# Storm Trade Research Report By [smartymetrics](https://paragraph.com/@smartymetrics) · 2025-06-14 --- **Introduction** Storm Trade is a decentralized perpetuals decentralized exchange (DEX) built on The Open Network (TON), designed to deliver a centralized exchange (CEX)-like experience directly on-chain. It offers ultra-fast execution with no slippage, powered by a sequencer engine that batches orders every 3 seconds for fair and guaranteed take-profit/stop-loss (TP/SL) fills. The platform supports trading of various asset classes, cryptocurrencies, forex, commodities, and equities, with leverage up to 50x, using TON or USDT as collateral. Its Telegram-native interface, accessible via the Telegram Web App (@StormTradeBot) or web interface, allows users to trade seamlessly without KYC using wallets like Tonkeeper or @wallet. Additional features include SocialFi tools such as copy trading, leaderboards, prediction markets, trading tournaments, and NFT rewards, alongside a token ecosystem featuring the $STORM token (for utility, governance, fee discounts, and staking) and $SLP token (for single-asset liquidity provider staking without impermanent loss). For more information, visit the [official website](https://storm.tg/), join the [Telegram bot](https://t.me/StormTradeBot), explore [Storm Academy](https://storm.tg/academy), follow X (Twitter), or review the [documentation](https://docs.storm.tg/). This report data is sourced from the Dune dashboard [(https://dune.com/ismarty/storm-trade)](https://dune.com/ismarty/storm-trade). **Key Takeaways** * **Total Value Locked (TVL):** TVL is over $24.9M. * **Total Trade Volume:** $5.6B across over 877K trades with a historical peak of over ~$40M daily. * **Active Wallets:** There are over 65,969 total unique wallets, with 293 active yesterday. * **Trading Activity Yesterday:** 1,266 trades generating $20M volume in the past 24 hours. * **Liquidations:** 96,172 instances with a total volume of $201,914,368.74, aligning with prior reports of high liquidation risks. * **User Retention:** Early cohorts (e.g., October 2023) retain 30% activity after 16 months, while recent large cohorts (e.g., July 2024) drop to 0.23% after 12 months, showing that OG users are mostly loyal. **Executive Summary** Storm Trade has emerged as a significant player in the decentralized finance (DeFi) space, leveraging TON’s blockchain and Telegram integration to facilitate high-leverage perpetual futures trading. With a total trade volume exceeding $5.6 billion and a historical TVL peak of over $35 million, the platform has attracted 65,969 unique active wallets, though daily activity is concentrated among a smaller group (e.g., 293 wallets yesterday). Its innovative features, such as a sequencer engine for zero-slippage trades and SocialFi tools, drive engagement, yet challenges persist with user retention, particularly among newer cohorts, and a high liquidation count (96,172). These dynamics highlight opportunities to enhance risk management and community engagement, positioning Storm Trade for potential growth within TON’s ecosystem as of June 14, 2025. **TVL Analysis** * **Current TVL:** $24.9M. * **Historical Trends:** The TVL area chart shows values reaching over $35 million and stabilizing at roughly $20M. * **TVL Volatility:** The TVL volatility line chart shows growth rates from -33% to +40%. ![https://dune.com/queries/5239892/8612535](https://storage.googleapis.com/papyrus_images/ff2294e90acd7a35cc6bedc415770f04e4e598c18c5af6e15cbf0d47eb1aba62.png) https://dune.com/queries/5239892/8612535 **Explanation:** The current TVL of $24.9M reflects a robust but slightly reduced liquidity pool compared to the historical peak of over $35M, suggesting a stabilization phase after significant growth. The area chart indicates a surge in early 2024, likely driven by new user influx or market conditions, followed by a plateau. The volatility range of -33% to +40% highlights significant fluctuations, possibly due to leveraged trading or external market pressures, indicating a need for strategies to stabilize TVL. **User Metrics** * **Total Active Wallets:** There are 65,969 total active wallets. * **Cohort Analysis:** Retention rates vary widely: * October 2023 (50 new wallets): 62% active after 1 month, stabilizing at 30% after 16 months. * July 2024 (28,192 new wallets): 4.34% after 1 month, dropping to 0.23% after 12 months. * April 2025 (974 new wallets): 22.90% active after 1 month, 6.98% after 2 months. * **Trend:** Earlier, smaller cohorts show stronger retention, while mid-2024’s large influx exhibits rapid drop-off, possibly due to one-off events or insufficient engagement. * **Active Wallets by Asset Category:** The line chart shows that users are more actively trading crypto assets than others. * **Active Wallets by Nature:** The line chart shows activity from returning users is more than new users daily, except on September 4, 2024, and July 15, 2024, which had over 3,900 and 15,000 users respectively. ![https://dune.com/queries/5252858/8631343](https://storage.googleapis.com/papyrus_images/38b7d37fa5244b718cef87576e434969c4f38621c706e378544315bc39c960d7.png) https://dune.com/queries/5252858/8631343 **Explanation:** The 65,969 total wallets indicate broad adoption, but the daily activity of 