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Blockchain-powered gaming provider FUN has announced the imminent launch of XFUN – its new layer-2 token on the Polygon Network that will replace and change the dynamics of the current FUN token.
XFUN benefits from Polygon’s increased performance and lower latency. XFUN will be minted in a process whereby FUN tokens are escrowed from the Ethereum mainnet and removed from trading circulation.
Once the upgrade is completed, XFUN will replace FUN as the token powering the dPlay Casino.
Most important, the XFUN token will be deployed on a number of fresh ventures over the next 6 months. Plans are to launch a new XFUN Casino, an on-chain poker room and sportsbook by the end of the year.
FUN token was initially developed by FunFair Technologies in 2017 to power its FUN ecosystem. In early 2021, FUNToken.io 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.
Above all, this upgrade will enable 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
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