is redirected to another wallet.
  5. Audited contracts
  6. Token has been active for more than 90 days
  7. Circulating supply must be more than 10% of total supply
  8. Real economic activity

Additionally, we agreed that there should be an action plan for a withdrawal token that becomes insolvent. The team should remove that token immediately if it fails some criteria such as liquidity or failed contracts.

1 Like

I’d like to see the Helium HNT token added.

1 Like

I’d like to see EGLD added

1 Like

GALA. might not be a bad token to check out being it’s a play to earn token who knows maybe the people in the community would want to shop to earn also.

1 Like

Scratch HNT. It’s not an Ethereum token

Has anybody considered an option for a gift card redemption option?
Might help to bring non crypto people in?

1 Like

Definitely worth considering $PLU

  1. Not a scam token = Utility token of Plutus - rewards token for EEA/UK (soon to be North America) - similar set up in cashback rewards (3-8%) and perks (20 to select).
  2. Some minimum liquidity & slippage = no issues with liquidity: on KuCoin, Coinbase etc
  3. Recognized on the Coingecko Token List. [Ethereum token lists] Check out Pluton Pluton Price in USD: PLU Live Price Chart & News | CoinGecko
  4. Not a token that enforces a transfer fee. This is whereupon transaction, a portion of the sent amount of tokens is redirected to another wallet. Nope
  5. Audited contracts - no issues with this
  6. Token has been active for more than 90 days - try 5 years!
  7. Circulating supply must be more than 10% of total supply: 2m/20m tokens in supply, tokens released as rewards
  8. Real economic activity: seen a real user base growth since main competitor CDC released new (rubbish) cashback tier. Has partnerships with Curve, Polygon (layer 2 soon) and more!

Allowing your users to be able to stack more pLU gives them the opportunity to stake and earn more for perks like Netflix or Spotify for free!
Double the benefits for StormX users

2 Likes

Its possible to add non-Ethereum tokens :slight_smile: so lets keep it if you think its a good fit for our community and also pulling members from other communities.

2 Likes

I believe Stormx could benfit by exploring the cosmos ecosystem. Either have Stormx become its own layer 1. Just as Dydx is doing moving from Eth to the IBC. Stormx could intergrate with other chains such as EVM chain Evmos. Juno, and Osmosis would be a good choice as well. Stormx could also validate for other chains as well to earn money as well.

Or you could skip all thst and use ATOM to withdraw to

(ADA) Cardano, hands down.

2 Likes

throwing in Max McIntyre#6674 's pick for BNB or CRO

1 Like