FunToken 2022 CEO update

FUN Token 2022 CEO Recap – A Year of Growth and Creating Value

2022 is behind us, and I am super excited about our progress and where we got to.  We completed nearly all the technology goals we set and moved forwards in building the #1 crypto gaming community.

No token or crypto is immune to market forces, and the bear market has been brutal, with value wiped out by forces such as the LUNA collapse and the FTX saga, but we are still in good shape and working on moving forwards toward our goals.  In some respects, the bear market is good for us – it shakes out the weaker competitors and helps focus the mind.

Regular Token Burns

As per our commitment to reducing supply, we had four scheduled token burns, the first happened on March 31st when we burned 11,845,521 tokens. On July 1st, the Q2 burn was 14,468,541 tokens, followed by 17,451,853 tokens in Q3, and then the final burn for 2022 a few days ago, when we burned 18,342,050 FUN Tokens.

Quarterly burns are part of our company roadmap and the FUN tokenomics. We committed to burning 50% of net earnings from related iGaming platforms and will continue to do so.  

Launch and Improvements of the XFUN Wallet

The XFUN Wallet is the flagship feature of the XFUN ecosystem. We soft-launched the wallet in 2021, and it has undergone several enhancements and upgrades over the past year. It is available for Android and iOS users through the respective app stores and will increasingly become a core component in our decentralized gaming ecosystem. 

The XFUN Wallet is essential for decentralized gaming on the platforms inside the XFUN ecosystem. Using industry-standard wallet-connect APIs with enhancements for our industry,  it provides a tool that enables a user to quickly, securely, and in a decentralized manner hook in and out of gaming sites to play their preferred games as they wish.  Reducing friction and putting ownership of the user’s funds back into their own hands is central to the future of decentralized gaming.

Introduction of the XFUN Token

FUN Token is a standard ERC-20 token hosted on the Ethereum blockchain. Ethereum has been dogged with performance and cost issues, and it was clear that we needed to develop a second-level (Layer 2) solution to provide the speed and scalability that a gaming system requires. 

That’s why we deployed the XFUN Token in 2022. XFUN is hosted on the Polygon network and acts as a utility token with easy access through a mechanism to swap from FUN in our XFUN wallet.

The XFUN Token is used across all platforms in the XFUN ecosystem. While FUN is still available for trading, gamers can enjoy quick, safe, and transparent transactions by using the  XFUN Token.

Fantastic SkillGames Collab that Brought the XFUN Arcade

In July, XFUN Arcade was launched. If you’re a gaming lover that enjoyed the Arcade park games in the 80s and 90s, you surely love this one. More than 100 games developed by the top iGaming provider SkillGaming were added to this platform. 

This project was not part of the roadmap and came as an excellent collaboration between FUN Token and SkillGaming. Several months in, we see daily use of the platform, with hundreds of players enjoying the games. 

Introduction of FUNky

Simultaneously with the launch of the Arcade, we also introduced four branded games, also developed by SkillGaming. We introduced the new mascot of the company – FUNky the Frog. The four games in which FUNky is the main character are highly popular among players – Jumpy FUNky, Sticky FUNky, FUNky’s Run, and Chop Chop FUNky. 

Implementation of XFUN Across All Verticals in the XFUN Ecosystem

FUN is the ERC20 trading token and has also been implemented in several verticals, such as dPlay casino and on the booking site Travala.  It is also the premium token on crypto faucet Freebitco.in. 

With the deployment of XFUN, we are now ready to move things to the next level. XFUN is now integrated across all verticals in the XFUN ecosystem. The deployment on Freebitco.in has been delayed somewhat, but we expect it to be within Q1 2023, at which point we will see significant increases in usage and wallet counts on XFUN.

Launch of XFUN.Casino

Showcasing the XFUN token, we are excited to welcome XFUN Casino to the community!

This new casino has hundreds of games from notable iGaming developers – Spinomenal, EvoPlay, Tom Horn, Mancala, Pragmatic Play, and others played a significant role in creating the XFUN casino experience. Powered by the XFUN wallet and its seamless WalletConnect feature, gamers enjoy fast, secure, and FUN casino play.

Launch of the XFUN.Bet Platform

November marked the start of the FIFA World Cup. In time for this (just!), a decentralized peer-to-peer betting solution xfun.bet launched.  With all financial transactions on-chain, including escrow for bets placed, the system provides a sports betting experience where there is, in effect, no operator or house taking their cut of the winnings.

Users could bet on World Cup matches using their XFUN Wallets. With a dozen sports available on the platform, and more to come, you can still enjoy decentralized betting using your XFUN stash. 

What’s in the Pipeline for 2023

2023 is all about consolidation and growth.  We had a lot of tech in 2022 – it is time to build on this base and grow the usage numbers to prove the token ecosystem’s true utility.  To this end, we are pivoting to be more marketing/driven and focus on driving usage through all associated verticals. 

We will do this in several ways, but not all will be announced in a neat wishlist for our website – some things work better as surprises!

In Q1, we expect to welcome premium Freebitco.in users through the integration of the XFUN wallet. 

We’re also working on an extensive website revamp. Another thing for Q1 is the FUNCampus – an exciting project collaborating with pax.world’s metaverse. Stay tuned on our social media pages to get the information first.

Last but not least, for Q1, we will be releasing the final upgrades to the XFUN API, which makes it brain-dead simple for 3rd party dApps to hook into the XFUN community.  We have several dApps standing by for this, so I’m very keen to get it out as soon as possible.

Going forwards through 2023, I look forward to working on deeper decentralization in the casino space (hint – this includes lay staking) and more work with pax.world building out the metaverse gaming products.  Exciting times indeed!

Best Regards
Adriaan Brink (CEO)

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