In early 2021, a trend sparked by the creators of the Reddit forum r / wallstreetbets caused the whole world to focus on retailers on the stock exchange buying so-called dead stocks like AMC, GME and others. The hype behind the Wallstreetbets group has fizzled out in the last few months, but a group claiming to represent the Wallstreetbets community has started a decentralized finance project (Defi) called wsbdapp.com. The Wallstreetbets application offers traders the ability to exchange synthetic stocks using blockchain technology.
Wallstreetbets and Defi: “Synthetic Stonks”
A small team that claims to be affiliated with the creator of the Reddit forum r / wallstreetbets has launched a defi platform or decentralized application (dapp). The platform is called wsbdapp.com and the protocol allows users to exchange tokens similar to popular decentralized exchange apps (Dex) that are popular today.
The tokens are blockchain-based tokens that represent listed stocks and are also known as synthetic. In fact, at the end of July, Uniswap removed 100 tokens from the list, and many of them were synthetic goods tied to commodities and stocks. The crypto community assumed that Uniswap delisted the synthetics because they could potentially be considered unregistered securities by US regulators.
– WallStreetBets (@wallstreetbets) August 31, 2021
On August 31, the Twitter account @wallstreetbets tweeted a video about the new platform and left a link to wsbdapp.com. According to the video, the founder of the Wallstreetbets community, Jaime Rogozinski, is behind the project.
When visiting the website, people are greeted by neon-lit words that say, “Defi’ing Wall Street with blockchain tradable assets”. The Defi platform says it is “always open” and the Dapp offers “unlimited trade, 24/7, 365 days a year”. The web portal wsbdapp.com adds:
[Wsbdapp Gives] the advantages of the blockchain can be realized for traditional investors.
Wsbdapps Native Token WSB
The wsbdapp.com has its own native token called WSB and the token can be used for liquidity pools and staking, the website claims. At the time of writing, WSB is trading owners for $ 0.03 per unit. In the past 24 hours, WSBs worth 1,078,872 US dollars have been exchanged and, according to the token’s smart contract, 1,000,000,000 WSBs are in circulation.
This means that the WSB aggregate market valuation as of Saturday, September 4, 2021 is just over $ 30 million. Interestingly, the WSB token has done well, increasing 6.3% over the past 24 hours and 33.2% over the week.
Two-week statistics show WSB is up 48.9% and one-month metrics show WSB is up 58% to date. The Wallstreetbets community who created the new Dapp notes that the work they focus on won’t be easy, but the community is focused on a common goal.
“Conquering the traditional financial markets is not a small hill – it is a huge mountain with jungles, wild animals and an oppressive climate,” explains the website. “The ‘monkeys together strong’ meme that we love so much in the [wsbdapp] Community is more than strength in numbers – it is a call to arms. Our community is vigorously moving towards a common goal … mass adoption of distributed investment governance – with the [wsbdapp] in the core, regulated by the coordination of the community with the WSB token. “
What do you think of the wsbdapp? Let us know what you think on this matter in the comments below.
Tags in this story
AMC, blockchain-based stocks, DAPP, DeFi, Defi-App, financial markets, GameStop, GME, Jaime Rogozinski, official Twitter account, r / wallstreetbets, Reddit forum, stocks, stonks, synthetics, traditional financial markets, wallstreetbets, wsbdapp
Photo credit: Shutterstock, Pixabay, Wiki Commons, wsbdapp
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