SatoshiSwap in Binance Smart Chain

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The SatoshiStreetBets subreddit plans to host the Genesis Reddit airdrop of the SatoshiSwap cryptocurrency. It will also launch a leveraged decentralized trading agreement with other DeFi-related services.

SatoshiStreetBets has previously announced that it will introduce a local token called SatoshiSwap. The cryptocurrency will reward members based on the amount of upvotes on their content, thus incentivizing the ecosystem.

The Reddit group SatoshiStreetBets is very similar to the popular WallStreetBets. When they managed to increase GameStop's share price, the latter shocked the stock market. The whole crisis caused huge losses to major Wall Street fund managers.

One of the reasons for creating the token is to address the main problems of the decentralized exchange market. These include scalability drawbacks, as well as high gas rates.

In a new announcement, the team claims to be introducing leveraged trading through a decentralized ecosystem. According to SatoshiStreetBets, it has a team of well-versed DeFi developers working hard to make this a reality. It further stated that its protocol "is based on secure and well-known DeFi primitives."

SatoshiSwap established a structure to reduce the effect of excessive losses arising from sudden accidents. A decentralized insurance fund was created to compensate for the losses incurred.

SatoshiSwap will not be hosted on the Ethereum network, which is affected by high gas prices and annoying traffic congestion. As a result, the Binance smart chain has become a popular choice and continues to garner a lot of interest.

SatoshiSwap conducted a poll on its Discord channel to allow members to vote on the blockchain of their choice. The majority of people chose the Binance smart chain.

The SatoshiSwap team plans to roll out the new service within three to four weeks.

Images taken from Google



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