The announcement also revealed that FUN tokens being held in custodial wallets as part of premium membership on FreeBitco.in will all be moved upon launch of the XFUN wallets
FUNToken on Monday announced that it had created a layer two token on the Polygon network. The token, XFUN, is expected to improve the speed and transparency of iGaming and result in major cuts in the cost of transactions.
These features of the token are mainly a result of the features of the Polygon blockchain network like low latency. In a statement on their website, FUNToken explained the minting process by revealing that for one XFUN token, one FUN token is escrowed from the Ethereum Main-net and removed from circulation. The process is also reversible.
The new token will replace FUN as the main token on blockchain-based dPlay Casino. It will be rolled out in a new XFUN Casino, a blockchain-based poker room, and a sportsbook all expected to be completed before 2022.
FUNToken is also looking into launching a non-custodial wallet for XFUN with features such as:
- 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
Both FUNToken and Polygon have commented on the venture. FUNToken Chief Executive Officer Adriaan Brink says:
“We are truly excited to announce the impending launch of XFUN. 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. We’re excited about the prospects of this partnership,” comments Polygon Studios Head Shreyansh Singh.
The announcement also revealed that FUNTokens being held in custodial wallets as part of premium membership on FreeBitco.in will all be moved upon launch of the XFUN wallets. This migration will result in an influx of upwards of 170,000 members in possession of upwards of 430 million FUN. Currently, FUNToken is being held by about 86,000 holders. It is predicted that over 10% of the circulating supply of the token will be escrowed into XFUN within the first month of the introduction of XFUN.
As of the time of this writing, FUN had a value of $0.0209 and a market cap of $221,130,100. Circulating supply was at 10,298,879,189 FUN out of a total supply of 10,999,873,621.