FUN Token, an ERC-20 token with an incredible vision – bringing decentralized online gambling to the mainstream – was one of the biggest success stories in cryptocurrency in 2021.
This vision was threatened not long ago when rising Ethereum gas fees rendered on-chain FUN Token transactions unfeasible. FreeBitco.in came along with a unique use case and acquired the token in February.
The Adventure of the FUN Token in 2021
FreeBitco.in, the world’s seventh-largest online casino, used FUN Token for its premium membership program, completely off-chaining its use case. FUN Token gained exposure to over 46 million users as a result of this project.
Following that, FreeBitco.in purchased the token and formed a new team around it, led by the vastly experienced Adriaan Brink, formerly of the BETR Foundation. A detailed road map was created.
FUN Token gained over 170,000 new users in a matter of months, tripling its user base while remaining off-chain. Binance noticed its growing popularity and organized a couple of successful trading competitions, as well as adding FUN to its Locked Savings program.
And now, with its largest project to date, FUN Token is taking a giant step toward realizing its ambition.
The FUN Token is relocating to the Polygon network.
While an off-chain use case is an ingenious workaround, true decentralization in online gambling can only be achieved through on-chain activity.
One of the most serious issues confronting online gaming is operator escrow. When a user places a bet, their funds are placed in escrow until the results are known. Concurrently, operators must ensure that sufficient funds are available to settle these bets. These logistical issues are eliminated by shifting operations to a blockchain.
The FUN token attempted to address these issues by utilizing the Ethereum blockchain; however, there was a problem.
“FUN has suffered greatly as a result of the rising price and latency of Ethereum transactions, so our first major tech release will be to address this issue,” said Adriaan, CEO of FUN Token. “Within the next two months, we will launch a new Layer-2 token on the Polygon network to capitalize on its high performance and low transaction fees.”
This token will be pegged at a 1:1 ratio to FUN Token, and over 250,000 users will be added to the Polygon network. In exchange for escrowing FUN Tokens, new tokens will be issued, effectively taking a massive amount of FUN out of circulation and acting as a strategic burn tactic.
A full-fledged, truly decentralized casino for the L2 Token will be launched in the coming weeks, bringing FUN Token closer to its vision of making online gambling transparent, fast, and secure for everyone.
The right path is being taken
Unfair practices, long cashout times, and security risks abound in the online gambling industry. Through carefully planned developments, FUN Token has dedicated itself to bringing decentralization to the industry.
This includes a token ecosystem built on a Layer-2 blockchain, which is unquestionably a step forward.
FUN Token also intends to use half of its gaming profits to strategically burn tokens, demonstrating its commitment to making its goal a reality. There is still a long way to go, but the start couldn’t have been better.