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Wallstreetbets Defi App Launched Newly

Newly Launched Wallstreetbets Defi App Aims to 'Take Over Traditional Financial Markets'

At the beginning of 2021, a trend ignited by the creators of the Reddit forum r/wallstreetbets caused the whole world to focus on retail traders in the stock market purchasing so-called dead stocks like AMC, GME, and others. Although Wallstreetbets has been a flop, a group that claims it represents the Wallstreetbets community started wsbdapp.com. Wallstreetbets allows traders to trade synthetic stocks that are backed by blockchain technology.

Wallstreetbets and Defi: ‘Synthetic Stonks’

A small group that claims to have been associated with Reddit’s creator r/wallstreetbets started a defi platform or decentralized app (dapp). The platform is called wsbdapp.com and the protocol allows users to swap tokens similar to popular decentralized exchange (dex) apps today.

Tokens are tokens based on blockchain that represent stocks traded on the stock exchange. They are also known as synthetics. In fact, at the end of July, Uniswap delisted 100 tokens and many were synthetics tied to commodities and stocks. The crypto community believed that Uniswap had delisted the synthetics as they might be unregistered securities by U.S. regulators. Regulators.

https://t.co/TVRs3X9sRo pic.twitter.com/t4d3c2HXBz

— WallStreetBets (@wallstreetbets) August 31, 2021

On August 31, the Twitter account called @wallstreetbets tweeted out a video about the new platform and left a link to wsbdapp.com. The video shows Jaime Rogozinski as the founder of Wallstreetbets.

When visiting the website, people are greeted by neon-lighted words that say “Defi’ing Wall Street with blockchain tradeable assets.” The defi platform says it is “always open” and the dapp offers “borderless trading, 24/7, 365 days a year.” The wsbdapp.com web portal adds:

[Wsbdapp Gives] the benefits of blockchain made real for traditional investors.

Wsbdapp’s Native Token WSB

The wsbdapp.com has its own native token called WSB and the token can be leveraged for liquidity pools and staking, the website claims. WSB exchanges hands for $0. 03 per unit. During the last 24 hours, $1,078,872 worth of WSB has been swapped and there’s 1,000,000,000 WSB in circulation, according to the token’s smart contract.

This means the aggregate WSB market valuation is a touch over $30 million on Saturday, September 4, 2021. Interestingly, WSB token has been doing well and is up 6.3% during the last 24 hours and 33.2% for the week.

Two-week statistics show WSB has gained 48.9% and one-month metrics show WSB is up 58% to date. Wallstreetbets members who developed the new app note that while the work is not easy, the community is united in a common goal.

” Taking control of the traditional financial markets was no easy task. It’s a steep climb with many mountains, wild animals, and harsh climates,” the website states. The [wsbdapp] community is fondly familiar with the meme “Apes Together Strong” which represents more than strength in numbers. It’s also a call for arms. Our community moves forward with a common goal… Mass adoption and widespread adoption of distributed investment governance. The [wsbdapp] is the core. It’s governed by community vote using WSB token .”

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What do you think about the wsbdapp? Please share your thoughts on this topic in the comments below.

Image Credits: Shutterstock, Pixabay, Wiki Commons, wsbdapp

Disclaimer: This article is for informational purposes only. This article is not intended to be a solicitation or offer to buy or sell any products or services. Bitcoin.com does not provide investment, tax, legal, or accounting advice. The author and the company are not responsible for any loss or damage resulting from or in connection to the content, goods, or services discussed in this article.

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Value Locked in Defi Nears $100 Billion Milestone Amidst Broad Market Uptick and Lido Dominance

Five days ago, the total value locked (TVL) in decentralized finance (defi) protocols exceeded the $80 billion mark, and since that point, it has expanded by an additional $11.66 billion. As it hovers above the $91 billion threshold, the TVL is approaching the $100 billion milestone…
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I Am Hip Hop TV Redefines Digital Media Distribution Landscape

PRESS RELEASE. February 16, 2024 – I Am Hip Hop TV, a pioneering startup dedicated to revolutionizing digital media distribution, announces its strategic approach to enhancing brand visibility and driving engagement across major social media platforms. With a focus on inciting meaningful user interaction that translates into increased awareness and sales conversions…
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Bank Protests and Holdups Continue to Rise in Lebanon, as Depositors Demand Savings

