The Solution To Robinhood And Gamestop Problems Is Smart Contracts Says Co-Founder of Block.One

Twitter users that are tilted to the world of cryptocurrency have been reminiscing on the movement of the stock market in recent times. Many of them are concern about the censorship exchange platforms that are implemented to lower the effect of the activity of the bulls from TikTok and Reddit. Daniel Larimer, the former Chief Technology Officer of Block.One, aired his opinion on how such discrepancies can be avoided in the time to come.

He further claims that the only rescue for the problems around the GME – Gamestop market manipulations is the EOS.IO Public Software’s ProFi Protocols, even including the Robinhood censorship.

The Solution is EOS’s ProFi

In his tweet, he said that ProFi with EOS and Block.One could eliminate the issues around Robinhood and Gamestop completely. The financial system will need to turn to Smart contracts to settle things instantly.

The concept of open-source finances and ProFi was first unveiled by Brendan Blumer, the CEO of Block.One as an offspring of decentralized financial protocols – DeFi as it is now. In his perspective, he believes the instruments of traditional and decentralized financial markets will be integrated by ProFi. But according to Larimer, the instant settlements with smart contracts will most likely be an accurate and precise solution to the problems around the market.

Actors in the cryptocurrency markets have emphasized times without numbers that the reasonable solution to problems like the Robinhood censorship is the decentralization of the market. An example is when Robinhood application began liquidations of traders’ open position without prior notice, the crypto community on Twitter starts suggesting a flagship Ethereum-based decentralized exchange – Uniswap (UNI).

Apart from liquidation, Robinhood went ahead to stop new deposits for the purchase of cryptos and also delisted the much-wanted DOGE (Dogecoin).

The community of traders believes that the policy is an effort of Wall Street to reduce the effect of retail investors’ coordinated actions in the market. The positions of at least three hedge funds were liquidated as at the time the pumpers on Reddit were pumping meme-coins like AMC Entertainment Holdings (AMC) and Gamestop (GME).