We are thrilled to announce that Storex (STRX) is now available on Proton Swap! Storex is a rising project built on the Proton blockchain, and we are so excited to see them take steps to introduce themselves to our community even more.
Storex was designed to be a decentralized e-commerce platform that allows merchants and shoppers to transact with each other without paying high fees. After experiencing first-hand the limitations of other popular blockchains, the Storex team sought out an alternative blockchain that provided them with low fees, flexible and secure smart contracts, and a passionate community. They found all of that and more in Proton.
A key feature of Storex is the Storex Governance Council, which functions as a decentralized autonomous organization (DAO) that determines transaction fees, supported cryptocurrencies, and other related decisions. Storex’s use of a DAO framework keeps in line with our thinking that whatever can be decentralized should be decentralized.
About the token: STRX
Storex recognized a need for a special token designed specifically for their growing e-commerce marketplace, which is where STRX enters the picture. STRX has a maximum total supply of 2 billion tokens, 15% of which is held by the Storex team. The STRX token will be the natively-supported payment method on the Storex platform, granting buyers cashback on purchases made with STRX. Additionally, sellers who use STRX will pay 0% processing fees, and KYC-verified users can lock their STRX tokens to become arbitrators on the platform and members of the Storex Governance Council.
Storex and Proton Swap
Now that Storex is on Proton Swap, users can swap any of the Proton-wrapped cryptocurrencies available on Proton Swap for STRX. That means XPR, XUSDC, XBTC, and many other coins can be swapped back and forth for STRX without paying a gas fee.
Additionally, the Storex team has committed 80 million STRX to supplying rewards to Yield Farmers on Proton Swap. In this way, STRX holders can earn more STRX by contributing to the STRX/XPR liquidity pool on ProtonSwap.com/farms.
Why Storex chose Proton
Although Storex originally began on the Ethereum network, they quickly recognized a need to re-launch on the Proton blockchain.
“Proton’s zero fees were incredibly appealing to our project as we believe most of our transactions will involve low-value items. Very few people will be willing to purchase goods or services if the transaction fee exceeds the value of the product. Proton’s support for cross-chain assets was also incredibly useful because we no longer needed to facilitate the bridging of assets ourselves. Proton’s focus towards payment processing ultimately drove us to migrate to the blockchain, even though we had to re-create the blockchain code from scratch and heavily modify our back-end.”
We’re so glad Storex chose to shift over to the Proton blockchain, and we think our community will be excited about them, too. Be sure to give them a warm Proton welcome!
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