Popular automated market maker Balancer, today announced
a strategic partnership with WSBDApp, a blockchain-based trading platform created by the founders of the WallStreetBets movement. Sponsored Sponsored Balancer
integrates with WS
‘s capabilities and increase exposure to cryptocurrencies for both cryptocurrency and traditional investors.”
DeFi is a collection of decentralized financial applications that aim to replace the traditional financial system. All by enabling intermediary-free lending, borrowing and trading.
Balancer was initially built on Ethereum
. It allows anyone to create or add liquidity to a pool and earn transaction fees.
Through its partnership with Balancer, WSBDApp is launching a community-selected basket of stablecoins backed by fiat money, as well as tokenized commodities and cryptocurrencies such as Wrapped Bitcoin
(WBTC), Wrapped Ethereum (WETH) and others. The
CEO of WSBDApp – BTCVIX said:
The WallStreetBets community has something for everyone, and with democratic tools like ETP, we are showing the world how financial markets should really be managed.
Users will be able to connect their WSBDApp wallets to a balanced wallet
using the Balancer protocol. This will allow them to use fiat money to purchase tokens representing their holdings.
What is WallStreetBets?
Bets, a controversial investment forum on Reddit, gained a lot of popularity earlier this year. All thanks to the coordinated purchase of GameStop (GME) stock. The event led to a so-called “short squeeze,” driving up GME’s stock price by as much as 400%. The increases drove some Wall Street hedge funds into bankruptcy.
Although WSB announced in May that all cryptocurrency-related discussions on the subreddit would be banned “indefinitely,” its founders revealed shortly thereafter that they were working on WSBDapp, a decentralized trading app that would leverage “the transparency and community consensus mechanisms provided by blockchain and smartcounter technology.”
The ultimate goal was to turn decentralized ETPs into “an alternative to the kind of market manipulation perpetuated by opaque and politically connected banks and hedge funds.”
All information contained on our website is published in good faith and for general information purposes only. Any action taken by the reader in relation to the information on our website is solely at the reader’s own risk.