Written by: Announcements

BET Token Update: Inflation Reduction

EarnBet BET Token Mining Update

Hello EarnBettors!

Excellent times in the crypto space and for EarnBet! August was our highest month of volume in the last 12 months and we announced a huge future integration with Chainlink on WAX. Today we’d like to announce some very positive changes to the BET token. 

BET token inflation will be dropping significantly.

For the last year, we have been releasing over 100,000 BET tokens per week to the market, in the form of a $5,000 BET token leaderboard reward, and a very favorable mining rate, averaging well under $1 per BET token, and currently at $0.60 per BET token. Given our maximum supply of 88,000,000 BET tokens, this is a very high rate of inflation. Effective today, our inflation rate is going to be dramatically cut as we usher in a new era for BET.

There are approximately 17,275,653 BET tokens that remain undistributed, or 19.6% of the remaining circulating supply! This is quite a high number for a modern crypto-project, Bitcoin itself has ~12% of remaining supply yet to be distributed. We are very proud of our community-centered and widespread token distribution. There are over 35,000 blockchain addresses and on-chain EarnBet account addresses with BET token balances. It’s very important for a crypto project to have a widespread distribution, and we have achieved this with BET. 

Moving forward, we are making the following changes to limit the supply of BET: 

  1. The leaderboard BET distribution will be reduced by 90% to 10,000 BET a week
  2. The “mining rate”, the rate at which players receive BET tokens, will be reduced by 75%. This gives BET an effective cost of ~$2.40 when mined. 
  3. 5% of uncirculated tokens will be reserved for partnerships, market making and other strategic initiatives that benefit the community. These will not be staked. In the future, the BET token holder community will be able to vote to determine how the community fund is used.

When the remaining BET tokens are completely distributed via mining and the leaderboard, there will be no more tokens entering circulating supply. BET will then be a scarce, deflationary, dividend paying crypto-asset.

We have more announcements coming in the near future. Follow @EanBetCasino and @EarnBetAl on Twitter for more information!

Thanks,

Team EarnBet

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