Shorts is Ready For Lift-Off
What You Need to Do to Be Ready
In traditional and crypto markets, having the opportunity to short adds another string to the successful trader’s bow. With this in mind, we are excited to announce that Shorts will soon be available all across Pollen.
Our shorting functionality brings with it a smart contract upgrade that will give you a smoother experience on Pollen Virtual. The upgraded contract, audited by our Ukraine-based partners, Distributed Labs, will go live on Thursday, June 29.
What is Shorts?
Pollen’s Shorts makes it easier than ever to take a short position on the assets you think will decrease in value, adding yet another trading technique to your playbook for when the market turns south.
This functionality allows you to take a short or long position for each allocation in your portfolio by using the ‘Short/Long’ slider each time you rebalance, removing the need to convert to stablecoins or exit positions if you think an asset’s value will drop.
In doing so, it makes a technique hitherto reserved for more seasoned traders available to everyone, regardless of their trading skill and experience.
So, do you think an asset you hold on Pollen Virtual might dip? Just slide the toggle next to it to take a short position.
Path to Liftoff
On Tuesday, June 22, the Self-Executing DAO proposal was put forward. This led to a smart contract upgrade, and now, with the vote having passed, everything is in place for the new functionality to roll out on Thursday, June 29.
In preparation for this smart contract upgrade, there will be a +- 6 hour period of downtime of the front end while the User Interface is updated. You may encounter a screen like that below.
In order to make sure you are ready for this new functionality, there might be a few steps involved.
- Anyone who has opened a portfolio BEFORE the Shorts integration must update it by signing one transaction on the blockchain. There is a one-time cost of around $0.03. A Popup (see below) asking for the upgrade will appear automatically for anyone whose portfolio needs upgrading, so there is no need to worry.
- If you create a portfolio after Shorts has been integrated on Thursday, there will be no need to do anything on your side.
We look forward to offering and adding more functionality to Pollen in the future. We know Shorts is something that many people on our platform have been waiting for, and we hope it brings you new successes as you navigate the markets!
Disclaimer
Trading cryptocurrencies carries a high level of risk, and may not be suitable for all investors. Before deciding to trade cryptocurrency you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with cryptocurrency trading, and seek advice from an independent financial advisor.
About Pollen
Pollen is a first-of-its-kind Virtual Trading Arena where the community holds all the power. Decentralized finance is designed to be by the people, for the people, and Pollen is acknowledging this by building the first, truly decentralized platform for measuring trading skill and on-chain reputation with its Pollen Virtual suite of products.
Join the Hive Mind
Join on Telegram | Join the Discord |Follow us on Twitter | Visit the website
