Popular subreddit WallStreetBets (WSB) aims to take over traditional finance with a new application called WSB DApp, a protocol that allows traders to swap synthetic stocks backed by blockchain technology.
‘DeFi’ing Wall Street’
The r/WallStreetBet group claims it has created a decentralised platform that solves the “fees and market manipulation problem” coming from traditional financial institutions. The protocol is a direct market that allows borderless trading, open 24/7.
Synthetic Stocks and $WSB
Users can trade synthetic stocks backed by blockchain technology. Synthetic tokens are an options strategy designed to emulate a long stock position in the stock market.
The protocol also has its own native token, $WSB, of which there are 1 billion in circulation. WSB is priced at 0.03 with over US$1 million worth of WSB exchanged in the past 24 hours.
The token has been performing pretty well in the market. One-month metrics show WSB is up 58 percent to date, and its aggregate WSB market valuation hit over US$30 million last weekend.
Jaime Rogozinski and WallStreetBet
According to a recent video on Twitter posted by @wallstreetbets, the project is led by Jaime Rogozinski , a Mexican writer and founder of WallStreetBets, and author of WallStreetBets: How Boomers Made the World’s Biggest Casino for Millennials.
The subreddit group has become one of the largest communities in the retail trading world, featured in several important outlets including CNN, Forbes and Fortune, especially after the community joined forces to purchase massive amounts of GME stocks and hold them in an attempt to drive the stock price higher and defy hedge funds, causing worldwide controversy.
The GME hype might be over but now WSB wants to bring a more democratic space, rooted in the core concepts of decentralised finance, concepts that seemed flipped over when last week the SEC quietly signed a deal to spy on crypto/DeFi transactions with Californian analytics firm AnChain.AI.
Disclaimer: The content and views expressed in the articles are those of the original authors own and are not necessarily the views of Crypto News. We do actively check all our content for accuracy to help protect our readers. This article content and links to external third-parties is included for information and entertainment purposes. It is not financial advice. Please do your own research before participating.