FUN Token Completes First Token Burn on September 30

By Stan Peterson
Published October 8, 2021 Updated October 8, 2021

FUN Token Completes First Token Burn on September 30

By Stan Peterson
Published October 8, 2021 Updated October 8, 2021

6th October 2021, Douglas, Isle of Man – On September 30, FUN Token completed its first token burn, commencing its deflationary blueprint that includes quarterly token burns and the upcoming launch of Layer-2 token XFUN.

 For the first official burn, five million FUN Tokens were taken out of circulation. Click on the link below to view the transaction details:

 https://etherscan.io/tx/0x2ee9fb6b1fa821889bf751dfe488908adf95e1910966a3dbe83325f0703822c8

 In a burn strategy statement released on FUN Token’s website in May, the team committed to burning 50% of any profits earned through their gaming operations. On 24th August, FUN Token launched DPLAY, a casino built exclusively for FUN users.

“In the four weeks since its hard launch, DPLAY has gained 53,306 new users and over 14 million FUN in deposits,” said a statement released by the team. “DPLAY has generated sufficient revenue that we are able to burn 5 million FUN as part of our now regular quarterly burn. These tokens were burnt on September 30 as part of our commitment to burn 50% of all in-house gaming profits.”

 A major part of the deflationary blueprint is XFUN, a new Layer-2 token set to be launched on the Polygon network. XFUN will be pegged 1:1 with FUN Token and an Ethereum-Polygon bridge will enable users to exchange FUN for XFUN seamlessly.

“XFUN is a new fast and gas-fee free token running on the Polygon blockchain,” continued FUN Token’s statement. “We expect to have the FUN/XFUN bridge running within a few weeks which will enable users to swap their FUN for XFUN.”

All FUN Tokens swapped for XFUN will be escrowed and taken out of circulation, thus creating a dual asset deflationary ecosystem that will regularly facilitate a supply squeeze and improve the token’s value.

 Furthermore, a decentralized casino for XFUN will be built to ensure a fast, secure, and cost-efficient gaming experience for FUN users. More gaming opportunities for XFUN – both in-house and third party – will be launched in the near future as FUN Token aims to cement its place as the premier project in decentralized iGaming.

Disclaimer The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Stan Peterson
416 Articles
Being an active participant in the Blockchain world, I always look forward to engage with opportunities where I could share my love towards digital transformation.