Balancer Protocol Reveals Partnership With Wallstreetbets Defi Project Wsbdapp
On Wednesday, the programmable liquidity platform Balancer Protocol announced the project has partnered with the Wallstreetbets defi project Wsbdapp. The announcement details that the two projects will collaborate in order to launch Wsbdapp’s exchange-traded portfolios (ETPs) on Balancer V2.
Balancer Protocol and Wallstreetbets’ Defi Project Partner to Launch Exchange-Traded Portfolios
Last week, Bitcoin.com News reported on the newly launched Wsbdapp decentralized finance (defi) platform hosted on the website wsbdapp.com. The application’s creators claim to be the leaders behind the Wallstreetbets community alongside backing from Jaime Rogozinski, according to a video the team shared on Twitter. On Wednesday, the team behind the Balancer Protocol revealed the project will be collaborating with the Wsbdapp creators.
Balancer Protocol is a liquidity provider and decentralized exchange (dex) platform that leverages the Ethereum blockchain. According to Wednesday’s data, Balancer Protocol is the seventh-largest dex application using Ethereum with $471 million in trade volume during the last week. Metrics from Dune Analytics indicate that Balancer’s volume is just above 1inch Network and Synthetix. Balancer’s and Wsbdapp’s announcement shows the two projects plan to launch Wsbdapp’s “exchange-traded portfolios (ETPs) on Balancer V2.”
“We are excited to partner with the Wsbdapp and bridge the gap between traditional and defi investing,” the Balancer Labs CEO Fernando Martinelli remarked during the announcement. “Wallstreetbets shares our mission of scaling accessibility to defi, and we are thrilled to welcome them into our ecosystem.”
Reducing Gas Fees and Leveraging ‘Educated Financial Decisions’
The teams detail that crypto ETPs will help retail investors diversify and they can acquire a myriad of defi tokens. “Like an ETF or index fund, Wsbdapp’s ETPs on Balancer create a carefully selected portfolio of tokens that are fully liquid, balanced to avoid inflation, and noncustodial,” the collaboration announcement details. Wsbdapp users will be able tap into the Balancer Protocol and leverage “the proper currency to buy-in and receive a token representing their holdings,” the teams emphasize.
“The Wallstreetbets community has something for everyone, and with democratic tools like ETPs, we’re showing the world how financial markets should really be managed,” said BTCVIX, CEO of the Wsbdapp platform. “Balancer is providing our community the data they need to access and evaluate these portfolios, enabling really educated financial decisions.”
The creators of the Balancer project say that Balancer V2 will help Wsbdapp platform users reduce fees. “Users will receive frequent updates about the status of their ETPs,” the Balancer team said. “Once the funds are held, users get access to any upside of the collection and can sell back their shares when ready.”
What do you think about the defi project Balancer Protocol teaming up with the Wsbdapp decentralized finance project? Let us know what you think about this subject in the comments section below.