The blockchain space is a whole new world of possibilities as the impossible is nothing here. And with DeFi (Decentralized Finance) becoming a thing, it doesn’t get any more true. In recent times, the world has continuously sought a break with the traditional ways of doing things. In the financial arena, it is DeFi that has obviously come to change the game forever.
But of course, the first thing anyone can see in this new normality is that the bottlenecks and bureaucracies of traditional financial institutions are totally eliminated here. And all that is needed to participate in this new normal is your phone, an internet connection, and of course DeFi technology.
It would seem that it can’t get any easier than this, but it really is. Multiple projects are released every day; usually with a mission: improve this space. And some are quite interesting. For example, Wolfystreetbets has made it possible for punters to take advantage of crypto vs stock prediction markets. Think of this as a DeFi vs CeFi market environment.
How does the Wolfy ecosystem affect the industry?
Wolfy is a “barrier-free prediction market” that builds on the hallmark of DeFi to explore the world of gambling. What this means is that the Wolfy project is 100% decentralized, thus ensuring a smooth and frictionless transaction between ecosystem participants.
It would seem that for the sake of longevity, the team has adopted a reward system for users who stake multi-crypto assets on the platform. And while the system is currently based on the ethereum mainnet, Wolfy plans to transition to a multi-chain ecosystem in the future to further lower any barriers to participation.
From what we read about them, the Wolfy project is built on some interesting pillars, three of which are: true decentralization, community governance, and real rewards. And then, as you would expect from most crypto projects, they have a token; the WOLF token.
It is a deflationary token. For newbies to this space, it means that with each successive transaction comes scarcity and increased demand. But then, it is promoted that the holders will get rewards directly in their wallets for every successful transaction on the platform. This has potential as it obviously opens up a passive income stream for users just by having a WOLFY token in their wallet.
what to expect
I like to think that every blockchain project is innovative; at least at the minimum level. The blockchain itself is an interesting departure from the usual, which is why the projects built around it tend to have this default aura of innovation around them. That said, it makes common sense to expect some projects to outperform others or at least have more potential.
With Wolfy, we can’t help but feel like they have a solid shot at succeeding in this space. The most obvious reason for this conviction is this: they have brilliantly experimented with DeFi vs CeFi (Centralized Finance) ecosystems in financial markets. Now add reward systems and zero gas fees to this deal, and you’ll see why they have a good chance of staying strong for as long as they want.
Another nice advantage that they can take advantage of right now is the fact that cryptocurrency enthusiasts and participants in the blockchain space are generally very keen to embrace disruptive innovations.
In the end, there will be fierce competition in this space. In fact, there is already some competition. However, it is the users who decide which project gets their loyalty. As it is, the Wolfy team is in the good books of users and seems committed to constant improvement. It will be good to see them keep up with this speed. But no matter how things unfold, we’ll be here to report developments and keep you informed. Stay with us!