An IDO, which stands for initial DEX offering, is a permissionless space through which companies can fundraise for cryptocurrency-related projects. Most typically, IDO projects are for financial institutions launched by upcoming cryptocurrencies to raise money for their movement into mass markets.
However, LunaFi has recently announced their very own IDO that strays from this common use, announcing a gamification mechanic at the center of their platform. This decentralized sports betting platform, cultivated, designed, and launched by professional bettors, is a crypto-native game that combines blockchain with gambling.
The IDO project is called ‘LunaFi Crash” and involves players placing ETH bets and receiving LFI in return. This ingenious method of launching an IDO is practically unheard of, with gamification being an aspect that has never crossed with IDO projects.
Each round of LunaFi involves a rocket moving upwards into space continuously until it suddenly crashes at a random interval. Players can bet ETH before launch and then cash out whenever they would like. If they cash out before the crash, they’ll be paid out in LFI at TGE, while they’ll have to try again if it crashes before they cash out.
The game’s probability is constructed through a system of blockchain smart contracts, with random events being listed in contracts and selected at random to provide a fair playing field. With this gamified IDO event, LunaFi aims to raise $500,000 in the initial phase, collecting this amount in ETH.
This first phase will be launching into space on the first of April 2022, and will last for one week. Alongside this gamified approach, LunaFi is launching a classic private sale on Lithium.finance (BSC) and Starter.xyz on Polygon. Funds collected from this period will be able to be collected by users on the 15th of April. This date is also when LunaFi will begin its staking programs.
After these programs have launched and the initial distribution of liquidity has been deployed on Quickswap, the second phase of the IDO will begin. At this point, players will be able to play the LunaFi Crash game with ETH-LFI LP tokens, getting LFI at a discount rate if claimed after five days. With this, an additional layer of gamification is added to the bonding process, making the whole IDO have several more layers of engaging attributes.
The CEO of LunaFi, George Porchester, stated that gamification came to mind because “We thought it would be fun to have our very own gamified IDO. No better way to showcase our platform right from the start,” adding that LunaFi Crash will be the first game that has “Proof-of-Concept of how we can revolutionize gambling with crypto.”
The gamification of this system extends even to those that don’t want to actively bet their funds. With the launch of LunaFi, anyone is able to supply liquidity for bettors, directly earning a commission on their cryptocurrency with the house odds on their side. Considering that open smart contracts and decentralized oracles are used to determine the outcomes of the bets, there is always maximum transparency about how the platform functions.
With this step into gamification, LunaFi is expertly pushing the bounds of what was once thought possible with blockchain. This exciting foray into gambling is an interesting step into innovative uses of blockchain for the whole community.
Mixing gaming, gambling, and blockchain in one exciting IDO project, we’re anxiously waiting to see what LunaFi does next over the coming months.
