FUNToken today announced that they have created a new token, XFUN, to further increase the speed and transparency in iGaming while significantly decreasing the cost of transactions.
XFUN is a new layer two token on Polygon, benefitting from the significantly increased performance and lower latency on this blockchain system. XFUN is minted through a process whereby FUN tokens are escrowed from Ethereum Main-net on a 1:1 basis and removed from trading circulation. The process is reversible, with gas fees for movement back to main-net charged to the token-holder. XFUN will not be listed on exchanges and available only through the XFUN Wallet.
FUNToken will release a non-custodial wallet for XFUN that will incorporate a number of key features:
- Ability to hold both FUN and XFUN tokens
- Integration with both Ethereum main-net and Polygon
- XFUN Bridge which lets wallets swap FUN for XFUN and vice versa
- Integrated FIAT to FUN/XFUN opportunities using 3rd party processors
- Gas-free transactions on XFUN where available
- Integrated KYC where required by operators
“We are truly excited to announce the impending launch of XFUN,” Adriaan Brink, Funtoken CEO, said. “This new layer two token will change the dynamics of FUN and bring us to the next level in our journey.”
“In our efforts to effectively unify a decentralised gaming and NFT economy, FUNTokens just fit,” said Shreyansh Singh, Head of Polygon Studios. “We’re excited about the prospects of this partnership.”
XFUN will replace FUN as the token behind dPlay Casino and will be introduced to a number of new gambling ventures over the next six months including a new XFUN Casino, a fully on-chain poker room and a sportsbook, all scheduled to launch by the end of the year.
All FUN tokens in use in the premium membership program on Freebitco.in (FBC) which are currently held in custodial wallets will be moved to XFUN wallets on launch. This will bring over 170,000 premium members holding over 430M FUN to XFUN. By comparison, it is worth noting that FUN currently has around 86,000 token holders. It is likely that within the first month of XFUN more than 10% of the FUN Token circulating supply will be escrowed into XFUN.