Jan 14, 2022: Payouts for the month of December are now complete, and Polygon announcement

We get it. It is a standard. :slight_smile:

On my topic here there seems to be quite the concern about no liquidity and the ability to swap STORJ for some token, which could be transferred over Polygon to an exchange, since exchanges do not support STORJ over Polygon, yet. How do you plan to further contribute to this new solution, so SNO could get their payouts and actually use them for smaller fees? :thinking:

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Wouldn’t this be up to the community ? In theory if there’s a demand it will be profitable to provide liquidity, I’m sure someone will get to it I just don’t think it’s necessarily up to storj to do that.

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So, I can’t speak for Storj Labs, but going by what they previously said, I can predict the response to this. Storj Labs has always followed strict rules in how they deal with their token. They do not participate in speculation in any way. They stay away from working with exchanges etc. This is to ensure a strict separation between the utility token STORJ and the speculative markets. If they would not do this, they might get in trouble with the SEC. I would expect this definitely makes it impossible for them to participate as a liquidity provider for swaps.

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I suppose the number of tokens will gradually increase on Polygon until a critical mass is achieved.

10,000 STORJ might be enough to support a low level of swapping without needing to worry about price mismatch between L1 and L2. Uniswap L1 (v3) has about 18,000 STORJ in the pool.

So, if 10 of us can amass 1,000 STORJ and about 800 MATIC each, that will do it… about $3400 USD…

I think the mostly one directional demand for that swap may still be quite problematic. You really want other players than just SNOs to start using these swaps. And I don’t see that happen any time soon. I hope I’m wrong though…

Hopefully the buy demand increases as the client base increases… take advantage of the 10% bonus with payment in STORJ.

Well, it would be great if you could pay for Storj DCS through polygon then. Otherwise getting it to L1 would make the 10% bonus quickly disappear.

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Yeah…

But, there may be some large buys on Polygon to avoid the contract fees on L1… add in the 10% bonus on a large buy suddenly the two L1 transactions are significantly cheaper than at least three L1 transactions.

Let’s say I need to buy space for my new video storage app…

$2000 worth of STORJ.

2000*0.1 = $200 bonus

That’s two L1 contract transactions… I end up saving at least $100 by buying on Polygon and withdrawing to L1 instead of buying on L1.

And, there’s always a possibility that STORJ on Polygon will trade more often than L1… consider that based on price history, STORJ is currently a bargain. Buying on L2 may be quite attractive for speculative purposes…

I think we all can agree that right now paying for Storj DCS isnt feasible with the fees right now on L1 It doesnt make alot of sense to do loose money before you even start storing data, Now If they accept L2 on polygon that makes alot of sense cause its super cheap and you dont lose money when paying for it. They could also do it with zksync but I think polygon takes the win here when its used much more then zksync in its current state.

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This does not make any sense. It sounds like not willing/being able to provide your stocks to traders. :smiley: Please explain further. Thanks!

All my nodes switched to polygon and zksync, so let’s see…
Not many STORJ holders on Polygon, yet - StorjToken (PoS) (STORJ) Token Tracker | PolygonScan

What is it and how does it work?

Well you’ve kind of made the point yourself by comparing it to a stock. That’s the entire point of the rules imposed, to prevent companies from treating their utility tokens like a stock. The moment Storj Labs starts doing that is the moment the SEC starts knocking on their door. STORJ is not a stock, it does not give you ownership of the company and its value does not track performance or value of the company.

It’s sole purpose for Storj Labs is to facilitate payments and to exchange for storage services. If you want to use it for trading, that’s fine, but Storj Labs can’t have anything to do with that.

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How do you know it is not in their company registration activity? No point to argue.

What I meant was that it would be best to swap for a token, which could be staked (locked from use for rewards in return - similar to interest offered from banks) or used to top up the pre-paid card your exchange issued you.

As previously stated, this is based on how they’ve responded to similar questions in the past. Feel free to use the search feature if you don’t intend to take my word for it. I’m not arguing, I’m merely relaying what I’ve heard.

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OK. Sure. Was trying to figure out why STORJ Labs Inc cannot be liquidity provider having in mind they have the largest amount of STORJ token most probably. I mean it is their token. They should have most of it.

Can’t you just accept things as they are ? That kind of stuff is most likely above our pay grade, you could dig around in the SECs policy but I don’t think it’s useful. Storj always had this policy, they avoid any involvement with the storj token and it will probably stay that way.
I guess some storjling could try and explain the reason but (in my opinion) it would just be a loss of time.
Please just be happy that they added polygon as a payout option (by the way wasn’t it you who was constantly saying that polygon would solve all the payout problems?). I agree with you that we should push storj to improve but it does get counter productive at a certain point.
There are more important things they should be working on right now (in my opinion).

I hope this message doesn’t come out as rude.

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There is a surprising number of customers that value security and privacy more than L1 transaction fees. They still pay for the service with STORJ token.

We have a free tier. Every customer can store the first data for free, test out the service, calculate the costs compared to their current cloud storage providers, and at the end decide which payment method they want to use. We should not forget that this is a combination of different costs. Our pricing has a higher impact than the L1 transaction fee.

This is escalating quickly. How about we focus on storage node payouts first? That will cause enough trouble for now.

I would appreciate if we could be a bit more honest with the risks involved. Let’s say I get my $20 storage node payout on Polygon. What would be the next steps? How do I move these $20 to one of the big exchanges? For each step, I would like to know the transaction fee involved and if the fee can be paid in STORJ token or if I need to deposit some other token first.

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Im very suprised at this its almost like spending 30 dollars on a can of soda…

Yes I am using this for myself as well. But id like to be able to pay at some point to increase my storage.
Yes I know this as well but it would still be nice to be able to pay for storj with cheaper options

I have already been testing this @anon27637763 created a pool for storj and I swapped pretty easily to Matic to be able to cash out to an exchange. I converted some coin to storj and visversa. Fees were cheap 0.01 cent to be exact. II

Ok I get that it works for you. I would like to know the steps I have to execute…