Saturday, September 23, 2023

Crypto casino and exchange Rollbit said it would buy and burn its RLB tokens daily, based on platform revenue, in a move that sent prices surging over 63%.

Rollbit allows users to trade tokens using 1000x leverage, and offers sports betting and arcade games, as well as a tokenized jackpot. Platform data shows over $2.5 billion worth of crypto futures were traded on Rollbit in the past 24 hours alone.

In a Tuesday tweet, co-founder “Lucky” said 30% of all fees generated from crypto futures, 20% from sports betting and 10% from casino games would be used to purchase RLB on the open market and be burned – or permanently removed from supply by sending the tokens to an address that is not controlled by anyone.

Rollbit’s revenue crossed over $2 million in the past 24 hours across these services, data shows. This means a significant amount – after costs – will use to fund RLB purchases daily.

CoinDesk - Unknown
Rollbit revenues across various services. (Rollbit)

Such a move could set perpetual buying pressure on RLB as long as platform usage continues to grow.

Rollbit has recorded one of the fastest growth among crypto protocols this year due to a strong market fit and a generally well-received product among gamblers and traders. Crypto games and similar offerings have driven users to the product, despite a general bear market.

“Rollbit has managed to thrive the last several years, regardless of market conditions, due to the diversity of our products,” Lucky said Wednesday. “Bull or Bear, our hybrid offerings have allowed us to generate consistent revenue.”

At the time of writing, RLB exchanged hands at 16 cents.

Edited by Parikshit Mishra.

#Rollbits #RLB #Token #Rockets #Crypto #Casino #Bets #Daily #Token #Burn

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