DeFi? The thing with the yams and the yields?
Let’s talk a little bit about DeFi, since it’s all the rage right now. Decentralized finance (known as DeFi, for short) is a bit of a nebulous term. It’s essentially a brand-new monetary system being built upon public blockchains.
As our friends at Binance put it, “it’s the movement that promotes the use of decentralized networks and open source software to create multiple types of financial services and products. The idea is to develop and operate financial DApps on top of a transparent and trustless framework, such as permissionless blockchains and other peer-to-peer (P2P) protocols.”
EarnBet has been innovating in the DeFi space since 2018
Playing a hand of blackjack is undoubtedly more “decentralized entertainment” than “decentralized finance”. However, playing that hand through the use of trustless, immutable, provably fair smart contracts is inherently financial—money is getting swapped between two parties according to mutually agreed upon, codified rules. In that way, EarnBet has been a DeFi player since the very beginning.
More so, as you all know, EarnBet was an influential pioneer of a feature central to DeFi: dividend tokens. BET token holders who stake their tokens receive a guaranteed share of profit from the casino each month. Every element of this system from the bets to the dividend payouts are fully viewable on the blockchain.
Best yet, rather than give stakers more BET tokens, we reward them in cold hard cash (well, BTC, ETH, BNB, LINK and all the other highly popular cryptocurrencies we offer on the site).
EarnBet DeFi Roadmap 🚀
As our community is well aware, we have always been unwaveringly committed to decentralization. That’s why we developed all of our games from scratch to run through smart contracts. That’s why we spent months coding our proprietary, non-custodial decentralized account system. It’s why we recently collaborated with Chainlink to use their network. And now, it’s why we are now outlining some of our plans for the next iteration of EarnBet.
BET Tokens are Now on Uniswap
The EarnBet team recently brought BET tokens to the Ethereum network! BET has been added to Uniswap v2 and seeded with an initial 200 ETH and 2,000,000 BET tokens of liquidity. This liquidity has been provided from a fund we have set up for market making. The team is not selling tokens, but instead creating a healthy market with low slippage on larger trades. We expect that there will be many other liquidity providers for this pair.
With over $150M of total volume and over $300m in total liquidity, Uniswap is now our largest exchange. We’re excited to see how this additional liquidity impacts the market for BET and increases awareness of the platform, particularly within the ETH community. Just seconds after listing, the BET/ETH pair saw substantial volume as interested traders began buying the token. Word spread fast and our team was forced to make an early announcement on Telegram to confirm this listing and avoid any possibilities of scams or confusion.
BET token holders have made this platform possible and are our most valuable asset! We seek to make BET tokens even more valuable to investors in the coming months. The EarnBet team strongly believes that increases in trading activity and token price will lead to more players and wagers on EarnBet.io. We also know there is a lot we can do to attract investors to our platform, and will be launching a roadmap and revamped whitepaper in the coming weeks.
We have launched a conversion bridge between BET on Binance Chain, BET on WAX chain (where our smart contracts are), and BET on Ethereum as an ERC20 token. In effect, BET is now a Binance Chain token, WAX token, and ERC20 token. All of these different BET tokens have a 1:1 peg with each other, accessible via our interface on EarnBet.io.
We intend to make EarnBet a fully-functioning DAO, where BET tokens have full governance rights. The future of the platform will be solely in the hands of BET token holders who will be able to draft and vote upon proposals. BET holders will be able to vote on a variety of different things, including adding new games or features, accepting new coins for betting, initiating a token buyback-and-burn, or increasing the dividends rate to token holders.
For example, a community member could create a proposal to decrease the dividend payout rate by 10% and use those funds to purchase BET tokens off of Uniswap.
Our integration with Chainlink will open up a world of new possibilities for decentralized features on EarnBet and significantly enhance our composability within both the WAX and ETH ecosystems. We are looking forward to adding decentralized sports betting, and prediction markets to our betting platform. We haven’t seen these two applications done well via smart contracts, and will change this with some exciting ways to wager, provide liquidity, and win big (or hedge market risks) on EarnBet.
We like to think of ourselves as chain inclusive rather than chain agnostic—that is, we actively strive to bridge the gap between different cryptocurrency communities. We’ll continue working to facilitate collaboration between chains by bringing BNB, EOS, and other coins to the DeFi space. We already accept most of the top 10 coins on CoinMarketCap, as well as a handful of others on EarnBet!
BET holders will continue to receive dividends every month in the coins we offer. BET token is the only token that gives dividends in such a massive portfolio of cryptocurrencies.
Borrowing and Lending
We are looking into allowing users to lend money to our bankroll. We have quite a substantial bankroll, offering maximum wins of ~0.5 BTC per wager. However, we are aware that there is an appetite for larger bets on online casinos, especially ones with such strong provable fairness guarantees like ours. Via bankroll lending, users could loan BTC, ETH, XRP, BNB, and more to our bankroll to allow for even larger bets than we currently offer. Users who loan currencies to our bankroll would share in the profits for these extremely large wagers.
If a whale bettor comes to the platform and wagers 10 BTC in a single bet and loses, then bankrollers will receive this BTC as an instant profit payout!
We are also exploring the idea of allowing non-fungible-tokens (NFTs) or other digital assets to be used by our bettors as collateral on EarnBet. If you hold an NFT, you could lock it up and receive a loan against it. You could then use this loan to gamble, and if you won, you would be able to pay back your loan and receive your collateralized NFT. If you lost, then the NFT would be liquidated to cover your loss. This loss would then be distributed to BET holders, as BET token holders receive 100% of house profit!
This is just scratching the surface—there are limitless possibilities for bringing decentralized financial features to the platform, and we’re excited to hear what ideas you have!
Here’s to the future of EarnBet! 🍻
-The EarnBet Team