Decentralized Gambling: An Emerging Narrative in the Crypto Space
Crypto loves narratives and storytelling. A new narrative seems to be emerging in the crypto space, that being decentralized gambling.
Crypto loves narratives and storytelling. From Bitcoin's creation story as a decentralized alternative to traditional banking systems to the “HODL” ethos of holding onto your coins for long-term gain, crypto investors are often driven by a strong sense of community and shared beliefs. These narratives are motivators, fueling excitement and investment in the crypto space. Whether it's the idea of financial freedom, revolutionary technology, or new global economic orders, crypto is full of narratives. The way to approach narratives is to try to front-run them. When they become mainstream, it is time to exit.
A new narrative seems to be emerging in the crypto space: gambling. Crypto degens love gambling. Instead of gambling on new tokens, they can gamble in a decentralized casino. These are eight projects in the decentralized gambling space.
Rollbit kicked off this narrative when they launched their token, $RLB. Most of these projects don't have tokens, but with the recent hype, a lot of them will look to launch one. These platforms without tokens will probably airdrop tokens to people using them.
Rollbit is a unique platform offering services, including a casino, crypto trading, and NFTs. This feature sets it apart from other traditional online casinos that only focus on providing gaming services. The platform's all-in-one approach is convenient for users who want to enjoy various forms of online entertainment in one place. $RLB has gone on to do more than a 10x and looks prime for more with more adoptions.
ZKasino is a next-generation betting platform that leverages the power of blockchain technology to offer a more secure, transparent, and fair gaming experience. The platform operates as a decentralized network, meaning all transactions, game outcomes, and player data are recorded and verified on the blockchain. This eliminates the need for trust in central authority and ensures that all gaming results are fair. ZKasino also differentiates itself by offering crypto betting. This means that all wagers are placed using cryptocurrencies and managed through Web3-wallets, eliminating the need for players to create an account or deposit funds into a central entity. This provides players with an added layer of security and privacy and instant and frictionless transactions. Zkasino currently doesn't have a token.
Polymarket is a platform that allows users to trade on various topics, including current events, politics, and the like. The idea behind the platform is that individuals can use their knowledge and insights about the future to make trades that are reflected in the market prices. These prices collectively predict the odds of future events, and the platform is designed to help users make informed decisions based on this information. Through information markets, Polymarket offers users the opportunity to build a portfolio of trades based on their predictions and views about the future. If these predictions prove accurate, users can earn returns on their investments. This creates a dynamic, real-time system that provides valuable insights and data about a wide range of topics, making Polymarket a valuable resource for anyone looking to stay informed and make informed decisions.
Thales is a decentralized protocol that allows users to participate in peer-to-peer Parimutuel Markets on Optimism and Polygon. It utilizes simple yet powerful smart contracts to allow users to trade various crypto assets, but this is just the start of what Thales has to offer. The protocol continues to innovate by providing new and exciting features, such as community-based games like Thales Royale and advanced trading products like Ranged Markets. One of the unique aspects of Thales is its community-driven approach, which allows traders to participate in custom markets and speculate on real-world events in a completely uncensored and permissionless manner. This is made possible through the use of the Exotic Markets platform. Thales has a token, $THALES. $THALES is a governance token used to govern Thales DAO.
LunaFi is a decentralized betting platform that puts players first using blockchain technology, smart contracts, and community governance. With LunaFi, users can bet on various events and games in a wholly non-custodial and trustless environment. One of the unique features of LunaFi is its use of liquidity pools. These pools allow users to invest in the platform's ecosystem and earn rewards based on house profits. This innovative approach makes LunaFi a truly player-centric betting platform. In addition, LunaFi provides a comprehensive DeFi platform that combines sports betting with prediction markets. This platform is powered by a community-owned protocol called the House Pools & LFI Staking. This protocol can be integrated by third-party developers who want to incorporate peerless betting functionality into their dApps. LunaFi currently does not have a token.
Azuro is a decentralized betting protocol that leverages the power of smart contracts to create a more efficient and transparent betting system. By utilizing blockchain technology, Azuro eliminates the need for traditional bookmakers and creates an ecosystem of independent front-end operators, data providers, and liquidity providers. One of the critical innovations of Azuro is its use of pooled liquidity. This means the protocol pools funds from multiple participants, providing a larger pool of resources for betting. This approach has successfully scaled other decentralized finance protocols like Aave and Compound and decentralized exchanges like Uniswap. Azuro aims to increase the depth of betting events and markets by introducing pooled liquidity to the prediction market space. The decentralized nature of the protocol ensures that betting is transparent and trustless, as all transactions are recorded on the blockchain and can be independently verified. This enhances the system's security and helps prevent any fraudulent activity. Azuro currently does not have a token.
Augur is a decentralized platform and oracle for prediction markets built on a trustless infrastructure. The platform allows users to place bets on the outcome of various events, with the results being determined by the Augur community. The community comprises users who hold the platform's native token, Reputation, and are incentivized to act honestly and report accurate outcomes.
Reputation token holders can stake their tokens on the actual outcome of a prediction market, and in return, they receive settlement fees from the market. The incentive structure of Augur is designed to ensure that truthful reporting is always the most profitable option for Reputation holders. If there is any dispute about the outcome of a market, Reputation holders can post progressively larger bonds to dispute the proposed development. If the bonds reach a certain threshold, Reputation splits into multiple versions, one for each possible outcome of the disputed market.
The SX Network is a revolutionary new blockchain platform designed for developers who want to build decentralized applications. This blockchain is unique because it has a built-in prediction market protocol, allowing users to predict future events. Additionally, the SX Network has several features that make it an ideal choice for developers, including compatibility with the Ethereum Virtual Machine, low-cost transactions, and a proof-of-stake consensus model.
The native currency of the SX Network is the SX token, which serves three essential purposes:
- It can be used to pay transaction fees.
- It acts as the staking bond for validators, which helps to secure the network.
- The SX token is used to power governance decisions, giving token holders a say in the direction of the network.
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