Reddit's SatoshiStreetBets Planning To Launch Its Own Cryptocurrency
Amid all the attention being lavished on Dogecoin (CRYPTO: DOGE), a Reddit forum that has been among Dogecoin's most vocal champions appears to be continuing with plans for its own cryptocurrency.
What Happened: The creators of SatoshiStreetBets, the Reddit forum that promotes itself as "the crypto version of WallStreetBets," are at work on SatoshiSwap, a new cryptocurrency that will be offered exclusively to the forum's 396,000 members.
"SatoshiSwap is a decentralized margin trading protocol and represents a natural evolution in DeFi yield farming," said a statement from the forum moderators to its members. "As well as being distributed to subreddit members in proportion to the upvotes they receive, it will also be available to buy."
What Happens Next: Plans for SatoshiSwap were first revealed to forum members in February, with a premiere that was initially scheduled for that month. The plans said SatoshiSwap would be positioned as "a cryptocurrency and (decentralized autonomous organization) inspired by the popular UniSwap and SushiSwap projects."
The new cryptocurrency has yet to be unveiled, but moderators are still offering forum members access to an online form to fill out, with the promise that the members will be "the first in line" to learn about the opportunity.
"Original content contributors (post submissions) on SatoshiStreetBets will receive an allocation in proportion to the amount of upvotes their content receives," said forum moderator "Little Eagle" in the initial announcement. "The exact mathematical algorithm we will be deploying for this and how long for, will be revealed in the coming days but we will ensure new accounts can't game the system and also we will be aiming to reward diversity in submissions across a range of coins."
Moderators also will receive an allocation, the announcement said.
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