The iGaming token kicks off deflationary blueprint with token burn and upcoming layer-2 token.
FUN Token completed its first token burn on September 30, 2021, commencing its deflationary blueprint that includes quarterly token burns and the upcoming launch of layer-2 token XFUN.
For the first official burn, five million FUN Tokens were taken out of circulation. View the transaction details here.
In a burn strategy statement released on FUN Token’s website in May of 2021, the team committed to burning 50% of any profits earned through their gaming operations. On August 30, 2021 FUN Token launched DPLAY, a casino built exclusively for FUN users.
“In the four weeks since its hard launch, DPLAY has gained 53,306 new users and over 14 million FUN in deposits,” said a statement released by the team. “DPLAY has generated sufficient revenue that we are able to burn 5 million FUN as part of our now regular quarterly burn. These tokens were burnt on September 30 as part of our commitment to burn 50% of all in-house gaming profits.”
A major part of the deflationary blueprint is XFUN, a new layer-2 token set to be launched on the Polygon network. XFUN will be pegged 1:1 with FUN Token and an Ethereum-Polygon bridge will enable users to exchange FUN for XFUN seamlessly.
“XFUN is a new fast and gas-fee free token running on the Polygon blockchain,” continued FUN Token’s statement. “We expect to have the FUN/XFUN bridge running within a few weeks which will enable users to swap their FUN for XFUN.”
All FUN Tokens swapped for XFUN will be escrowed and taken out of circulation, thus creating a dual asset deflationary ecosystem that will regularly facilitate a supply squeeze and improve the token’s value.
Furthermore, a decentralized casino for XFUN will be built to ensure a fast, secure, and cost-efficient gaming experience for FUN users.
More gaming opportunities for XFUN – both in-house and third party – will be launched in the near future as FUN Token aims to cement its place as the premier project in decentralized iGaming.
The post FUN Token Completes First Token Burn appeared first on BeInCrypto.
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