The SatoshiStreetBets subreddit plans to host a Genesis Reddit Airdrop of the SatoshiSwap cryptocurrency. It’s also set to launch a decentralized leverage trading protocol alongside other DeFi related services.
SatoshiStreetBets had announced earlier that it would be introducing a native token called SatoshiSwap. The cryptocurrency will incentivize the ecosystem by rewarding members based on the number of upvotes on their content.
SatoshiStreetBets is a Reddit group similar to the popular WallStreetBets. The latter took the stock market by surprise earlier this year when they managed to pump the price of GameStop stock. The entire debacle left top wall street fund managers counting huge losses.
One of the reasons for creating the token is to address the major problems of the decentralized exchange market. These include scalability drawbacks as well as high gas fees.
In a new announcement, the team claims to be introducing leverage trading through a decentralized ecosystem. According to SatoshiStreetBets, it has a team of well-versed DeFi developers working hard to make this a reality. It further stated that its protocol “builds upon secure, well-known DeFi primitives.”
SatoshiSwap set up a structure to reduce the effect of excessive losses arising from flash crashes. A decentralized insurance fund was created to offset any losses incurred from this.
SatoshiSwap On Binance Smart Chain
SatoshiSwap will not be hosted on the Ethereum Network. High gas fees and annoying congestion issues currently plague the Ethereum network. As a result, Binance Smart Chain has become a popular choice and continues to record massive interest.
SatoshiSwap held a poll on its discord channel to allow members vote on their choice of blockchain. The majority opted for Binance Smart Chain.
The SatoshiSwap team plans to roll out the new services in three-to-four weeks.