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After launching a new version, the veteran decentralized storage application Storj saw its token increase by over 100% in one month.

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Storj token STORJ has surged over 100% in the past month. Storj Team Wallet has transferred 10.8 million STORJ (approximately $5.3 million) to Binance in the past month.

Table of Contents

· STORJ price has risen by over 100% in the past month, with the team holding a large amount of coins

· Storj is a veteran decentralized storage application and was once the most active Dapp on Ethereum

· A new version was released in February this year, introducing token storage rewards

BlockBeats reported on October 10th that the Storj team was detected transferring a total of 1.5 million STORJ (approximately $764,000) in two transactions to Binance. On the same day, an address marked as "Storj Team Wallet" received another 7 million STORJ (approximately $3.43 million) from the "Storj: MultiSig" address. It is worth noting that the Storj Team Wallet address has transferred a total of 10.8 million STORJ (approximately $5.3 million) to Binance in the past month.

STORJ price has increased by over 100% in the past month, with the team holding a large amount of coins

BlockBeats reported that on July 5th, the decentralized cloud storage platform Storj's token STORJ rose and once broke through $0.55, with a 24-hour increase of 47.09%. After the token's rise, the Storj team transferred 2.5 million STORJ tokens to Binance, worth about $1.22 million. One week later, Binance added STORJ assets to its full-margin leverage and launched a new full-margin leverage trading pair STORJ/USDT.

On September 17th, the Storj team was found to have deposited a total of 6.25 million STORJ (approximately $2.14 million) to Binance through GSR Markets in the past 7 days. On October 2nd, according to Yu Jin monitoring, the Storj team transferred 2.075 million STORJ (approximately $1 million) to GSR Markets' Binance deposit address. The Storj team has transferred a total of 8.325 million STORJ (approximately $4 million) to GSR Markets within a month.

On October 5th, Storj announced a year-on-year revenue growth of 226% and officially integrated with the video editing software application Adobe® Premiere® Pro.

October 8th, according to Lookonchain monitoring, in the past month, 4 new wallets have withdrawn a total of 40.59 million STORJ (approximately $19.72 million USD, accounting for 9.55% of the total supply) from the trading platform. The price of STORJ has increased by over 100% in the past month.

Upbit has been closely following the rise of STORJ. BlockBeats previously reported that on July 5th, when STORJ saw a significant increase of over 47% in 24 hours, the 24-hour trading volume of STORJ/KRW on Upbit reached 380 million USD, ranking first, while the trading volume of BTC/KRW during the same period was only 79.29 million USD.

October 9th, according to Scopescan data, after a continuous rise in STORJ prices in the past month, Upbit is still accumulating more tokens. Upbit currently holds over 77 million STORJ tokens (approximately $40 million), making it the largest holder of the cryptocurrency.

Storj is a veteran decentralized storage application and was once the most active Dapp developed on Ethereum.

Stroj was founded in 2014 and officially launched in 2018. It is a decentralized peer-to-peer encrypted cloud storage platform. BlockBeats reported in 2019 that Storj was selected as the most active Dapp developed on Ethereum's ERC-20.

Related reading: "DApps empowered by distributed storage: How far are we from information interconnection?"

"Storj's decentralized storage service is simply uploading files that need to be stored to the network, and the files are scattered and stored in computers around the world that are willing to contribute storage space (storage nodes). When users need to use the files, they retrieve the location of the files from the network and then download them to their local computers."

Unlike other decentralized storage networks, the Storj network not only has users and storage nodes, but also adds satellites as a third role, forming a relationship of independent operation and mutual dependence among the three.

Storj is a decentralized storage service that focuses on SLAs. Unlike Filecoin's decentralization and Arweave's Smartweave smart contract system, Storj does not use blockchain technology and compromises on centralization, but this also makes it ahead of other similar projects in commercial landing."

In the past two years, Storj has been continuously improving and making frequent efforts in token payment.

In February 2021, Storj announced the integration of zkSync as its scaling solution, which allows node operators to receive payments at lower costs. Storj stated that the advantages of using zkSync include better scalability, significantly reduced network fees, and the ability to pay Gas fees directly with STORJ tokens. In March, Coinbase Pro announced the listing of STORJ tokens on its official Twitter account, allowing users to trade and deposit/withdraw.

In December 2022, Storj announced support for the Ethereum Layer 2 scaling solution zkSync 2.0 upgrade and EIP-4844. This upgrade enables storage nodes to send and receive payments with minimal gas fees, significantly reducing Layer 2 costs and making decentralized cloud storage more cost-effective.

This February, a new version will be launched, introducing token storage rewards.

BlockBeats report, February 25th, Storj officials announced the release of a new version of Storj Next, which includes features such as staking and permanent storage. The new version aims to monetize underutilized storage space.

BlockBeats news, March 1st, Storj partnered with Web3 infrastructure provider Ankr to launch node deployment infrastructure Chainsnap. Chainsnap integrates Ankr's blockchain data snapshot with Storj's decentralized storage network, reducing the time required for node deployment and supporting blockchains including Ethereum, Polygon, and BNB Chain.