With the introduction, acceptance and adoption of cryptocurrencies and the blockchain technology, the loopholes in the traditional financial systems are being exposed by the minute. First of all, the centralized financial institutions and organizations are fraught with unnecessary bureaucracies.
In addition to the bureaucracies, the system is outdated and consequently, people have lost faith in them. They have long sought viable alternatives to take the place of the outdated systems and the cryptosphere seems to have provided them the answer.
The cryptosphere provides a decentralized financial system that allows for transparency, community ownership and governance. And it's quite amazing how so many people have embraced this new innovation, giving them access to borderless financial transactions, lending and other financial incentives.
Many brands and entities are leveraging this innovation to drive in more money for themselves. A good example is WolfyStreetBets; sometimes called Wolfy, for short. Wolfy is an organization that seeks to disrupt the decentralized financial systems using the Wolfystreetbets platform. It hopes to achieve this by leveraging on the wide gap between CeFi and DeFi thus providing a deep direct comparison between the two asset pairs through unique and advanced UI features. The following are top five facts you must know about the Wolfystreetbets.
Wolfystreetbets is 100% Decentralized
Powered by blockchain technology, its vision has been the promotion of a decentralized financial system. The platform appears to run a transparent system which allows for community ownership and governance for token holders. From the first day of participation, community members can hope to start getting rewards.
These rewards come in the form of transaction fees which are forwarded directly to members' wallet addresses. Members also get rewards from staking assets in the prediction markets using the Wolfystreetbets dApp.
Owing to the decentralized nature of the platform, there's no need for team allocation funds or any form of treasury system. After the direct transaction fees are paid out, the bulk of the available liquidity is locked up in the Uniswap ETH/WOLFY liquidity pool where it can be monitored by all members of the community.
The Platform has Friendly User Interface
But this is obvious. The Wolfystreetbets platform has an interface that has been reported to be very friendly to users. It features various forms of chatting tools, risk/reward percentages, as well as prediction statistics. It also has a high contrast dark interphase which makes reading very convenient without running the risk of losing any information on the interface.
A Pretty High Financial Potential
A research carried out by CoinGecko in 2020 showed that the decentralized prediction market boasts of a combined market capitalization and wealth share of about $500 Million. (This excludes some smaller cap prediction market projects that are not captured by CoinGecko). The centralized prediction market on its own boasts a market capitalization of about $1 billion in bets from American citizens only.
The gambling market in 2019 did boast a market share of around $53.7 billion in online bettings only. All these figures prove that the decentralized financial market has a great deal of economic potential. Even though there is a recognizable gap between the centralized financial institutions and the decentralized financial system with on-going debate between FIAT and crypto enthusiasts, no cryptocurrency organization or agency had made a move to cash in on that gap. Wolfy is the first to tap into this huge market.
Token and Tokenization
The native token of the Wolfystreetbets platform is the WOLFY (ERC-20) token which is on the ethereum chain. As had been stated earlier, community members receive frictionless rewards that are transferred directly to their wallets based on the 2% transaction fee which every token holder is entitled to. This is very beneficial in generating passive income for community members. The system also operates on a deflationary principle which helps in increasing scarcity and demand on every transaction.
Wolfystreetbets is Pretty Futuristic
In spite of the innovativeness of the Wolfystreetbets platform, the developers of the platform are still obviously forward looking, exploring ways to improve the platform and give users a better experience. Although the project is currently running on the ethereum chain, plans are already in place to evolve it into a multi-chain ecosystem through a bridge to the Polkadot network and other value-adding blockchains.
This is hoped to increase the value and decrease barriers to participation.
Also, there are plans to move the project into a Decentralized Autonomous Organization (DAO) with the aim of enhancing user participation by allowing them vote on initiatives and direction of the project.
The characteristics mentioned above are not all there is to Wolfystreetbets but these highlight the true essence of decentralization, community ownership and governance. But do not take my word for it. See their platform if you're into staking of any sort. Be the judge!