Bank Holdups and Protests Continue to Rise in Lebanon as Depositors Demand Their Own Savings

On Dec. 17, reports detail that residents in Lebanon have been staging sit-ins and protests at banks in order to access their own savings accounts. Since the economic collapse in 2019, Lebanon’s banks froze Lebanese bank accounts, and a number of branches have remained closed indefinitely. Although a few Lebanese have been forced to fork over their savings, most of the residents have fled or been arrested without any money.

Lebanon Banks Respond to Protests and Gunpoint Requests from People Wanting Their Savings Back

In August 2019, it became apparent to the world that Lebanon was suffering from a liquidity crisis, and there have been many reports that say financial coverups and U.S. sanctions put Lebanon’s economy in a vice grip. It has been reported that by late 2018, a handful of Lebanese commercial banks froze people’s accounts and by the first week of March 2020, Lebanon said it would default on its Eurobond debt.

The country began seeking restructuring agreements. However, Lebanon’s lira rate diverged from the black market rate in August . A report published in August 2022 details that the “black market rate is what the currency is actually worth now.” In June 2022, Bitcoin.com News reported on Lebanon’s inflation rate surging to 211% which highlighted the economist Steve Hanke, who said the country should leverage a currency board.

Bank Holdups and Protests Continue to Rise in Lebanon as Depositors Demand Their Own Savings
Lebanese soldiers who are still able to make a living as enforcers protect Lebanon’s central bank and current politicians.

On Dec. 17, NPR columnist Ruth Sherlock described how poverty-stricken Lebanese have been outside of banks protesting in order to get access to their own savings accounts. In Tripoli, Lebanon at an IBL Bank branch, Sherlock said a 53-year-old woman named Zahra Khaled sat in a wheelchair and would not leave the bank until the staff gave up her life savings. Sherlock reports that Khaled said the bank had frozen “tens of thousand dollars”.

Sherlock explains that Khaled’s protest was “one of the gentler tactics” and that some are using real or toy guns in order to recover their money. The NPR reporter does note that some Lebanese who resort to this tactic only want “what they are owed.” Countless reports, littered all over the internet, confirm Sherlock’s account that says Lebanese bank accounts have been frozen since 2019, since the onset of Lebanon’s economic collapse. In 2020, angry depositors and protests got so bad that the commercial banks armored the fronts of specific branch buildings with steel and cement walls.

Reuters reported in Sept. 2022 that “bank holdups snowball in Lebanon as depositors demand their own money,” as these types of acts have become a normal occurrence in the country. Reuters elaborated that five depositors held up banks in order to access their own funds and some depositors managed to get around $60K, while some people were taken into custody. In Nov. 2022, Al Jazeera detailed that banks in Lebanon reopened for two weeks. Al Jazeera was told by a Lebanese photographer that he had been waiting for a cheque to be cashed for over two weeks.

Sherlock’s reports stated that Khaled had negotiated for hours with the bank staff but they eventually left. Khaled was then taken out by the Internal Security Forces, Lebanese police who are also known as the ISF. Lebanese depositors have protested at banks such as Bank Audi, IBL Bank and Blom Bank. On Dec. 16, Reuters reported that a U.S. court of appeals has decided that Lebanese commercial banks can be tried outside Lebanon.

What do you think about Sherlock’s report that says Lebanese citizens are resorting to trying to get their funds at gunpoint and assembling protests in front of Lebanon’s commercial banks? Please comment below to let us know your thoughts on this topic.

Jamie Redman

Jamie Redman, the News Lead at Bitcoin.com News, is a Florida-based financial journalist. Redman has been an active member of the cryptocurrency community since 2011. Redman is passionate about Bitcoin, open-source codes, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. This article is not intended to be a solicitation or offer to buy or sell any products or services. Bitcoin.com does not provide investment, tax, legal, or accounting advice. The author and the company are not responsible for any loss or damage resulting from or in connection to the content, goods, or services discussed in this article.

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