FUN Token to Launch Layer-2 Token to Facilitate True Decentralization in Online GamblingAugust 4, 2021
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.
“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,” said Adriaan, CEO of FUN Token. “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.
Moving in the Right Direction
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.
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