How can SocialFi improve onchain trading???
In @WOOnetwork's latest twitter space, @MustStopMurad & peach @33b345 of @STFX_IO explain how @STFX_IO combines decentralized management and vaults, creating a social marketplace for trading.
Read our notes below ð ðª
In @WOOnetwork's latest twitter space, @MustStopMurad & peach @33b345 of @STFX_IO explain how @STFX_IO combines decentralized management and vaults, creating a social marketplace for trading.
Read our notes below ð ðª
@STFX_IO (Single Trade Finance Exchange)
â¢DeFi & SocialFi (Social Finance) protocol that utilizes social trading as its core feature. 2/
â¢DeFi & SocialFi (Social Finance) protocol that utilizes social trading as its core feature. 2/
Social Trading goals
â¢Crypto Twitter is already a social trading place w/ everyone tries to figure out what others are doing, current trends, showing off success, etc.
â¢Trying to build a platform to do all that. 3/
â¢Crypto Twitter is already a social trading place w/ everyone tries to figure out what others are doing, current trends, showing off success, etc.
â¢Trying to build a platform to do all that. 3/
â¢Currently there is an intersection of 2 trends: Decentralized Management & Vaults. 4/
Decentralized management:
â¢Hasnât taken off so far.
â¢DeFi users are short-term thinking, risk seeking & impatient.
â¢Instead of multi-year vehicles, @STFX_IO provides vaults (joinable trading positions) that are short term (days-weeks). 5/
â¢Hasnât taken off so far.
â¢DeFi users are short-term thinking, risk seeking & impatient.
â¢Instead of multi-year vehicles, @STFX_IO provides vaults (joinable trading positions) that are short term (days-weeks). 5/
Vaults:
â¢Since mid 2021, vaults have been trending (yield farming, leveraged farming, simple options) but all are chosen by the teams.
â¢Most have been focused on yield generation. 6/
â¢Since mid 2021, vaults have been trending (yield farming, leveraged farming, simple options) but all are chosen by the teams.
â¢Most have been focused on yield generation. 6/
â¢@STFX_IO focused on short-term directional trades w/ perps as it has the highest liquidity.
â¢Every vault represents a unique idea & everyone has access to making & joining one. 7/
â¢Every vault represents a unique idea & everyone has access to making & joining one. 7/
â¢Providing data of vault managersâ performance to the community without requiring managerâs KYC, onchain transactions will be proof of their success. 8/
â¢Allow low networth traders to leverage capital to prove their skills & incubate reputation; basically a decentralized prop shop. 9/
On current exchanges
â¢Exchanges w/ fees have affiliate marketing.
â¢Traderâs being good or bad is irrelevant, just wants more people to use their ref links & performance is secondary to volume. 10/
â¢Exchanges w/ fees have affiliate marketing.
â¢Traderâs being good or bad is irrelevant, just wants more people to use their ref links & performance is secondary to volume. 10/
â¢People w/ the most followers tend to give false hope just to attract volume.
â¢@STFX_IO is attempting to reward good traders instead. 11/
â¢@STFX_IO is attempting to reward good traders instead. 11/
Value proposition
â¢Social layer on top of decentralized exchanges.
â¢Rankings, leaderboards, tournaments.
â¢Marketplace between managers & investors.
â¢Convert reputation into free leverage (people will join your vaults due to reputation). 12/
â¢Social layer on top of decentralized exchanges.
â¢Rankings, leaderboards, tournaments.
â¢Marketplace between managers & investors.
â¢Convert reputation into free leverage (people will join your vaults due to reputation). 12/
â¢New traders increases profitability by joining others.
â¢Improves trading knowledge by watching ideas.
â¢Includes filters to allow new investors to find suitable vaults. 13/
â¢Improves trading knowledge by watching ideas.
â¢Includes filters to allow new investors to find suitable vaults. 13/
Impacts of @STFX_IO
â¢Some private trading groups may not be as relevant anymore due to having a public leaderboard to follow.
â¢TradFi thinks Defi is risky. Social trading lessens the fear w/ the social aspect & may draw more TradFi people into Defi. 15/
â¢Some private trading groups may not be as relevant anymore due to having a public leaderboard to follow.
â¢TradFi thinks Defi is risky. Social trading lessens the fear w/ the social aspect & may draw more TradFi people into Defi. 15/
How to attract users
â¢People already treat trading as a game (eg stock trading & recent meme stocks)
â¢@STFX_IO provides game-like features (leaderboards).
â¢Information by experienced traders provided in the vault information. 16/
â¢People already treat trading as a game (eg stock trading & recent meme stocks)
â¢@STFX_IO provides game-like features (leaderboards).
â¢Information by experienced traders provided in the vault information. 16/
â¢For the non-traders, 80% of profits will be given to token stakers & will attract yield seekers.
â¢Ongoing trading competition w/ $100k prize in total to top managers & investors. 17/
â¢Ongoing trading competition w/ $100k prize in total to top managers & investors. 17/
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Listen to the original @WOOnetwork x @STFX_IO twitter space ft. @MustStopMurad, @33b345, @winter_BBA, @WR_Crypto, @BenYorke, & @Ja_Brann ð 19/
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