LunaFi unveils betting protocol with decentralized house pools

2022-3-22 16:54

LunaFi has taken blockchain technology to another level after launching a betting protocol with decentralized house pools. Anyone can provide liquidity to the pools and ‘become the house’ to earn a share of the profit generated from betting activities on the protocol.

Betting has been an attractive front for crypto developers with most wanting to offer solutions to the countless problems in depositing and withdrawing fiat money from the betting platforms and also the lack of transparency on how the platform operates.

LunaFi first tackles the issue of transparency by being a decentralized protocol; meaning the users have control of how the platform is operated. Anyone can join and provide liquidity for bettors.

Bets on LunaFi

Best are programmed to report the outcome of every event using smart contracts and decentralized oracles. This provides maximum transparency on all bets. All the involved parties have a clear picture of the terms of payouts with both bettors and liquidity providers having the option of choosing between BTC, USDC, ETH, and LFI.

LunaFi also has a unique bet mining and reward system that helps to bootstrap the initial liquidity and reward those involved in betting by first removing the house edge with LFI rewards. Lunafi’s treasury department collects 1.5% of the revenue from betting and converts it into LFI after which a portion of it is burnt.

LunaFi Crash game

LunaFi Crash is a crypto-based game that features on the LunaFi betting platform and it involves betting on when an ever-rising rocket might crash which is determined by rather random smart contracts.

According to George a former professional gambler and serial entrepreneur and one of the founders of LunaFi:

“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.”

The post LunaFi unveils betting protocol with decentralized house pools appeared first on Coin Journal.

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