"Radio Shack" by Mike Mozart (CC BY-NC-SA 2.0)
This year, Radioshack, the legendary seller of electronic components and specialized hardware, turned 100 years old, and what better way to celebrate its longevity than to change its line of business to fully embrace the world of cryptocurrencies with the launch of a DeFi protocol and an NFT collection.
In a move that left a good portion of assiduous Crypto Twitter users scratching their heads, the company changed its Bio and website to promote its new vision of launching and promoting a DeFi project.
Although no official announcement has been made, RadioShack’s new Twitter bio has a clear message: The company now wants to make a big entrance into the decentralized finance industry.
The new Twitter bio for the hundred-years-old corporation now says it wants to bring crypto to the average consumer: RadioShack’s new mission is “to be the first protocol to bridge the gap in mainstream usage of DeFi.”
The official RadioShack website is now all about RadioShack Defi. The new DeFi service will start with a Swap that will be powered by the Atlas USV token (an acronym for Universal Store of Value). The idea is to create a system of constant inflow of third-party tokens to the DEX and exchange them for discounted USV Tokens.
Initially, the relationship is theoretically a win-win situation because liquidity providers get their hands on new tokens that they can exchange for profit. In contrast, RadioShack gets third-party tokens to increase its treasury.
RadioShack explains that “Atlas USV protocol is a long-term holder, not a reward-oriented, short-term provider of liquidity,” which gives its platform a comparative advantage as it secures long-term liquidity.
This way, users guarantee that the team would not sell the tokens to finance itself. Likewise, Radioshack assures that over time, “once the liquidity pool surpasses other exchanges’ liquidity level in any token pair, our swap efficiency will be unbeatable for that pair.”
RadioShack is also promoting a collection of NFTs.
According to its website, the RadioShack team partnered with The Franklin Mint, Modell’s Sporting Goods, and others to launch its tokens, which are now available for purchase on the NFT Opensea marketplace.
The collection consists of some 74 assorted pieces, including drawings of the company’s CEO, Alex Mehr, as well as some three-dimensional designs, sports-themed photographs, vehicle photos, and other various designs.
Will RadioShack succeed in this new venture? Or will it become the new Kodak, or even worse, another “Long Island Blockchain Tea“? Nobody knows, but this is the crypto sphere, and at least risk-loving traders will have a new token to swap in along the ride.
This article was first published on: Dec 19, 2021