Recently, the field of GambleFi has sprung up, among whichRollbit (RLB)The momentum is even more fierce. Today we will take a look at this project and why its popularity has continued to soar recently.
Rollbit Platform and RLB Token Overview
Rollbit platform: GambleFi’s leading platform with extensive coverage
Rollbit is a comprehensive GambleFi platform established in February 2020, providing casino, sports betting, futures trading, NFT market and other diversified products. Rollbits current market value exceeds $633M, and according to the official website, the platform currently has more than 1 million registered users.
The Rollbit platform was upgraded to V2 in March 2021, with upgrades in rule design, user experience and other aspects. Currently, in terms of participation threshold, Rollbit takes into account both Web 2.0 players and Web 3.0 players, making it user-friendly. You can register an account through email, you can enter the platform through Steam and Twich accounts, and you can also directly participate in platform activities by connecting to encrypted wallets (only MetaMask is currently supported).
In terms of products, Rollbit, like most GambleFi platforms, adopts a game lobby model, providing different games in each section. In addition to some common and traditional games, Rollbit also has many innovations.
The platform has set up many games in the Casino area to enhance the interactive experience between users, including Challenges that can be initiated by any user, and Bonus Battles where users can interact and compete based on the balance in the prize pool; and In the sports betting section, Rollbit supports players to place bets on a wide range of sports events, including but not limited to NFL, NBA, Soccer, UFC, e-sports, etc.; in addition, another major feature of the platform is the trading of more than 20 types in the futures trading section The top cryptocurrency, trading leverage can reach up to 1,000 times.
RLB Token: 100% airdrop
RLB is the utility token of the Rollbit platform, originally launched as part of the Rollbit Lottery product. Holders can obtain rewards through staking and participate in lottery draws and other activities.
The issuance of RLB did not go through the usualICOprocess. In other words, there was no external financing and no OTC transactions when it was issued.100% of tokens enter the market via free airdrops。
This distribution model attracted the first batch of believers for Rollbit. Why do you say this?
Let’s review similar cases: DeFi fieldyearn.finance. Its tokens won market attention in one fell swoop when they were issued, because the team did not conduct any financing for the project, nor did they reserve any $YFI tokens, intending to make the platform truly belong to every user who owns tokens. This is also known as the Fair Launch model. This made YFI not only praised as the embodiment of the true spirit of decentralization, but its currency price once surpassed Bitcoin and exceeded US$60,000.
Following this logic, compared to those projects on the same track where the team reserves some tokens, RLBs token allocation similar to Fair Launch is undoubtedly more in line with the spirit of blockchain decentralization, and it is easier to obtain users recognized.
Why is RLB so popular recently?
Implement token repurchase and destruction plan
On August 9, Rollbit co-founder Lucky (@Lucky_Rollbit) stated through his Twitter that in order to further enhance the importance of RLB tokens to the entire project ecology, the platform will launch a token repurchase and destruction plan.
according toplan, the platform will withdraw a portion of the daily fee income to purchase RLB in the open market and send it to an address not controlled by any entity for the purpose of destruction. Token purchase funds include 10% of casino revenue, 20% of sports betting revenue, and 30% of thousand-fold futures revenue.
This plan will continuously reduce the circulation of RLB in the market, provide continuous buying pressure for the token, and thereby provide support for the increase in token prices. Moreover, since the repurchase funds are derived from the platform’s income, from this perspective, the more the platform’s income, the more funds are used to repurchase tokens every day, and the greater the amount of RLB destroyed every day. , the currency price has more momentum to rise - it sounds like a good story of mutual success between the platform and currency holders. The market was very moved after hearing this, so the RLB currency price soared by nearly 70% that day.
On August 10, another co-founder of Razer (@Razer_Rollbit) further announced that RLB’s buyback and destruction plan has entered the automated execution stage and will be executed every hour. This news slightly boosted the price of RLB currency, breaking through $0.20 in one fell swoop.
NFT holder sharing plan
On August 12, Rollbit struck while the iron was hot and released further good news.: Pledgers of platform NFT (Rollbot) can receive 10% from the hourly RLB repurchase and destruction.
Based on the real-time data on the Rollbit Dashboard, we can roughly estimate the benefits this plan can bring to Rollbot stakers.
As shown in the figure below, the RLB allocated to users from the buyback plan is currently around 5,000 pieces per hour. The unit price of RLB is almost $0.20, so the platform will issue a rebate of about $1,000 to users every hour. The total rebate for one day is almost 25k~30k knives - which is definitely generous in the current sluggish market environment.
