- Summary:
- LunaFi, the decentralized betting platform, has announced an upcoming IDO, aiming to strengthen its LFI token. What are the implications?
Decentralized sports betting platform, LunaFi, has launched a unique Initial Dex Offering (IDO) modelled as a game called “LunaFi Crash”. The gamified IDO will see players place their bets in ETH and guess when to cash out in relation to crashing a launched in-game rocket. In return, they will earn a profit in the LunaFi token if they correctly predict when the rocket will crash. However, if they guess wrongly, they have to try again.
This approach to IDO is unique and showcases the innovativeness of a platform developed by professional bettors. It introduces an interesting twist to IDO, which will likely attract many betting and gaming enthusiasts. “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.
The game has employed smart contracts to ensure fairness to liquidity providers. Also, employing open smart contracts in programming bets provides maximum transparency in issuing payouts. The game’s liquidity providers earn commissions in USDC, ETH and BTC.
LunaFi hopes to raise $500,000 during the first phase of the game, set for launch on APRIL 1st , with a duration of one week. Also, there will be a private sale of LFI on Starter.xyz and Lithium.finance, and staking will commence on April 15th. Furthermore, players will be allowed to claim IDO funds on the same day.
Following the first phase, there will be the deployment of liquidity on Quickswap, and the second phase will follow the initial token distribution. In the second phase, players will receive liquidity pool tokens at a discounted fee, and they will be allowed to claim them after five days. However, players must play using the ETH-LFI pair to receive the discounted tokens.
About LunaFi
LunaFi is a decentralized betting platform, giving players the opportunity to play house. It operates in a trustless environment, with users, developers and liquidity providers interacting freely. Its native token is $LFI, and it is the official reward currency in the LunaFi ecosystem. The game has a staking framework whereby liquidity pool providers can earn decent returns from the house fees.