The gambling space has a lot of potential in terms of applying crypto because it can solve its plethora of problems with fiat money deposits and lack of transparency.
As is, the house always has the edge. It is a centralized entity operating on its own turf with little in the way of accountability.
Anyone can “become the house” with LunaFi
LunaFi, a decentralized betting protocol partnering with Polygon (MATIC/USD), aims to change all that. Anyone can provide liquidity on this protocol and get a portion of the funds from the betting activity.
Wagers are programmed with decentralized oracles and open smart contracts to report each event’s outcome. Each wager has maximum transparency with respect to pay-outs.
Bettors and liquidity providers can make deposits in Bitcoin (BTC/USD), Ethereum (ETH/USD), USD Coin, and LFI, the LunaFi token. The bet is the only element that carries risk.
Unique rewards and mining system
The house edge is initially removed with value in LFT, which rewards gamblers and enhances liquidity. 1.5% of the betting turnover is collected by the treasury contract and converted on the DEX into LFI automatically. Then, some of the LFT is burnt.
Players earn LFI in exchange for ether
In LunaFi’s fair and gamified launch of a liquidity generation event/IDO, players can earn LFI in exchange for ether. Called “LunaFi Crash,” the crypto-native game showcases the betting platform. You bet on when a rising rocket will crash, which happens through provably random smart contracts.
The founders
The project was launched by George Porchester, previously known as Lord Porchester. He is a former professional gambler and serial entrepreneur who put together a highly qualified team to develop LunaFi, leveraging his multiple contacts and extensive knowledge in the industry. He described the purpose of the project:
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.
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from Matic Network – Invezz
