It is no secret that DeFis and blockchain technology is gradually taking over several aspects of our lives. Now while many people may be trying to figure out how this disruptive technology works, a good number of people already benefit greatly from it.
Combing the web for something new last week, we stumbled upon Wolfystreetbets and figured out that might interest our readers. And here we go.
What You Need to Know
Wolfystreetbets is a decentralized betting platform for stocks and crypto traders. The platform affords anyone with a proper understanding of the stock and cryptocurrency markets the opportunity to make predictions of the markets, make profits, and grow their investments.
Currently, it features different prediction pools such as Defi vs CeFi, as well as Crypto vs Stock. While it does feature diverse reward systems and resources; users seem to be more excited by its user-friendly and intuitive environment.
But it appears the Wolfystreetbets team is not slowing down anytime soon as they hope to feature more betting pools and categories on the platform. Speaking of teams, this platform was developed by a team of crypto experts and enthusiasts seeking to disrupt the traditional betting sphere. Tough as this seems, a peep into the team’s activities, vision, and mission reveals they actually mean business.
Vision/Mission of the Wolfystreetbets Team
The traditional/centralized finance system when compared to the decentralized finance (De-Fi) system, falls short on many fronts. Also, many people are beginning to lose faith in the traditional finance and banking systems as research reveals that about 2 billion people worldwide currently do not own bank accounts with centralized financial institutions.
The reason is obvious: traditional banking systems and processes are somewhat outdated given the realities of the technological improvements of the blockchain era.
It is safe to believe that the Wolfystreetbets team recognized this huge gap and came up with this brainchild project. Very obviously, their mission is to make up for the lapses of the current centralized financial system by using De-Fi technology to provide access to borderless transactions; lending; opportunity to earn passive income; and of course, to create a reward system that adds value to its users.
In light of this, the Wolfystreetbets team appears to be gradually disrupting the cryptocurrency financial space by developing a solution that may well be the first of its kind: a decentralized crypto/stock prediction market.
A Look Into the Platform
As said earlier, the Wolfystreetbets platform offers crypto staking opportunities. Also, it’s built on a unique model that innovatively integrates CeFi and DeFi. Users on the forum can make predictions on the DeFi (Crypto) vs CeFi (Stock) financial markets with insights from the informative resources available on the platform.
The platform says it affords its users a borderless and cost-free transaction as it features zero gas Fees. As expected, this holds some potential because anyone can stake, mine liquidity, and claim rewards on the platform without any gas fees. This is not the case with most crypto platforms.
If you throw in diverse prediction pools, multi-chain compatibility, leading on-chain staking assets, risk/reward percentages, and chatting tools on the platform, it would mean that they are in this for the long term.
The WOLFY Token
WOLFY token is a hyper-deflationary token that’s built on the Ethereum blockchain. It serves as the project’s native utility token and for the Wolfystreetbets crypto vs stocks betting project.
To motivate usage of the token, users in possession of a certain amount of this token can participate in the betting sessions on the platform, stake on popular assets, and earn high APYs (interest yields) on such investments.
On token distribution, the team’s strategy revolves around the hyper-deflationary principle. With this strategy, the team hopes to create an upward price shift of the WOLFY token. They introduced a higher transfer tax and burn-on-transfer tax.
Again, this allows WOLFY holders to earn passive income from the friction-less rewards based on a 2% transaction tax implemented in the smart contract. Similarly, there’s also a 1% burn tax on each transaction in the smart contract, which exists to increase the demand and supply of the WOLFY token. This will consequently, drive it towards gaining massive adoption in the crypto space while increasing the token value.
In a nutshell, this project offers a new way to explore crypto technology while bridging the gap in the centralized financial system. Also, it appears the team is set to take the crypto space by storm, seeing that they’ve delved into an untapped market while offering a lucrative reward system. But as we all know, it is the market that tests the strength of a crypto project and it is users that pronounce final judgement. This project looks unique and positioned to prosper in this space. However, the press will keep an eye and report the progress accordingly.
Carolyn Coley is a blockchain reporter. She joined Smartereum after graduating from UC Berkeley in 2018.