There has been a trend lately where meme stocks, cryptocurrencies and tokens are evaluated way beyond their fundamentals e.g. $GME and $DOGE. There are a lot trading opportunities in those cryptocurrencies and stocks; especially by betting against them. But currently there aren’t any decentralized service on any block chain which provides this kind of opportunities.
I would like to build a dapp which allows people to bet against stocks, tokens, cryptocurrencies and eventually more.
- Price of X will drop
- Price of X will drop more than Y
- Price of X, Y, Z will drop (like a composite of the first type)
- Users will be free to choose the conditions. e.g: “I (the seller) will receive 1000 USDT if the price of $DOGE drops in 1 week, if the price rices the buyer will get 200 USDT”. As seller you are responsible to make the conditions reasonable, otherwise your order will never be filled.
- Transparant oracles: users will exactly know where the price will come from.
Initial available markets to bet against
- $GME (Gamestop)
Advantages for Opium holders and ecosystem
- Fees generated by the dApp will be used to buyback and distribute Opium to holders. This can be changed later on but there will be financial benefits for Opium token holders. This will also add more value to the Opium token
- Fees can also be stored in a treasury and used for marketing.
- Fee percentages will be governed by Opium holders
- There will be a big “Build on Opium Protocol” in the dapp which will lead to more exposure for the Opium Network.
- All code will be open source (AGPL).
- Graphical interface
- Oracles ($GME and $DOGE)
- Derivative logic
- Governance contracts (fee regulation)
There will be several feedback rounds where you can leave your opinions / steer the project.
I hope my explanation is clear. Feel free to ask any questions
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