- LunaFi, a decentralized betting protocol, launched its betting protocol with decentralized house pools.
- The protocol showcases the betting platform through its gamified and fair launch IDO and liquidity generation event.
- CEO and Founder George Porchester aims to provide users with the power to “own a part of the ecosystem they are involved in.”
LunaFi, a decentralized betting protocol, has launched a gamified and fair launch initial DEX (IDO) and liquidity generation event called LunaFi Crash.
LunaFi Crash is a crypto-based game that utilizes the betting platform. Players can wager when an ever-rising rocket might crash, which occurs through conclusive random smart contracts. Users earn the protocol’s native token LFI in exchange for ETH.
The protocol aims to address a few traditional gambling challenges, including problems in fiat deposits and the lack of transparency in how platforms operate. LunaFi enables users to offer liquidity and gives them similar betting house capabilities to earn a share of profit accumulated from betting activities on the protocol.
Within the LunaFi protocol, any user can join and provide liquidity for bettors capitalizing on the protocol’s house edge. Additionally, all bets have maximum payout transparency because of open smart contracts and decentralized oracles reporting each event’s outcomes.
In addition, liquidity providers and bettors are given the option to choose between BTC, ETH, USDC, and LFI. The risk, notably, falls only on the bet and not the platform.
LunaFi acknowledges that implementing a unique bet mining and rewards system is important. This aids in launching initial liquidity while rewarding bettors by initially removing the house edge with LFI rewards.
The process continues to the treasury contracts, wherein it collects 1.5 percent of the betting turnover. This percentage is then converted automatically on the DEX into LFI before burning a proportion of the token.
CEO and Founder George Porchester, formally known as Lord Porchester, leads a team of experts in building LunaFi. Porchester leverages his extensive knowledge through his years of being a former professional gambler and a serial entrepreneur.
Lord Porchester shared his enthusiasm with the project, saying:
With LunaFi, we want to bring our experience in traditional gambling platforms to the crypto world, whilst removing the incentive problems you face with a centralized house.
The most important thing is that players now have a chance to own part of the ecosystem they are involved in, much like the spirit of DeFi. This is why we enable anyone to become the house and have a passive way of earning income, he added.