Migrate to the Ethereum network
This happened at the end of June. Although it took a long time, it obviously kicked off the strong trend after RLB.
RLB was initially deployed on the Solana blockchain. Last years FTX collapse brought a series of negative impacts to Solana, and projects in its ecosystem were also affected. On June 28 this year, considering the development bottlenecks brought by the Solana blockchain,Rollbit migrates RLB to Ethereum。
As a public chain giant in the encryption market, Ethereums active ecosystem has brought vitality and more attention to RLB. In the 10 days following the token migration announcement on the Rollbit platform, the price of RLB rose from $0.021 on June 28 to an all-time high of $0.0695, an increase of more than 230%.
In the announcement, the Rollbit team also stated that it will give users sufficient time to migrate their RLB to Ethereum, and user positions will not be affected in any way.
GambleFi Narrative in a Bear Market
In the current lack of market liquidity, many users will choose to turn to meme coins or gambling projects in order to seek entertainment or profit realization. This may not only be because these areas have lower barriers to participation, but also because they generally have higher user activity and liquidity - which is very attractive to users who want to get in and out quickly.
In addition, compared to traditional platforms, the GambleFi platform combined with blockchain technology has more attributes that attract players, such as fairness, transparency and decentralization. These qualities may appeal to users who value game rules or anonymity.
Doubts accompanying Rollbit’s popularity
Although many users in the market have been placing orders recently, and the trend of RLB currency prices has indeed not disappointed (so far), with this wave of popularity, many people have still raised doubts about Rollbit, and even speculated. The black history of some projects was revealed.
Transparency concerns caused by suspicion of invisible banker
Currently, Rollbit is not fully operating on the chain. If we speculate with the greatest malice, the betting, income, turnover and other data that users see on the front end of the platform may all be created from a black box.
On August 20, Twitter user thiccy (@thiccythot_) issued a document sayingThere seems to be an invisible bookmaker among Rollbit’s large position holders。
According to thiccys observation, there are multiple addresses with large positions that are continuously selling RLB, often selling hundreds of thousands of pieces each time. Although some selling occurred before the token repurchase and destruction plan was implemented (that is, the moment when RLB took off significantly), this phased reduction of positions can also be regarded as normal arbitrage behavior, but it also triggered our thinking: in terms of transparency, The Rollbit team could certainly do better - without decentralization and transparency, what advantage does GambleFi have over traditional gaming venues? Anonymity exclusive to the bookmakers themselves?
The dark history of joint KOL calling for orders and cutting leeks
This surprise came from users in r/CryptoCurrency, the largest cryptocurrency community on Reddit.Alisko 2000 discovery.
This user saidI accidentally discovered some suspicious past about RLB Shiller. For example, someone who was once known as the “Blockchain Detective”ZachXBTTargeted KOLs@gainzy, is suspected of selling RLB tokens while accepting sponsorship from Rollbit. The amount of selling even exceeded US$3 million at ATH.
Of course, it is not the original sin to invite influential people to help the platform. After all, sometimes the wine is too dark, and only when someone shouts will more audiences see the hidden value. However, in the crypto market, it is not uncommon for KOLs to cooperate with project parties to cut leeks, and Rollbit, which has such a record, has many KOLs from all walks of life helping to sell orders during this wave of rise. This has to make people wonder: This is Is it coming to harvest again?
Can the rising flywheel keep spinning?
In the story of Rollbit, the platform now has a very attractive upward flywheel, that is, the platform makes money, and the user gets a commission, the user confidence rises, the market buying pressure increases, the platform continues to make money, and the user continues to take a commission.
Let’s take a look at the token repurchase and destruction plan and the pledger sharing plan mentioned earlier. Generally speaking, this win-win situation between the platform and users is formed like this: the platform makes money and then gives some of it to users. And they are all based on the same foundation: the profitability of the Rollbit platform - to put it more directly, the money the platform earns from players participating in the game. I have to say that this model is somewhat big. Generally speaking, Ponzi type stories are particularly attractive for a period of time, but become unsustainable over time.
Back to Rollbit, both the platform and currency holders make money from players. There are winners and losers in participating in the game, but equal sharing of currency holdings is steady happiness. So, as a GambleFi platform that has no more advantages than traditional online casinos in terms of business, how long can Rollbit attract players to send money in its own game field? If the stickiness of platform players and the ability to continuously acquire customers cannot be maintained, this flywheel may inevitably slow down or even stagnate at some point in the future.
