Join Our Telegram channel to stay up to date on breaking news coverage
Insanity Bets ($IBET) is the latest venture to take the crypto market by storm.
With a groundbreaking new approach, the blockchain project marks the beginning of a new era of CasinoFi and GameFi where the community becomes the house.
Insanity Bets just began the presale of its native token $IBET to a warm reception. The rapid progress of the presale hints at a FOMO-fuelled crypto pump on the token’s launch.
What’s driving traffic to the $IBET presale? Let’s analyse.
More Than Just Gaming
There are plenty of online gambling and casino platforms in the market. The number is growing on the blockchain side too.
Do we really need another blockchain casino platform when there are dozens that merely duplicate each other?
The GambleFi sector is highly fertile. But it’s about time the market thought beyond the status quo and ventured into novel ideas. This is where Insanity Bets steps in.
According to the project’s white paper, “with Insanity Bets, every dice roll and every card flip on the platform contributes to a unique flywheel effect. Players don’t just gamble; they invest in the platform’s growth, benefit from others’ plays, and earn from the collective pool”.
Insanity Bets targets a diverse user base. For example, it provides a transparent, decentralized casino experience to crypto gamers. Yield hunters can use the platform to capitalize on the real yield generated from gaming fees.
Each Bet on Insanity Bets is an Opportunity For Growth
Depositing crypto into Insanity Bets, users are seizing a lucrative opportunity for growth. The entire ecosystem benefits from the growing activity and engagement on the platform. The project’s goal is to build a large community of both casual players and high-rolling whales.
- While in traditional casinos, all profits are hoarded and the community gets the crumbs, Insanity Bets creates a win-win situation for the platform, players, and liquidity providers (ILPs).
- Most casino platforms online are boring with nothing new to offer. Insanity Bets, on the other hand, offers electrifying games, thrilling side bets, dynamic slots, vesting gamification and much more. That’s not all. The platform will soon open its doors to developers, allowing anyone to deploy a front-end and plug into Insanity’s smart contracts.
- Traditional casinos are known for murky financial dealings that compromise players’ trust. Insanity Bets combats this with unrivalled on-chain transparency. Since users can witness the size of the house treasury (ILP) in real-time, there is no room for concern. Winners are assured of the payouts, as a result.
Traditional casinos face scalability challenges that often lead to limited bet sizes and user volume. Insanity Bets thinks globally and implements GMX-inspired tokenomics and tools. That allows it to scale without compromising on security or fairness.
On the credibility front, too, Insanity Bets doesn’t make any compromises. The project joins forces with Chainlink VRF to provide a transparent and fair gaming experience. The codebase of the platform is being rigorously audited by leading cybersecurity firms.
More importantly, it can only be upgraded via The Insanity Bets DAO. It empowers the community to guide the platform’s evolution, from fee structures to game offerings.
$ILP and $IBET Explained
$ILP is an index of the pools on Insanity Bets.
By depositing $USDT, $ETH, $WBTC or $IBET on the platform, users can mint $ILP. The token is used as the house fund for winners and losses. All minted $ILP tokens are automatically staked. Upon burning, they can be redeemed back to the underlying currency at any time.
$ILP’s goal is to increase liquidity for the games hosted on the platform and enable larger bet sizes and participation. Investors can stake or burn $IBET tokens in exchange for tangible returns from trading fees, ILP fees, and game winner fees.
- Stakers receive 35% of all fees, while burners get 50%.
- Minting $ILP grants the holder 90% of all player bets’ wins and losses.
The casino is designed to win ultimately, allowing $ILP holders to maintain profitability over time as well, irrespective of short-term fluctuations.
$IBET (the native crypto), staked $IBET ($sIBET), escrowed $IBET ($esIBET), and burned $IBET ($bIBET) are the key elements of the native tokenomics.
The fees for $ILP deposits and withdrawals can be anywhere from 0.1% to 1%. Depending on the VIP level, users can claim discounts on the fees. To step up the VIP level, users need to increase their $sIBET, $bIBET, or $esIBET holdings.
$IBET Presale is Now Live
Insanity Bets is currently hosting the presale of its native token $IBET. The presale allows early investors to grab the token for discounted prices before it makes its way to exchanges.
The presale is divided into 15 stages, with each new stage featuring a price increase. It is structured to benefit early investors.
The tentative initial launch price of $IBET is $0.0180, leaving plenty of room for returns from the token’s trajectory.
Join Our Telegram channel to stay up to date on breaking news coverage
