Storm Trade
Rejected venues wait the longest for re-review; a rejection has to earn another look before the scheduled date.
Storm Trade is a leveraged derivatives exchange on TON, traded through a web app or Telegram. Its liquidity pools held about $4.8M in TVL at the 2026-08-14 survey, under the $100M floor we require before a protocol is large enough to review for client money. Leveraged trading venues would face further hurdles even at scale, but size rejects it first: one practice advising 100 households moves $1M to $8M into a venue on the same research, and below $100M TVL that book becomes the exit crush.
- TVL sustained above $100M for 30 days
The research file
Applicability to the surveyed record
Storm documents a TON-settled leveraged derivatives venue whose SLP vault supplies the counterparty capital for trader profits and losses. Users mint SLP with TON or stablecoins, receive trading fees and liquidation-related income, and redeem at the current vault exchange rate, establishing the surveyed derivative-liquidity product.
Current observation and perimeter
The DefiLlama protocol API read on 2026-08-15 classified Storm Trade as Derivatives, reported only TON, and showed approximately $4.76M TVL. Current protocol documentation continues to describe leveraged web and Telegram trading and on-chain TON settlement; aggregate vault scale remains far below the shared v1 $100M threshold.
Control and exit applicability
SLP holders absorb trader net profit and benefit from trader losses and protocol fees. Storm applies open-interest, price-deviation, funding, and PnL limits and relies on keeper bots for order execution and liquidation. Redeeming burns SLP at the current exchange rate and depends on free vault liquidity, so trader PnL, risk-limit operation, keepers, and available cash all affect exit value and timing.
Why the class rule decides
The shared v1 below-materiality dossier controls because Storm’s TON vault remains under $100M despite a documented derivative-counterparty mechanism. Reopen after DefiLlama TVL remains above $100M for 30 consecutive days, then review contract and parameter control, oracle construction, keeper permissions and liveness, markets and leverage, LP loss history, audits and incidents, TON chain disposition, free vault liquidity, stressed redemption, and named derivatives-liquidity alternatives.
Sources
The claims above trace to these. Where a number could not be independently verified, the thesis says so.
- Storm Trade — platform overview · primary · accessed 2026-08-15
Supports: TON deployment, leveraged derivatives, web and Telegram access, SLP mint and burn - Storm Trade — SLP liquidity token · primary · accessed 2026-08-15
Supports: vault counterparty, trader PnL, fee share, SLP redemption, liquidity buffer - Storm Trade — risk management · primary · accessed 2026-08-15
Supports: open-interest limits, price deviation, funding limits, PnL limits, trading halt - Storm Trade — keeper bots · primary · accessed 2026-08-15
Supports: order execution, funding, liquidation, keeper incentives, external trigger - DefiLlama — Storm Trade survey record · secondary · accessed 2026-08-15
Supports: current TVL, TON perimeter, Derivatives category, survey observation
Inherited controls
The verdict above grades the protocol layer. Every position also inherits the asset it holds and the chain it settles on. The least safe layer sets the position’s grade, and the position table names which one that is.
| Chain | Verdict | Grade | Control constraint |
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