WallStreetBets has decided to launch its own token and some additional projects. This token will be known as WSB, and will be launched in conjunction with the DeFi platform, inspired by the decentralized autonomous organization (DAO) model and based on the Binance Smart Chain blockchain. Here are the details.
How will this new WallStreetBets token work?
Thanks to this, WallStreetBets will offer exposure to financial instruments with the WSB token. The token can be purchased at Pancake Swap and stored in the MetaMask wallet. The WallStreetBets organization rose to fame in January 2021 from the Reddit and Telegram forums for organizing unprecedented financial movements in the US markets.
Similarly, this innovation has a decentralized application or dapp, which can be used through any computer with a MetaMask wallet and Internet connection. Each WSB token is equivalent to 1 vote in the decisions that are called for consultation. Likewise, they are close to launching the WSB token markets liquidity farming or mining service. However, so far there are no more details about it.
The operation would be as follows. «If WSB token holders think that, in a portfolio, Tesla should occupy 90% rather than 10% of the investment, then they can conduct voting rounds on the issue using their WSB tokens.». This according to the WallStreetBets statement.
In this way, portfolios are built by token holders. Consequently, with their participation, there is exposure to the price of the index fund of stablecoins, stocks and other financial assets.
The subreddit believes that its product will allow it to expose investors to a variety of stock assets such as ETPs. Exchange Traded Portfolios are similar to index funds.
More details about it
In the press release they state that without having a particular political ideology, their mission is to empower the “little guy” or small investor, to access these instruments. WallStreetBets launched this new product based on blockchain and smart contracts, as mechanisms to reach decision-making within the community.
The promotion seems to be going quite well, since on Twitter they already have more than 6,000 followers. Also, the app is being promoted from the main WallStreetBets Telegram channel, which has over 112,000 members at the moment.