The recent price rejuvenation of our native cryptocurrency FUN Token (FUN), has showcased the inherent potentials embedded in this token. The digital currency is currently trading at its 52-week high after surging by over 100% in the past 24 hours to $0.03399 according to data from CoinMarketCap. This unprecedented move is stirred by the community’s response to the forthcoming XFUN Casino announcement.
Right from the beginning, our core emphasis for the FUN Token and the entire ecosystem of gaming platform it supports is for its utility to be boosted on all grounds. From its primary utility in powering online gaming systems, holders of $FUN are now able to use the token for transactions on platforms including Travala where it can be used to book more than 3 million travel products in over 230 countries.
While $FUN is still trading below its all-time high, its current impressive rally amidst the growing sanctions on cryptocurrency related products around the world has showcased the viability of the product niche our platform offers, and the trust in the protocol by our community members. The token growth strides is all very impressive seeing the proposed plans by FUNToken to debut the XFUN Casino, a new outfit that would help redefine the token functionalities.
A Quick Dive into Upcoming XFUN Casino
Here at FUNToken, part of our core goals is to ensure that we evolve as fast as the blockchain technology which powers our innovation is evolving. However, this evolution cannot come unless we have fully explored what we have on ground today, per products, and services and building on it.
The FUN Token has an integral role on the dPlay Casino, where it is used for a wide variety of transactions including funds deposits and payouts. As our platform gains more mainstream adoption, we have observed a fundamental challenge posed by virtue of the underlying blockchain powering $FUN, that is, the Ethereum Network. This challenge primarily includes high latency, and high cost of gas fees, both of which significantly reduces our intended gaming experiences.
The XFUN Casino is billed to solve these challenges as it is set to offer gamers a whole new experience based on its design. The XFUN Casino will operate with enhanced functionalities when it launches later in this third quarter, and just as $FUN was the underlying token on the dPlay Casino, this new platform will be powered by the XFUN Token, a layer 2 digital currency built on the Polygon Network. The token will benefit the XFUN Casino with lower gas fees and lower latency amongst other benefits.
The XFUN Token will serve primarily as the core utility digital asset of the future gaming products that will be fronted by the FUNToken. The operational superiority the token will offer will take a shift from the custodial model of dPlay Casino, pushing the new casino to operate as a non custodial outfit. In practice, XFUN Casino players will need to connect a to their accounts through a trusted third party wallet provider. The funds for all games played will only be moved from the player’s wallet while the game is in session. Payments are made into the connected wallet.
Other innovative changes to boost the user experiences on the XFUN Casino will also be rolled out along the line. The implementation of these changes will best be backed with the scalability made possible with the Polygon Network.
How the FUN Token Stand to Benefit in the Near Term
Despite the emergence of $XFUN, and its potential capabilities in the future of the FUNToken ecosystem, it is meant to co-exist with $FUN. Their co-existence is biled to operate with a model that is set to make the $FUN token deflationary.
For $XFUN which is pegged on a ratio of 1:1 with $FUN to be minted, their must be a swap transaction atop an XFUN Bridge that will be launched soon. Through this bridge, users can convert FUN tokens from the Ethereum blockchain to XFUN on Polygon. When this switch is initiated, FUN tokens are locked up in an escrow account, while the XFUN token are minted on the Polygon end.
This locking constraints will drastically reduce the amount of FUN Token in circulation, a situation that will boost scarcity, and by the law of demand of supply, stir up a drive in the price of the token. It should also be noted that we designed the FUN tokens to have a maximum supply, and with no more tokens on track to be minted, the elimination of $FUN from circulation through the XFUN Bridge will be an invaluable growth trigger for the FUN tokens.
The current performance of $FUN, which will eventually be the only tradable token of the two options powered by the FUNToken platform, is sure to be a springboard for higher price discoveries in the mid to long-term.