Wallstreetbets Defi App Launched Newly

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 .”

.

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.

Read More