Crypto gaming ecosystem FUN set to release upgraded XFUN token on Polygon

cybersport gamers having live stream scaled

Blockchain-powered gaming provider FUN has announced the imminent launch of XFUN – its new layer-2 token that will replace and change the dynamics of the current FUN token.

XFUN is a token on the Polygon Network and benefits from the increased performance and lower latency on this blockchain system. XFUN will be minted in a process whereby FUN tokens are escrowed from the Ethereum mainnet and removed from circulation. The process is reversible, with gas fees for movement back to the mainnet charged to the token-holder.

Once the upgrade is complete, XFUN will replace FUN as the token behind the dPlay Casino. Most important, XFUN will be deployed on a number of fresh gambling ventures over the next 6 months. Current plans are to launch a new XFUN Casino, a fully on-chain poker room & a sportsbook by the end of the year.

The FUN Token was initially developed by FunFair Technologies in 2017 to power its FUN ecosystem. In early 2021, FUN Token took control of FUN; and is focused on developing this separately from FunFair Technologies with a new use case.

More Details

The new XFUN token will maintain a 1:1 value with FUN and will support full interoperability. This upgrade also enables FUN to better leverage the power of blockchain to build out its strategy for decentralized gambling platforms, treasury, and funds management.

XFUN will be supported by a non-custodial wallet featuring:

  • Ability to hold both FUN and XFUN tokens
  • Integration with both Ethereum main-net and Polygon
  • Seamless swapping FUN into XFUN and the reverse with integration into the XFUN Bridge
  • Integrated FIAT to FUN/XFUN opportunities using 3rd party processors
  • Gas-free transactions on XFUN where available
  • Integrated KYC where required by the operator

“XFUN will be incorporated into a number of gambling and entertainment verticals as an ongoing process to grow the ecosystem. While initially some of these will be either owned internally or by associated entities…our intention longer term is to expand the accessibility and usage of XFUN by encouraging 3rd party operators to use XFUN as a payment mechanism. To this end, we will be providing payment APIs to 3rd party operators.”
– The FUNToken Team

The post Crypto gaming ecosystem FUN set to release upgraded XFUN token on Polygon appeared first on CryptoNinjas.

Ronnie Huss

Ronnie Huss

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