yTSLA always tells the truth about TSLA
While TSLA (by Elon Musk) is heralded as the “stock pick of the decade,” mooning to over a $600B market cap in 2020 and making fortunes, there has arisen an alternative market to “take a position” in the terms of yTSLA.
Simply put, yTSLA is a rebase product that will rebase daily to 1/100 the price of TSLA at 15:00 UTC daily. This is how it works.
yTSLA’s starting supply during the bootstrap phase was 111,111 — these were distributed fair and free to the community. There was never a “pre-sale” and the team is and was 100% decentralized with no single leader (in many ways similar to bitcoin).
So, being in crypto, this allows us exposure directly and in a decentralized way to the price of TSLA.
If TSLA is trading at $600, and then yTSLA is trading at $6, then they are at parity (i.e.no rebase is needed).
However, if TSLA is trading at $600 and yTSLA is at $12, then that is a 100% difference and so during the rebase the total supply of yTSLA will increase by 10%. This increase will happen on all yTSLA, in wallets, liquidity pools, etc.
On the other hand, if TSLA is at $600 and yTSLA at $3, then yTSLA will get a 10% supply decrease.
The exact math is a little complex, but the simple way to understand it, is:
1. Divide TSLA by $100
2. Compare the prices
3. For every 100% difference (or fraction thereof) the supply of yTSLA will increase or decrease by 10% (or fraction thereof)
The supply increase/decrease will not change the price of yTLSA, however it will increase/reduce the amount of tokens in peoples’ wallets so it could incentivize economic activity (buying and selling) to bring the price of yTSLA back to 1/100 Parity with TSLA.
We think this is a very important financial revolution for a few reasons:
1. The project is 100% decentralized in code, meaning even if “someone” wanted to shut it down, it actually would be impossible; the code for yTSLA already lives on the blockchain forever. This protocol can and will go on perpetually beyond the reach even of the people that originally deployed it.
2. Supply is 100% decentralized. There were early distribution farms during the bootstrap phase (before rebase) and supply is now in the hands of over 500 holders at time of publishing. There are no “team bags” and there is no “team liquidity;” it is all community owned and generated. You can consider this technically, and community-wise, very much “like Bitcoin.”
3. It gives decentralized, fast, and permissionless exposure to TSLA.
Enough said.
Next steps.
Visit ytsla.finance for the rebase countdown and for more information. Another great place to start is by visiting our DEXTools page.
You will need to use Uniswap to trade and you can do so here.
Also, make sure to follow us on Twitter and join our Telegram where we have lots of cool stuff going on with yTSLA and our sister project DMT (hint — if you like NFTs, you will love DMT).
Okay, thanks for your time!
To Marp and Beyond!
