WallStreetBets, created to empower individuals against institutional corruption, has launched a new application to give community members voting rights and greater DeFi access.
The movement’s DApp, allows members to give their input on exchange-traded portfolios (ETPs) and helps rebalance the structure of community-owned instruments.
How does the DApp work?
As released on Business Wire, the blockchain-powered DApp will be governed by its own $WSB token. Holders can use the token to vote on the level of exposure and balance for each community-owned instrument.
Taking Tesla stock as an example, token holders can vote to alter its level from 20% to 80% in a nominated ETP portfolio. This involves a simple, user-friendly transaction involving their $WSB tokens during voting cycles.
As part of the decentralised autonomous organisation (DAO), control over the associated ETPs rests with community members who exercise their voting rights—rather than with untouchable institutions and unfairly privileged insiders.
All you need is basic understanding of the process, along with access to a smartphone or computer with internet connection.
What is WallStreetBets all about?
Founded in 2012, WallStreetBets is an innovative, grassroots movement designed to give small investors a more level playing field when competing against major institutional financial interests.
It is decentralised, without formal leadership. WallStreetBets has collaborated with blockchain and fintech experts to create ETPs which can be run and managed in a decentralised way.
ETPs offer a level of transparency and community input unknown to index funds. They also sidestep the entitlement of traditional banks and hedge funds, which have traditionally ‘owned’ and manipulated the markets.
This process turns individuals into genuine financial players, without having to possess personal fortunes or industry contacts.
Formed in reaction to the devastation of the global financial crisis, WallStreetBets has grown organically across social media channels. Its popularity reflects the groundswell of community anger following the GFC, with more investors seeking new, fairer ways to build and retain wealth.
The DApp is the latest step in the growing democratisation of the financial sector.