{"id":11746,"date":"2021-09-04T18:54:15","date_gmt":"2021-09-04T18:54:15","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/newly-launched-wallstreetbets-defi-app-aims-to-take-over-traditional-financial-markets\/"},"modified":"2021-09-04T18:54:15","modified_gmt":"2021-09-04T18:54:15","slug":"newly-launched-wallstreetbets-defi-app-aims-to-take-over-traditional-financial-markets","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/newly-launched-wallstreetbets-defi-app-aims-to-take-over-traditional-financial-markets\/","title":{"rendered":"Newly Launched Wallstreetbets Defi App Aims to \u2018Take Over Traditional Financial Markets\u2019"},"content":{"rendered":"

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. The hype behind the Wallstreetbets group has fizzled in the last few months, but a group that claims to represent the Wallstreetbets community has started a decentralized finance (defi) project called wsbdapp.com. The Wallstreetbets application provides traders with the ability to swap synthetic stocks backed by blockchain tech.<\/strong><\/p>\n

Wallstreetbets and Defi: \u2018Synthetic Stonks\u2019<\/h2>\n

A small team that claims to be associated with the creator of Reddit forum r\/wallstreetbets has started a defi platform, or decentralized application (dapp). The platform is called wsbdapp.com<\/a> and the protocol allows users to swap tokens similar to popular decentralized exchange (dex) apps today.<\/p>\n

The tokens are blockchain-based tokens that represent stocks listed on the stock market and they are otherwise 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 assumed Uniswap delisted the synthetics because they could possibly be considered unregistered securities by U.S. regulators.<\/p>\n

https:\/\/t.co\/TVRs3X9sRo<\/a> pic.twitter.com\/t4d3c2HXBz<\/a><\/p>\n

\u2014 WallStreetBets (@wallstreetbets) August 31, 2021<\/a><\/p>\n<\/p>\n

On August 31, the Twitter account called @wallstreetbets tweeted<\/a> out 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.<\/p>\n

When visiting the website, people are greeted by neon-lighted words that say \u201cDefi\u2019ing Wall Street with blockchain tradeable assets.\u201d The defi platform says it is \u201calways open\u201d and the dapp offers \u201cborderless trading, 24\/7, 365 days a year.\u201d The wsbdapp.com web portal adds:<\/p>\n

[Wsbdapp Gives] the benefits of blockchain made real for traditional investors.<\/p>\n

<\/p>\n

Wsbdapp\u2019s Native Token WSB<\/h2>\n

The wsbdapp.com has its own native token called WSB<\/a> and the token can be leveraged for liquidity pools and staking, the website claims. At the time of writing, WSB is exchanging hands for $0.03 per unit. During the last 24 hours, $1,078,872 worth of WSB has been swapped and there\u2019s 1,000,000,000 WSB in circulation<\/a>, according to the token\u2019s smart contract.<\/p>\n

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.<\/p>\n

Two-week statistics show WSB has gained 48.9% and one-month metrics show WSB is up 58% to date. The Wallstreetbets community who created the new dapp note that the work they are focused on will not be easy but the community is focused on a common goal.<\/p>\n

\u201cTaking over the traditional financial markets is no small hill to climb \u2014 it\u2019s a giant mountain with jungles, wild beasts, and crushing climates,\u201d the website explains. \u201cThe meme \u2018Apes Together Strong\u2019 that we are so fond of in the [wsbdapp] community represents more than just strength in numbers \u2014 it\u2019s a call to arms. Our community advances headstrong towards a common goal\u2026 Mass adoption of distributed investment governance \u2014 with the [wsbdapp] at the core, governed by community vote using the WSB token.\u201d<\/p>\n

What do you think about the wsbdapp? Let us know what you think about this subject in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nDefi, 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<\/p>\n","protected":false},"excerpt":{"rendered":"

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. The hype behind the Wallstreetbets group has fizzled in the last few months, but a group that…<\/p>\n","protected":false},"author":0,"featured_media":11747,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-11746","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/11746"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=11746"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/11746\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/11747"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=11746"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=11746"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=11746"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}