In the last few years, a dramatic uptick in online spending and e-commerce has led to a radical shift in the way online retailers and merchants reward their customers. It has also enabled more efficient cashback models that see customers earn a chunk of their order costs earned back by shopping through specialized cashback apps.
Traditionally, these cashback schemes offered shoppers cash or reward points for making purchases, but now blockchain technology and cryptocurrencies are beginning to disrupt the industry, enabling online shoppers to earn rewards in the most profitable asset class of the 21st century—cryptocurrencies.
Right now, the cryptocurrency cashback industry is dominated by two major players, StormX and Lolli. Here’s a quick look to help you choose which one best fits your needs.
StormX and Lolli at a glance
StormX is a platform that enables shoppers to earn crypto whenever they shop online from their favorite stores. The service is extremely simple to get started with, as users simply need to install the StormX browser extension or download the StormX app to their mobile device to begin earning cashback.
Image: StormX
Once installed, the StormX plugin works in the background and automatically tracks and provides users with cashback whenever they make a purchase through any of the supported merchants. StormX makes use of a flexible ‘Bolts’ reward system, which is used to shield users from cryptocurrency market volatility, while allowing users to withdraw their cashback in whichever cryptocurrency they choose, as and when needed—currently supported cryptocurrencies include Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), DAI and STMX.
Lolli, on the other hand, is a cryptocurrency cashback plugin that is available for Chrome, Firefox, and Microsoft Edge browsers. Like StormX, it allows users to earn cashback in the form of Bitcoin by making purchases on any of the supported websites and merchants. Once users activate cashback on their selected site, Lolli automatically tracks their reward and releases the designated mount of Bitcoin to their account after a holding period passes.
Users can withdraw rewards once their account balance hits $15 and the reward locking period has lapsed. Lolli also offers USD bank withdrawals for a low fee of $0.25.
Comparing StormX and Lolli
Both StormX and Lolli have made major strides in pushing mainstream crypto adoption through their cashback schemes. Despite their similarities, their implementation, reach, and ecosystem differ somewhat.
Image: Lolli
For instance, as previously mentioned Lolli users can only earn cashback in BTC while StormX users can withdraw their rewards in six different cryptocurrencies. Also, StormX has a native mobile app and token (STMX)—two features completely lacking with Lolli.
Besides these, there are some fundamental differences that are important to consider when choosing the option that best works for you.
Lolli supports over 1,000 top brands from multiple industries, including global brands like Hotels.com, GAP, Best Buy, Marriott, Adidas, and Groupon. Users can earn a max cashback of almost 30% with Lolli, and Harry’s, Udemy, and Groupon currently offer the highest rewards at 27%, 13.5%, and 10.5% respectively.
Image: StormX
StormX has a similarly impressive list of more than 500 top global brands and thousands of stores supported on the platform, with new brands and offers added regularly based on user demand. For instance, between June and August 2020, StormX added over 160 more offers from some of the biggest global brands such as Nike, Alibaba, eBay, Topshop, and HP among others.
Nike sells more than 900 million items, every… single… year! Imagine how much #cryptoback you will get when every sale got a #cryptobackreward! It all begins with just 1 sale! Grab your crypto back now through the StormX app when shopping at @Nike! #STMX #StormX $STMX pic.twitter.com/NxukNKPGFd
— StormX (@stormxio) July 10, 2020
StormX offers as much as 87.5% cashback at some outlets, plus a whopping 20% cashback available at Nike. It also gives users the option to speed up their payouts by up to 75%—for those that need their funds in a hurry.
Our Verdict
Though many of their differences are subtle, each of these platforms is likely to appeal to different kinds of users.
Lolli provides a safe, simple, and fun way for users to get their hands on BTC while casually shopping online. For those that are familiar with using standard cashback apps, Lolli will likely feel immediately familiar and has a low barrier to entry.
On the other hand, StormX has built an entire ecosystem around its product, making for a much more complete solution for those looking to gain exposure to cryptocurrencies and earn cashback in their spare time. Unlike Lolli, StormX offers crypto rewards for completing micro-tasks through the mobile app. StormX also serves as a gateway to the highly profitable DeFi sector, where users can conduct token swaps, provide liquidity, and stake any STMX tokens they hold to further boost their earnings.
Overall, the StormX ecosystem offers a more holistic approach to cashback and crypto earnings, acting as both a simple passive earning opportunity and a bridge to the rapidly expanding cryptocurrency and DeFi industries. With close to 3 million downloads from users in over 180 countries and millions of dollars already issued in rewards, it’s safe to say that StormX is the best crypto cashback app out there—at least in our books.