Author: Jaden, LD Capital
1. Project Introduction
Storj is an open-source decentralized cloud storage network that aims to provide censorship-resistant, secure, and affordable storage services primarily for enterprise clients. The unique feature of the Storj network is the introduction of satellite nodes, which act as coordinators connecting users and storage nodes. The technical architecture of Storj focuses on data storage, retrieval, repair, as well as data auditing and reputation management of satellites and storage nodes. In terms of storage technology, Storj utilizes erasure coding to ensure file integrity and uses satellites to manage and track data location and data audits. Storage services can be paid for using its token.
Project Development Milestones
2014: Storj was founded
- Blockchain Weekly Report [2023/09/18] Overall Market Rebound, Data Recovery in Various Tracks
- Macro Weekly Report on September 18th Will the market remain bearish until the end of the year? What is the core of market speculation?
- Interpreting Mountain Protocol Will the profit-generating stablecoin USDM become the new underlying asset in the cryptocurrency market?
2014-2016: Test v1 version released
2017: v2 version launched
2020: Official release of v3 version
February 2023: Adoption of Storj Next version, which introduces permanent storage capability and token storage rewards
2. Financial Situation
The total supply of STORJ tokens is 425 million, with a circulating supply of approximately 394 million, accounting for 93% of the total supply. The remaining portion is held by the official team. The circulating supply of STORJ tokens experienced significant changes in the second half of 2022, mainly due to adjustments made by the official team to the long-term locked portion.
After the token sale in 2017, the official team held 245 million STORJ tokens. Starting from December 2018, the official team divided the 245 million tokens into 8 parts, with each part consisting of 30.625 million tokens. Before 2020, a portion of the tokens was unlocked and locked every quarter to maintain a constant circulating supply. However, due to the impact of the pandemic, the official team made the first adjustment to the long-term locked portion of tokens in 2020 and entered a period of frequent adjustments in 2022, transferring the majority of tokens to wallet addresses reserved for operations.
According to the latest announcement, tokens unlocked from the third quarter of 2022 to the third quarter of 2023 will be transferred to the operational reserve wallet, leaving only 2 portions of tokens unlocked. (Whether the remaining portion will be unlocked or not will be announced 45 days in advance by the official team.)
Currently, among the top 10 addresses, locked tokens and tokens held in team multi-signature wallets account for 20.1%, centralized exchanges hold 15.4%, and the remaining addresses hold 32.3%.
Looking at the activity of on-chain addresses in the past six months, there have been 2 active periods, one in July and the other in September, with a high correlation between price fluctuations and on-chain activity. Whether high on-chain activity represents large investors accumulating positions needs to be comprehensively judged based on factors such as changes in holding addresses and the extent of price fluctuations.
Based on the analysis of large transactions in the past 30 days, the main active addresses include (the following calculation is for convenience and takes the remainder into account):
1) Address 0x3313: The activity of this address started on September 15th. It has been gradually withdrawing a total of 25.572 million STORJ tokens from Binance and OKEx, accounting for 6.07% of the total token supply. Among them, 16.26 million tokens were transferred from Binance and 9.31 million tokens were transferred from OKEx.
2) 0x0528c2/0xfd52b5/0x41ed42/0xcb1c98: Highly associated addresses. Some of these addresses have been continuously sending small amounts of tokens to exchanges since June 2023, suspected to be the originally locked-up tokens. Since September 1st, the aforementioned highly associated addresses have transferred 15.8 million tokens to Binance via 0xe6026, and the calculation for tokens transferred to OKEx via other addresses is not included here due to the involvement of too many addresses.
3) Storj team: Transferred 2.5 million tokens to Binance, and currently has 6.5 million STORJ tokens remaining in the wallet.
III. Summary
The main fundamental updates for the project occurred in February this year. In terms of funding, the team started unlocking a large amount of tokens in the second half of 2022, and the currently unlocked token holdings should exceed 30%. It is necessary to pay attention to the team’s selling of tokens. Address 0x3313 made a large withdrawal from the exchange, and the possibility of this address being related to the team cannot be ruled out.
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