Wallstreetbets DAO, Uniswap v3, and Dogecoin news

Wallstreetbets DAO, Uniswap v3, and Dogecoin news
6 min read
08 May 2021

It’s a spicy week in the crypto markets with ETH trading above $3,400. Why is that price such a big deal? Well, I went back and looked at the market for ETH last May and it might be hard to believe but you could buy an entire coin for just $200! We’ve gone from $200 to $3,400 in a quick 365 days. How’s that for a great investment? 

In other news, Exodus has raised $75 million from its public stock offering, Uniswap updated their protocol and a couple of exchanges have added, guess who, DOGE coin trading pairs due to popular demand. 

If you’re crypto native you might not know much about markets like the New York Stock Exchange and the NASDAQ. There’s not a lot you need to know honestly, except that if you’re looking for innovation you’re not going to find it.  The last big change in the traditional markets happened when they went from T+3 to T+2. Translation: the markets went from clearing transactions in three days to two days. In the age of the internet you still have to wait forty-eight hours to get your stocks in your account. How boring is that? Two days to clear a transaction makes Bitcoin’s one-hour confirmation time look like lightspeed. 

Just because the traditional markets aren’t innovating though doesn’t mean the same thing applies to crypto. The decentralized exchange Uniswap has just released their v3 product which they claim offers huge improvements for DeFi users.  The changes that Uniswap v3 introduces are fairly advanced and would only make sense to seasoned DeFi investors so we won’t cover them in any detail here.

Capital efficiency, better trade execution, better risk controls, etc.  It’s technical stuff but the key point is that while the New York Stock Exchange dreams about T+1 transactions, all sorts of awesome innovating is happening in crypto land. DeFi is only a drop in the bucket today, but if you have to bet on the future it’s pretty obvious where all the exciting developments are happening.   

Speaking of the stock markets, Jaime Rogozinski may not be a household name, but he’s one of the cofounders of the famous Wall Street Bets Reddit community, and he wants to use blockchain to bring next level investing to the stock market. 

Jaime, along with others in the Wall Street Bets community, wants to create Exchange Traded Products that trade using a crypto DAO.  DAO stands for Decentralized Autonomous Organization, basically a decentralized governance structure coded into a smart contract.

In regards to the stock market, a DAO would be a better way for investors to work together. Instead of having a bunch of people on a forum agree to purchase a certain stock at a certain time, investors can use a DAO to pool their capital and collaborate on their investments.  This is one of the first examples we’ve seen of a DAO being used in the stock market, however, it definitely won’t be the last time it happens.

Crypto is going to eat the world, as Raoul Pal loves to say, but there’s always going to be a stock market so it makes sense for investors to combine equities and the blockchain to get the best of both worlds. 

It looks like everyone’s getting into the doge coin nowadays. Gemini, the cryptocurrency exchange led by the Winklevoss twins, has finally added a DOGE coin trading pair. The same goes for the trading platforms Robinhood and eToro, which have both added DOGE offerings. 

Unless you’ve been offline for the last few weeks you’ve probably heard that DOGE is hotter than a chili pepper on an August afternoon. The cryptocurrency, which is based on a meme and has been long considered a joke, topped out at $0.69 on May 5th. Currently it’s trading around $0.60.  Not too bad! In fact, it’s actually pretty astonishing. If you do the math, DOGE is up 10,000% since January 1st of this year. Go back a full year, to May of 2020, and Doge is up 22,000%. DOGE has captured the market’s heart and the money just keeps pouring in. Will Doge hit $1 this year? Let us know what you think in the comments below! 

Where are we going from here, well as the popular saying goes In markets, the next ten years usually don’t look like the last ten years.  A prime example, the last ten years in crypto gave us heaps of speculation and a lot of failed projects. Looking at you ICOs!  People look back at that and think that the next ten years will be the same. We’ve got news for them though, things are changing and it’s no longer the market of yesteryear. 

Brand name institutions are buying Bitcoin, crypto companies like Exodus and Coinbase are going public and decentralized exchanges are on a path to overtake centralized exchanges in terms of trading volume. Blockchain is lifting off and what we’re witnessing is the early rounds of an ongoing crypto revolution. Out with the T+2, in with the Uniswap V3!  

Den W. 3.1K
I'm a passionate tech enthusiast who loves diving into the world of software, programming, and tech reviews.
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