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.
Wallstreetbets and Defi: ‘Synthetic Stonks’
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 and the protocol allows users to swap tokens similar to popular decentralized exchange (dex) apps today.
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.
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. 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-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:
