Original author: Jaden, LD Capital
1. Project Introduction
Storj is an open source decentralized cloud storage network. Its main goal is to provide censorship-resistant, secure, and cheap storage services, mainly for enterprise-level customers. The Storj network is characterized by the introduction of a satellite role to connect users and storage nodes and act as a coordinator in the network. Storjs technical architecture mainly revolves around data storage, data retrieval, and data repair. It also designs data auditing and reputation management for satellites and storage nodes. In terms of storage technology, Storj uses erasure coding to ensure file integrity, and uses satellites to manage and track data location and data auditing. Storage services can be paid using their tokens.
Project development history:
In 2014, Storj was founded
2014 – 2016, release test v1 version
In 2017, v2 version was launched
In 2020, v3 version will be officially released
February 2023 with Storj Next version, which introduces permanent storage functionality and token storage rewards
2. Funding situation
The total supply of STORJ tokens is 425 million, and the circulating supply is approximately 394 million, accounting for 93% of the total supply. The uncirculated portion is officially held. The circulation of STORJ tokens has experienced significant changes in the second half of 2022, mainly due to official adjustments to the long-term locking part.
After the 2017 token sale, there are officially 245 million STORJ tokens. After December 2018, officials divided the 245 million tokens into 8 parts, each of which is 30.625 million tokens. A portion of the tokens will be unlocked and locked every quarter until 2020 to maintain a constant circulation. However, due to the epidemic, the official began to adjust the long-term locking of some tokens for the first time in 2020, and entered a period of frequent adjustments in 2022, transferring most of the tokens to wallet addresses used for operational reserves.
According to the latest announcement, unlocked tokens will be transferred to the operating reserve wallet starting from the third quarter of 2022 to the third quarter of 2023, so there are only 2 tokens left that have not been unlocked. (Whether the remaining parts will be unlocked, the official will make an announcement 45 days in advance.)
Currently among the top 10 addresses, locked tokens and team multi-signature wallets hold 20.1%, centralized exchanges hold 15.4%, and the remaining addresses hold 32.3%.
Judging from the address activity on the chain in the past six months, there have been two active periods, the first in July and the second in September. There is a high correlation between price fluctuations and on-chain activity. Whether high activity on the chain means that a large investor has opened a position needs to be comprehensively judged from various factors such as position address changes and price fluctuations.
According to the analysis of large-value transactions in the past 30 days, the main active addresses include (the following calculation is to facilitate the remainder processing):
1) Address 0x3313: The activity of this address started on September 15th. It has successively withdrawn coins from Binance and OKX. A total of 25.572 million STORJ have been transferred from the centralized exchange, accounting for 6.07% of the total token supply. Among them, An transferred 16.26 million coins, and OKX transferred 9.31 million coins.
2) 0x0528c2/0xfd52b5/0x41ed42/0xcb1c98: Highly related addresses. Some addresses began to continue to flow to exchanges in small amounts in June 2023. It is suspected that some tokens were locked for a long time. Since September 1, the aforementioned highly related address has transferred a total of 15.8 million tokens to the Binance exchange through 0xe6026. Transfers to the OKX exchange through other addresses are not included in the calculation here because there are too many addresses involved.
3) Storj team: Transferred 2.5 million tokens to Binance, and currently there are 6.5 million STORJ remaining in the wallet.
3. Summary
The main fundamental update for the project occurred in February of this year. From a financial perspective, the team will begin large-amount unlocking in the second half of 2022, and the current unlocked currency holdings should exceed 30%. Pay attention to the teams currency sales. Address 0x3313 made a large amount of currency withdrawal from the exchange. We cannot rule out the possibility that this address is related to the team.
