Cryptocurrency as the new money world order cannot be over-emphasized. And the fact that the world of finance is changing rapidly to accommodate it, as in DeFi, tells a tale of how everything else will bend to its will inevitably. This article attempts to review Wolfstreetbets, a platform that allows you to stake your crypto assets for and against the prediction of real-time events.
Overview
Wolfystreetbets.com is a decentralized prediction platform founded in March 2021. Its vision is to place the decentralized financial system on the same pedestal, if not higher, as the orthodox one—both in terms of value and percentage growth.
The platform claims to have in store incentives and a reward system carefully engineered to serve its users.
Considering some of the selling points of Wolfystreetbets, we might as well surmise that the platform is quite distinctive. With Wolfy, you get features like no-gas fees, liquidity incentives, and the one that I particularly like the most, ultra-informative resources. These features are very un-entrepreneurial as it seems like arming your enemy in a war against yourself. Quite the idiosyncratic prediction market!
Features
Multi-chain support
It would be a let-down to develop a decentralized prediction platform and restrict its availability to a handful of assets and tokens. The multi-chain feature further broadens the horizon of the platform’s usability; it opens its doors to diverse chain-native staking assets and fosters distributed liquidity. While Wolfy is available only on the Polygon network, there are rumors that the platform will soon hit the Binance Smart Chain.
Zero gas fees
It pretty much defeats the enrichment process if they tax the rewards for the cost of running the network. On Wolfy, you are assured of your winnings and bonuses in full with no hidden charges.
Liquidity Incentives
There’s the option of supplying liquidity instead of participating in high-risk stakes. All you need to do is throw your crypto assets into the mix, which increases the potential reward for users. You then earn a high-yield percentage based on the level of participation in that prediction pool.
TradingView charts and in-house newsfeed
Wolfystreetbets users get access to accurate real-time info of the performance of stocks against crypto assets and vice versa. Or whichever prediction asset. The feature is made possible by artificial intelligence integrated into the app and the web-based version of the prediction platform. According to them (Wolfy), the above features will improve users’ decision-making and facilitate real-time technical analysis.
Diverse prediction pools
Wolfy offers more than just the “Crypto vs. Stock” prediction pool. You also get the “DeFi vs. CeFi” versus pool just in case one rocks your boat more than the other.
Wolfy Token
WOLFY is the native token of the Wolfystreetbets ecosystem. With half a billion tokens in circulation, the token has a market cap of $2.7 million. Its supply mirrors the deflationary model where Wolfy disposes of a certain amount of tokens depending on demand. The model is adopted to drive up the value whenever a transaction is made. The WOLFY token is a user’s pass to the platform while also providing instant rewards. To access and participate in any of its prediction pools, one needs a base amount of 5,000 WOLFY is required.
Holders of WOLFY have been promised a portion in its soon-to-come Decentralized Autonomous Organization before anyone else outside the ecosystem.
Security
Word-of-mouth integrity practices can only take a startup so far. There would have to be evidence to back it up if they are to make it farther. As its (Wolfystreetbets) token and prediction market have differing smart contracts, it is only fitting they independently audit them. From the info obtainable on Wolfystreetbets’ website, WOLFY was successfully audited by Solidity Finance. While the class-leading Halborn Security is currently auditing its prediction smart contracts.
Cybersecurity
It is often a source of worry that someone other than the intended receiver can access the data you inputted on a site. Before inputting data on any website, it is necessary to check for the security padlock that appears before the address. The padlock signifies that the website is protected by an SSL (Secure Sockets Layer) certificate; this certifies that the internet connection is secure and sensitive information sent is protected against phishers.
Wolfystreetbets.com scored an impressive A+ on ImmuniWeb, A on SSL Labs, and “Modern” for its TSL Observatory test. Despite its impressive scores in security, the website scored D in the HTTP Observatory. All according to the report from the scan done on observatory.mozilla.org.
Areas that may Need Improving
Some areas need improving; they are:
- There is no mention of fiat currency support on the platform. Integrating fiat currency will reduce charges associated with conversion to the preferred crypto asset of the user.
- There is no physical office or team responsible for the platform. Giving the brand a human face will improve the public’s perception of the startup.
PROS
- Excellent user interface
- User friendly
- Low transaction fees
- No gas fees
- Liquidity incentives
- A mobile trading app that gives just as much information as the web or PC variant
- Responsive and real-time charts
CONS
- No phone-based customer support
- No fiat currency support
Conclusion
Wolfystreetbets is a decentralized prediction market with a clear and concise vision of narrowing the gap between DeFi and CeFi. It puts its users first through the promise of incentives and rewards irrespective of participation in the prediction market.
Pioneering change in such an aggressive clime as the prediction market is no minor feat. While Wolfystreetbets could do with little adjustments here and there in their features and policies, there is no denying that they mean the best for the infant world of DeFi.
If you’re in the market for a decentralized prediction platform that offers great rewards with no gas fees and a promise of a high-yield APY, Wolfy is a great choice.
