Place/Date: - August 4th, 2021 at 2:29 pm UTC · 3 min read
Source: FUN Token
Who doesn’t like success stories?
In 2021, one of the biggest success stories in crypto has been that of FUN Token, an ERC-20 token with an incredible vision – bringing decentralized online gambling to the mainstream.
Not long ago, this vision was in danger as rising Ethereum gas fees made on-chain transactions untenable for FUN Token. Along came FreeBitco.in with a unique use case and acquired the token in February.
FUN Token hasn’t looked back since…
FreeBitco.in, the seventh-largest online casino in the world, harnessed FUN Token for its Premium Membership program, moving its use case completely off-chain. Through this project, FUN Token gained exposure to over 46 million users.
Subsequently, FreeBitco.in acquired the token and built a new team around the token, helmed by the vastly experienced Adriaan Brink, formerly of the BETR Foundation. A comprehensive roadmap was laid out.
In a matter of months, FUN Token gained over 170,000 new users, tripling its user base and doing it all off-chain. Noticing its rising popularity, Binance organized a couple of successful trading competitions and added FUN to its Locked Savings program.
And now, FUN Token is taking a massive step towards realizing its ambition with its biggest project yet…
While an off-chain use case is a clever workaround, achieving true decentralization in online gambling is only possible through on-chain activity.
One of the biggest issues facing online gaming is related to operator escrow. When a user places a bet, their funds are moved into escrow until the outcomes are determined. Simultaneously, operators have to ensure sufficient funds are available to settle these bets. By moving operations to a blockchain, these logistical drawbacks are eradicated.
FUN Token sought to solve these issues using the Ethereum blockchain, however, there was a problem.
Adriaan, CEO of FUN Token, said:
“FUN suffered tremendously with the rising price and latency of Ethereum transactions, so our first major tech release will be to deal with this issue. In the next 2 months, we will release a new Layer-2 token on the Polygon network to leverage its high performance and low transaction fees.”
This token will be pegged 1:1 with FUN Token and over 250,000 users will be brought on to the Polygon network. New tokens will be issued in exchange for escrowing FUN Tokens, effectively taking a massive amount of FUN out of circulation and acting as a strategic burn tactic.
In the coming weeks, a full-fledged, truly decentralized casino for the L2 Token will be launched, taking FUN Token closer to its vision of making online gambling transparent, fast, and secure for everyone.
The online gambling industry is fraught with unfair practices, long cashout times, and security risks. FUN Token has dedicated itself to bringing decentralization to the industry through carefully planned developments, and a token ecosystem based on a Layer-2 blockchain is definitely a step in the right direction.
FUN Token also plans to utilize 50% of its gaming profits to burn tokens strategically, showing its commitment to making its goal a reality. There’s a long way to go, however, the start couldn’t have been stronger than this.