Decentralized Finance (DeFi) has been growing rapidly over the last few weeks, thanks to several innovations in the space that allowed investors to earn additional yield on their cryptoassets, either through yield farming, or by earning a share of the fees charged on decentralized exchange Uniswap.
The innovation helped the total value locked in DeFi surpass $10 billion as users moved funds to maximize their earnings, and as those who do not have access to traditional financial services gained a new option.
Using decentralized finance, it’s possible to have a savings account in stablecoins earning more yield than traditional savings accounts, and it’s possible to take out a crypto-backed loan, among other things. The innovations, however, don’t have to stop there. In fact, every industry that moves money can benefit from the use of blockchain technology and DeFi.
Fiscus.fyi, a blockchain agnostic, interoperable platform and lending aggregator, is bringing the Defi space’s innovations to the gambling world with the launch of decentralized gambling pools that will allow any token to participate.
Fiscus.fyi is set to use the infrastructure of decentralized finance and add it to the gambling world, all while keeping the platform on-chain and based on smart contracts. This means that the games will remain provably fair, but also that the gamblers can provide liquidity to the platform and be the house, earning a share of the profits.
The platform will work in a way similar to Uniswap, allowing any token to be listed and trade on it. