Close STORM to STMX Swap Proposal

This proposal is for the closing of the current token swap STORM to STMX.

Summary A total of ~97.22% (9,722,000,000) of tokens have been swapped with a remaining ~2.78% (278,000,000). All unswapped STMX reside at wallet https://etherscan.io/address/0x42bE5b30A32Ebf7f43c16c7f5F7550aB5B1B65dB#tokentxns and are being used for the ongoing token swap. Of the total STMX tokens, 95.67% were swapped during the first token swap while 1.55% of tokens were swapped during the current token swap.

Last year, we initiated our first governance vote to reopen the STORM to STMX swap, which thanks to your input, was overwhelmingly well-received, and as such passed. However, we have now swapped 97.22% of tokens as of April 12th, 2022, and are now looking to close this. Performing a STORM to STMX token swap requires engineering, data, customer care, and fraud teams to execute. In general, this takes a few hours of combined time for each swap. In general, this takes a few hours of combined time for each swap. This time could be spent building new features and bug fixes for the community. In addition, the longer this process goes on the more likely some fraudulent activity may occur. So far, we have detected various fraudulent behavior and have added additional fraud processes to mitigate invalid swaps.

The total time the community has had to swap is 14+ months. Five months for the first swap and over nine months for the current swap.

After the current token swap is closed the unswapped tokens will be added to a wallet used to support ongoing community activities. This could be used for shopping, staking, debit card rewards, or other community events.

To better understand governance thus far please visit our Governance Vision document that the community will shape as we evolve over time.

Resources Blog on Opening Token Swap 1.0 https://stormx.io/blog/token-swap-technicality Blog on Closing Token Swap 1.0 https://stormx.io/blog/token-swap-contract-phase-2-migration Blog Update on Closing Token Swap 1.0 https://stormx.io/blog/stormx-token-swap-update Blog To Re-Open Token Swap 2.0 https://stormx.io/blog/token-swap-2-0 Blog Governance Vision https://stormx.io/blog/governance-the-road-to-athens

Vote Options

Choice A - Close in one month and process remaining swaps Choice B - Close in one month, process remaining swaps, and allocate 25% of unswapped tokens for the potential of future swaps to be done at a 4:1 swap ratio. The swap would be opened only if the community were to vote to do so. Choice C - Re-vote on closing the swap in 3 months