FUN is already the largest gambling and gaming related crypto token and we are on a mission to enhance that position. Over 150,000 crypto-savvy players have purchased FUN, and more are being exposed to it in the largest-ever crypto poker freeroll, now running (see FUNToken.io for details). We’ve published our roadmap, and that includes the FUN Poker Freeroll, a FUN-based casino, token burning, an investment scheme with Binance and a new token, FUN:L2
In order for the token to achieve its own growth path and reduce the shadowing of BTC and ETH that most tokens follow, we need to enhance the utility of the token, whether through premium membership programs such as on freebitco.in or through gaming and gambling operations such as casinos, poker and sportsbooks.
To this end, we continue to build and seek out opportunities to increase the value of the token by increasing utilization, introducing ways to use the token both within the existing operators in the online gaming space and by launching our own opportunities, some with our own technology and some in partnership with synergistic operators.
These endeavours take time to realise, and in the interim we will continue to actively pursue activities which we expect to increase value for all token holders.
For all in-house operations such as the soon to be launched decentralized casino we will commit to burning no less than 50% of any profits after costs. These burns will take place on a quarterly basis with the first burn event taking place at the end of Q3 2021. We will also be introducing lay staking which will provide the opportunity for token holders to participate in the profits from in-house operations. Details of this will of course vary according to the gaming operation.
Binance Investment Scheme
We have entered into agreement with Binance to sponsor a FUN savings plan which will enable long term holders to bank their tokens and enjoy interest payments on their holdings.
In the next quarter we will launch a new, more performant, L2 token for gaming. This will provide a number of distinct benefits to FUN token holders.
1. L2 tokens will have enhanced functionality which will be used in the future for peer-to-peer gaming such as p2p betting and social games
2. L2 tokens will have super fast transaction speeds and incur no gas fees. There will no longer be a requirement to hold ETH in order to transact with the tokens
3. L2 tokens will not be available through any mechanism apart from via a FUN:L2 bridge which will escrow FUN tokens in return for issuing L2 tokens (and vice versa)
The effect of this strategy will be that all FUN tokens which are swapped into L2 tokens will no longer be part of the circulating supply, reducing supply of tokens for trading. Success will be measured by uptake of the L2 token which will be entirely driven by entertainment opportunities that we are able to attract to the FUN L2 ecosystem. We believe that in the long term this will provide by far the most positive effect on token value.
FUN is a token that is rapidly being embraced by players and igaming operators. And as we continue to achieve our road-mapped goals, we expect FUN to lose the shadow of BTC and ETH that haunts so many other cryptocurrencies. Join us and enjoy the ride, “Make it FUN.”