Referral Programs and Affiliate Marketers have been a huge asset to many companies who are trying to grow. Amazon had one of the first affiliate programs on the internet and today something like 63% of households have an Amazon Prime account. Shopify is another company who grew to be huge, even to the point of being a serious competitor to Amazon also off their Affiliate Program. Netflix, Ali Express, and many other companies have grown due to the power of referral programs as well as by getting an army of affiliates to help market them and promote their brand and product.
For that reason I think it was smart of Storm X to include a referral/affiliate program. Here's the problem though, I recently became a Storm X affiliate. I love that with Storm X there's a number of ways to earn. Obviously through the appreciation of the coin, with staking currently paying 17.5%, and also with their affiliate program. However when you dig into the specifics of the affiliate program it basically means almost nobody is ever going to earn a referral, so what's the point of even participating.
To earn even the base level commission several things must happen that are very unlikely to happen. First off you need to be a Gold level member meaning you have to hold 310,000 STMX, at current price thats over $18,000. Then on top of you holding $18,000 in STMX, which by the way is a huge amount of a shitcoin to hold. Even if you hold the 310,000 STMX, those you refer also have to hold 310,000. The chances of that happening are next to none. To make it further impossible to earn a commission both of you will need to hold this amount for 90 days.
Basically, it's impossible to earn an affiliate commission for Storm X which means why even try. I think Binance had a much better way of handling their affiliate program. With Binance everyone earns a 20% commission, and those who old over 500 BNB earn a 40% commission. While the commission structure is different between the two platforms ie Binance offering a recurring commission vs Storm X offering a one time payment, Storm X should make earning a commission more feasible as there's zero reason to participate as things currently stand. Knowing the power of referral marketing and affiliate marketing Storm X should really get their act together in this regard. With Storm X potentially being something dropshippers and ecommerce sellers could use as they do offer cashback on Walmart, DHGate and Ali Express, popular dropshipping platforms, Storm X could potentially see the same type of growth Shopify saw if they wise up and create a better referral system.