Newly Launched Wallstreetbets Defi App Aims to ‘Take Over Traditional Financial Markets’ – Defi Bitcoin News


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 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 and the protocol allows users to swap tokens similar to popular decentralized exchange (dex) apps today.

The tokens are blockchain-based tokens that represent…

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