LunaFi: Decentralized Betting Platform Built on Polygon

  • March 15, 2022
  • 41 Views

The more cryptocurrency’s popularity grows, the more individuals become interested in cryptocurrency-based gambling.

A project like LunaFi is a revolutionary upgrade to traditional betting platforms and innovates the world of gambling by fusing it with blockchain.

The interest in playing games of chance and betting on sports over the internet has seen a huge rise as a result of the COVID-19 pandemic. Wagering shops and casinos were forced to close down or operate with a limited capacity – and this is great news for digital gaming platforms.

What Is LunaFi?

Blockchain is increasingly the technology behind the gambling industry. Some of the significant benefits that blockchain technology can offer to the industry include security, validity, anonymity, and cost-efficiency of the industry’s core transactions.

Although hundreds of gambling platforms have allowed crypto bets, providers also should become more flexible and innovative to meet the needs of an ever-changing market.

The appeal of gambling platforms such as LunaFi lies in that they offer fast transfer speeds and anonymity.

More and more online gamblers are preferring to use cryptos for their betting hobby than ever before.

What is surprising, given the recently explosive Defi sector is that there have been very few betting applications in it that simultaneously can leverage the full potential of this new technology and attract mainstream customers.

Making Gaming Better for Everyone

LunaFi is the decentralized betting protocol where users own a share of the house. In addition to the benefits of a blockchain-gambling platform.

It also establishes community ownership and governance profitable experience for all owners of $LFI, the native token of LunaFi.

With this token, liquidity providers deposit into the house pools to earn a share of the profit gathered from activity on the platform and receive additional rewards in $LFI.

Problems in both the traditional and crypto betting industries abound, from withholding winnings, bad actors, poor odds, and high margins for everyone but the clients.

Lunabets is the first application built on the LunaFi protocol. It is a non-custodial betting dAPP using LunaFi smart contracts and liquidity pools to guarantee trustless payouts.

This means an immediate settlement made by the smart contract to the winning party, therefore, that can remove the risk of not receiving users’ winnings. Users can claim their rewards under $LFI from LunaFi.

How Does LunaFi Work?

As mentioned, the decentralized betting protocol is powered by its native token $LFI.

Players can earn $LFI rewards for placing bets on Lunabets, while liquidity providers earn $LFI for providing liquidity. Also, stakers earn $LFI for participating in the governance of the platform. In this game, users are the favorite that all revenues of the ecosystem will remain with $LFI holders.

The smart contract ecosystem includes:

House Pools are pools that liquidity providers deposit to bankroll Lunabets including sportsbooks and casinos. In that, USDC, BTC, and ETH are the initial pools.

Treasury DAO is a DAO wallet for cold storage of treasury funds that will distribute profits to cover costs and to the community via the rewards contract.

Rewards Contract is responsible for distributing $LFI to players and liquidity providers.

$LFI Staking Pool is a contract that requires $LFI to be staked to participate in voting on various proposals for ecosystem improvements.

In addition, users also will receive revenues from $LFI wagers plus $LFI which is from the treasury contract in return for securing the protocol.

LunaFi Features

$LFI Token

The LunaFi ecosystem revolves around the House Pools, Treasury DAO, and Governance pool.

The native token of the ecosystem, $LFI, plays the main role in the functioning of the ecosystem from collecting fees to incentivizing all platform participants in addition to proper governance.

The token will be awarded to a user based only on betting volume.

Those who stake $LFI receive $vLFI, also a yield token, in the governance pool. Participants are incentivized to take bets in $LFI and receive a commission from the house pools via the treasury contract.

The LunaFI protocol uses smart contracts for the creation and settlement of markets to ensure that a bet can never be unfairly disputed.

Also, being built on Polygon which will allow users to process transactions near-instantly allowing fast bet acceptance as well as resolutions with no fees for the users.

Polygon is a layer-two scaling platform that leverages the security benefits of ETH as well as its smart contracts.

Specifically, it has significantly improved the throughput capacity to 10,000 per second and also entices affordable gas fees.

The LunaFi house pools collect 1.5% of the betting turnover which the Treasury contract claims and distributes. The treasury converts these fees via Quickswap into $LFI to distribute and burn.

Lunabets.io

By exploring the power of Defi, LunaFi offers users a place where they can bet on-chain through a fully automated, trustless, and non-custodial platform called Lunabets.

The first dApp on LunaFi is revolutionizing the betting industry.

Lunabets consists of a set of secure smart contracts. Therefore, no third party can freeze funds or suspend accounts.

Trading fees on Polygon are at a competitive price and betting activity gas fees are paid for by the protocol. Strong liquidity from LunaFi House Pools allows Lunabets users to place large bets.

LunaFi uses oracle data feeds to offer selections for betting. That also provides instant settlement on thousands of daily markets on sports, crypto, politics, and events.

Users can access its smart contracts any time from everywhere on the planet as long as they have an internet connection. Bonus rewards are distributed in $LFI.

How to Get Started with Lunabets.io

Unlike other betting platforms in the market, with Lunabets, users’ funds are non-custodial and payouts are guaranteed.

In that, players can bet directly from their Metamask or Wallet Connect wallet, and wagers are held in the house pools until the outcome is determined.

To start betting, users need to create an account by attaching their wallets such as Metamask or Wallet Connect to Lunabets.io and register their details. They can also use a magic link to sign up.

The platform will not hold your funds unless you are using the Casino. You can purchase crypto in centralized exchanges and send it to your private wallet address.

To convert your tokens into USDC or any other token compatible with your chosen CEX, you have to send them from your private wallet of choice directly to your CEX wallet address.

Players must also ensure that they have specified on the CEX that and that they are depositing from the Polygon network.

Moving Into the Future of Gaming

LunaFi is creating a new framework to allow all participants in the gambling ecosystem to interact in a fair and trustless environment.

As the crypto-based gambling industry is booming, LunaFi is among the few pioneering blockchain-based platforms in the market to make gambling safer and more secure for a new generation of customers.

Those who are in tune with the rapidly advancing use of emerging technologies will stay ahead in this market.

LunaFi is unique because it is a trustless, globally accessible, and non-custodial ecosystem offering a great user experience (UX).

Especially the ability to take a share of the bets and “Be the house” where the power is put in the hands of the community is a massive advantage.

It is a certainty that the gambling industry will see a further adaptation in the future.

Don’t just join the betting industry. Define it!

The post LunaFi: Decentralized Betting Platform Built on Polygon appeared first on Blockonomi.

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