Decentralized sports betting platform, LunaFi announces the first-of-its-kind Initial DEX Offering (IDO) in the blockchain gaming industry, which gives players an opportunity to play ‘house’ for bettors. The platform also launched ‘LunaFi Crash’, a crypto-native game that allows players to place bets in $ETH and receive $LFI in return.
Announced Tuesday, LunaFi aims to revolutionize the capital raising across blockchain games in a new mechanism via IDOs. LunaFi Crash is a round-based game that features a LunaFi rocket that goes up constantly, then crashes at random, the statement explains. Players can bet $ETH and after the rocket launches, choose when to cash out. If they guess correctly, they will obtain a return on their bet paid out in $LFI at TGE. If the rocket crashes before they cash out, they will need to try again.
The platform becomes the first blockchain-based game to employ the concept of IDOs to raise capital in the space. It aims to offer players a provably fair game via the use of smart contracts. According to the team, the first phase of the game, launching on April 1 and lasting for a week, aims to raise $500,000 with users able to directly deposit $ETH to the contract. Notwithstanding, the platform will also offer a classic private sale on Lithium.finance, for Binance Smart Chain (BSC) users and on Starter.xyz for users on Polygon. All funds from the IDO will be claimable on April 15th, while LFI staking will launch on April 15.
Launched in 2021, LunaFi offers decentralized betting opportunities to users, allowing them to become the “house” in their predictions. The platform has built a framework where developers, liquidity providers and users interact in a fair and trustless environment. Liquidity providers deposit into the house pools to earn a share of the profit and everyone in the ecosystem receive rewards in $LFI.
“We thought it would be fun to have our very own gamified IDO. No better way to showcase our platform right from the start,” said George Porchester, CEO of LunaFi said. “The LunaFi Crash game is the first Proof of Concept of how we can revolutionize gambling with crypto, but there will be more.”
The team will then prepare for the launch of the second phase of the game, which will launch after the initial distribution and once liquidity is deployed on Quickswap exchange. In a unique move, this enables players to play the game using ETH-LFI LP tokens that allows them to receive $LFI at a discount, which is claimable after five days. This represents a new gaming process which bonds the players to the platform while rewarding them for their liquidity.
Lastly, LunaFi also allow any player across the world to provide this liquidity for bettors, giving them an edge as the ‘house’ as they’ll earn commissions as more players participate in the game. Bets are programmed with open smart contracts and decentralized oracles to detect the outcome of each event. This increases the transparency of the game, which ensures all winning all bets are paid out fairly. The liquidity providers, or the house earn their commissions in Bitcoin, Ethereum, and USDC.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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