DeFi community wants to create tokens for GameStop shares

DeFi community wants to create tokens for GameStop shares

  • Crypto community thinks about saving GameStop shares

  • A potential synthetic token may appear in the coming days

  • Earlier, large trading floors in the United States imposed restrictions against hyip stocks

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The cryptocurrency community is interested in the possibility of creating a synthetic token for the GameStop stock based on decentralized finance

DeFi community wants to create tokens for GameStop shares

Co-founder of the Decentralized Finance Protocol (DeFi) Decentralized Finance (DeFi) is a blockchain-based financial service that offers users access to an open, efficient and … More) UMA Hart Lambour became interested in the idea of ​​creating a synthetic token based on the GameStop promotion. Lambour wrote about this on his Twitter page..

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Launch token As the use of cryptocurrencies grows, new types of tokens are emerging. They can represent value or something intangible like voices. Two … More GME on the UMA platform is possible if holders of UMA tokens approve the creation of a GME / USD trading pair. According to Lambour, this can take up to three days. At the same time, the GME price for a synthetic token can be pegged to the underlying asset using Chainlink oracles.

Lambour also added that the synthetic token will not affect the value of the underlying asset, but rather act as an option on GME..

Old stocks in a new way

However, not everyone in the DeFi community supported Lambour’s proposal. Some users argue that UMA is unlikely to be the right solution because of the oracle of governance.

DeFi community wants to create tokens for GameStop shares

In the case of UMA, the site uses an oracle with a price calculation of several days. Such a long update may be unacceptable for many. Users are already citing alternative solutions, including the Synthetix liquidity protocol, which generates a price based API in real time.

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We will remind, earlier the users of the American service Reddit decided to start buying shares of unprofitable companies “for fun”. As a result, in the period from January 8 to January 25, the value of GameStop shares soared from $ 18 to $ 157.

However, amid all the excitement, trading platforms Robinhood, TD Ameritrade and Interactive Brokers decided to restrict trading in hype stocks, including GameStop..

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