Newly launched Wallstreetbets Defi app aims to ‘take control of traditional financial markets’ – Defi Bitcoin News
In early 2021, a trend started by the creators of the Reddit forum r / wallstreetbets caused the whole world to focus on retail stock traders buying so-called dead stocks like AMC, GME, and others. The hype behind the Wallstreetbets group has fizzled out in recent months, but a group that claims to represent the Wallstreetbets community has started a decentralized finance (challenge) project called wsbdapp.com. The Wallstreetbets app offers traders the ability to trade synthetic stocks backed by blockchain technology.
Wallstreetbets and Defi: “Synthetic Stonks”
A small team that claims to be associated with the creator of the Reddit forum r / wallstreetbets has launched a challenge platform, or decentralized application (dapp). The platform is called wsbdapp.com and the protocol allows users to exchange tokens similar to decentralized exchange (dex) applications popular today.
Tokens are blockchain-based tokens that represent publicly traded stocks and they are otherwise known as synthetics. In fact, at the end of July, Uniswap wrote off 100 tokens and many were synthetics linked to commodities and stocks. The crypto community speculated that Uniswap had written off the synthetics because they could potentially be considered unregistered securities by US regulators.
– WallStreetBets (@wallstreetbets) August 31, 2021
On August 31, the Twitter account called @wallstreetbets tweeted a video on 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 with neon-lit words that say “Challenge Wall Street with tradable blockchain assets”. The challenge platform says it is “always open” and the dapp offers “borderless commerce, 24 hours a day, 7 days a week, 365 days a year.” The wsbdapp.com web portal adds:
[Wsbdapp Gives] the benefits of blockchain made real for traditional investors.
Wsbdapp native WSB token
The wsbdapp.com has its own native token called BMS and the token can be used for liquidity pools and staking, the website claims. As of this writing, WSB is trading hands for $ 0.03 per unit. In the last 24 hours, $ 1,078,872 of WSB has been traded and there is 1,000,000,000 WSB in circulation, depending on the smart contract of the token.
This means that the overall WSB market valuation exceeds $ 30 million on Saturday, September 4, 2021. Interestingly, the WSB token is doing well and has risen 6.3% in the last 24 hours and 33.2% for the week.
Two week statistics show the WSB gained 48.9% and one month statistics show the WSB is up 58% to date. The Wallstreetbets community that created the new dapp notes that the work it focuses on won’t be easy but the community is focused on a common goal.
“Capturing traditional financial markets isn’t a small hill to climb – it’s a giant mountain with jungles, wild beasts and overwhelming climates,” the website explains. “The ‘Apes Together Strong’ meme that we love so much about [wsbdapp] community is more than strength in numbers – it is a call to arms. Our community is steadfastly moving towards a common goal… Mass adoption of distributed investment governance – with the [wsbdapp] core, governed by community voting using the WSB token.
What do you think of the wsbdapp? Let us know what you think of this topic in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons, wsbdapp
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