293 suggests concentrated engagement. The cohort analysis reveals a loyalty trend among early users (e.g., 30% retention after 16 months for October 2023), while the sharp decline in the July 2024 cohort (0.23% after 12 months) may reflect a one-time surge from a marketing event or external factor. The preference for crypto assets and higher returning user activity (except during spikes) suggest a stable core user base, with occasional bursts from new users needing better retention strategies. **Trading Activity** * **Total Trade Volume:** $5.6B from 877,641 trades (thus, average trade size: ~$6,383). * **Yesterday’s Activity:** $20M from 1,266 trades by 293 wallets (thus, average trade size: ~$15,967), indicating higher recent trade values. * **Vaults:** 4 active vaults total, with 3 active yesterday, suggesting concentrated trading options or users leaving one vault because of insufficient liquidity. * **Volume Trends:** The daily trade volume line chart shows peaks up to $40 million, and cumulative volume reaching $5 billion. * **Trader Types:** The storm number of traders pie chart shows over 29K traders as one-time traders, and 4K traders have been active for up to 10 days, indicating a balanced trader distribution (specific types unspecified). **Explanation:** The $5.6B total volume with an average trade size of $6,383 reflects consistent trading activity, while the $20M daily volume with a higher average ($15,967) suggests recent larger trades, possibly due to market volatility or new strategies. The limited vaults (4 total, 3 active) may indicate liquidity constraints or user preference for specific options, warranting vault expansion. The balanced trader distribution implies diverse trading behaviors. **Liquidations** * **Total Liquidations:** There have been 96,172 liquidations with a total volume of $201.9M (average: ~$2.1K per liquidation), which indicates a risk of high liquidations. * **Daily Context:** The liquidations column chart peaks at $14 million on April 18, 2024, reflecting frequent forced closures likely due to 50x leverage. ![https://dune.com/ismarty/storm-trade](https://storage.googleapis.com/papyrus_images/a6f6cd5a63217754f654657db8224a96c2e522fbded496e60d3a900157472498.png) https://dune.com/ismarty/storm-trade **Explanation:** The 96,172 liquidations with an average of ~$2.1K per event highlight significant risk exposure, likely exacerbated by the 50x leverage option. The peak of $14M on April 18, 2024, suggests a specific market event or volatility spike, indicating a need for better risk management tools to protect users and reduce liquidation frequency. **Financials** * **Total Fee:** With a total trade position fee of $1,276.31 for a trade volume of over $5.6B indicates a near-zero fee structure required to open or close trades. * **Vault Transaction Fees:** The column chart shows that most fees were paid by traders of TON token. **Explanation:** The low total fee of $1,276.31 across a $5.6B volume suggests a minimal fee model (e.g., <0.02% per trade), making Storm Trade attractive for high-frequency traders. The dominance of TON token fees in the vault chart indicates its prevalence as a collateral or trading asset, reflecting TON ecosystem integration but also potential over-reliance on a single token. **Areas for Growth** * **User Retention:** Enhance engagement for newer cohorts via onboarding improvements, [Storm Academy](https://storm.tg/academy) content, or $STORM staking incentives. * **Risk Management:** Reduce liquidations with leverage monitoring tools or user education, mitigating losses and boosting trust. * **Asset and Vault Expansion:** Increase the number of active vaults for the cryptocurrency category (currently 4) and asset types to diversify options and attract users. * **Technological Enhancements:** Address scalability and reliability to handle volume peaks (e.g., $40M daily), ensuring no glitches. * **Community Engagement:** Leverage Telegram for AMAs, tournaments, or exclusive content to boost activity. **Future Outlook** Storm Trade is well-positioned for growth within TON’s ecosystem, leveraging its Telegram integration and innovative features (e.g., copy trading) to tap into Telegram’s user base. Potential enhancements like new asset classes or prediction market expansions could drive adoption. However, challenges include managing high-leverage risks amid possible regulatory scrutiny and competing with other DeFi platforms. Broader TON adoption and sustained user activity will be critical as of June 14, 2025. **Conclusion** Storm Trade demonstrates impressive innovation and performance in the DeFi sector, with a $5.6 billion trade volume, a historical TVL peak of over $35M, and 65,969 active wallets. Its Telegram-first UX and sequencer engine offer a competitive edge, yet declining retention in recent cohorts and 96,172 liquidations signal areas for improvement. By enhancing user engagement, refining risk management, and expanding offerings, Storm Trade can solidify its position as a leading perpetuals DEX on TON. **References** * [https://dune.com/ismarty/storm-trade](https://dune.com/ismarty/storm-trade) * [https://storm.tg/](https://storm.tg/) --- *Originally published on [smartymetrics](https://paragraph.com/@smartymetrics/storm-trade-research-report)*