Blockchain technology is being used in many industries, and it is not surprising to see it being applied to the online betting industry as well. Besides building trust between parties, namely customers and platforms, it also supports better relationships with regulators. Moreover, blockchain makes it possible to offer fairer odds to customers, for instance.
The decentralized nature of the blockchain means that it is difficult to manipulate, which makes it more secure than centralized databases. However, the traditional online gaming space suffers from multiple drawbacks, including centralization and a general lack of transparency.
While several on-chain platforms have emerged recently, LunaFi, a fully decentralized and peerless sports betting platform, aims to deliver a paradigm shift across the industry while applying the underlying technology to novel use cases.
By leveraging the power of decentralization, autonomous smart contracts, oracles, and community governance, LunaFi enables anyone to join its platform and provide liquidity by using the underlying protocol’s house edge. This means that investors can provide liquidity to the platform in return for a portion of the house’s winnings.
The bets on LunaFi are programmed with decentralized oracles and open-source smart contracts, ensuring provably fair games and maximum transparency in payouts, with liquidity providers earning commissions in BTC, ETH, LFI, and USDC.
Moreover, the platform’s combination of bet mining and rewards system helps it maintain initial liquidity and reward bettors by removing the house edge with LFI (the platform’s native token).
LunaFi Announces Upcoming IDO “LunaFi Crash”
To expand its reach further, LunaFi has announced an upcoming Initial DEX Offering (IDO) with built-in gamification – a type of game you play to receive a certain token allocation before the sale.
This gamified fair-launch IDO called LunaFi Crash features a crypto-native game that showcases the platform’s diverse range of betting options. Additionally, it will allow participants to earn LFI in exchange for ETH.
Within the game, participants can bet on an ever-rising “rocket” that will eventually crash. This crash is automated, fully powered by autonomous smart contracts. Players can bet ETH after the “rocket” is launched to guess when the rocket will crash. If they guess correctly, they will be rewarded in LFI.
Through the first-ever gamified IDO, LunaFi aims to raise $500,000 in the first phase of the launch, which will commence on April 1, 2022, and last an entire week. In addition to the IDO, the LunaFi team will also launch a private sale on Binance Smart Chain (BSC)-based Lithium.finance and Polygon-based Starter.xyz. Winning participants can claim rewards from the IDO beginning April 15, 2022.
Following the first phase, the initial distribution of tokens, and liquidity deployment on Quickswap, the LunaFi team will roll out the second phase of the launch. In the second phase, aimed to be a “gamified bonding process,” players will be able to participate with ETH-LFI tokens and receive LFI at discounted rates. All winnings from the second phase will be claimable after five days.
LunaFi CEO George Porchester, heir to the Earl of Carnavon and a member of one of the world’s legendary horse racing lineages, stated: “We thought it would be fun to have our very own gamified IDO. No better way to showcase our platform right from the start. The LunaFi Crash game is the first Proof of Concept of how we can revolutionize gambling with crypto, but there will be more.”
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