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Making Money in the DeFi Niche: A Review of Wolfystreetbets

2 min read

The blockchain space is a whole new world of possibilities as impossible is nothing here. And with DeFi (Decentralized Finance) becoming a thing, it doesn’t get truer. The world has in recent times continuously sought a break away from the traditional means of doing things. In the finance realm, it is DeFi that has come to change the game obviously for good.

But then, the first thing anyone can observe in this new normal is that the bottlenecks and bureaucracies of the traditional financial institutions are totally eliminated here. And all it takes to participate in this new normal is your phone, an internet connection and of course the DeFi technology.

It would seem that it can’t get any easier than this but it actually does. Multiple projects launch every day; usually with one mission: to improve this space. And some are pretty interesting. For instance, Wolfystreetbets has made it possible for punters to take advantage of the crypto vs stock prediction markets. Think of this as a DeFi vs CeFi market environment. 

How does the Wolfy Ecosystem Disrupt the Industry?

Wolfy is a “barrierless prediction market” that is built on the hallmark of DeFi to explore the world of staking and betting. What this means is that the Wolfy project is 100% decentralized hence ensures a seamless and frictionless transaction among participants in the ecosystem.

It would seem that for longevity sake, the team did adopt a system of rewards for users who stake multi-crypto assets on the platform. And although the system is currently built on the ethereum mainnet, Wolfy plans to transition into a multi-chain ecosystem in the future to further decrease any barrier to participation.

From what we read about them, the Wolfy project is hinged on some interesting pillars three of which are: true decentralization, community governance and real rewards. And then, as can be expected of most crypto projects, they have a token; the WOLFY token. 

It is a deflationary token. For newbies in this space, it means that with each successive transaction comes scarcity and increased demand. But then, it is touted that holders will earn rewards directly to their wallets for each successful transaction on the platform. This holds potential as it obviously opens up an avenue for passive income to users by merely having a WOLFY token in their wallet. 

What to Expect

I like to think of every blockchain project as innovative; at least at the minimal level. The blockchain itself is an interesting drift away from the usual hence projects built around it tend to have this default aura of innovation around it. That said, it makes common sense to expect some projects to outperform others or at least hold more potential. 

With Wolfy, we can’t help but feel they have a solid chance at succeeding in this space. The most obvious reason for this conviction is this: they have brilliantly experimented with the DeFi vs CeFi (Centralized finance) ecosystems in the finance markets. Now add reward systems and zero gas fees to this arrangement, and you will see why they stand a good chance to go strong for as long as they want. 

Another good advantage they can capitalize on right now is the fact that crypto enthusiasts and participants in the blockchain space are generally very willing to adopt disruptive innovations. 

In the end, there will be fierce competition in this space. Infact, there already is some competition. However, it is the users that decide which project gets their loyalty. As things stand, the Wolfy team is in users’ good books, and seem to be committed to constant improvement. It will be nice to see them keep up with this velocity. But no matter how things play out, we will be here to report the developments and keep you informed. Stay with us! 

Editorial Desk Editorial team Account! Bringing you entrepreneurial stories. Flourishive views the world through the eyes of entrepreneurship—ambition, ​empathy, the ​grind. Be inspired by articles curated by Flourishive Contributors.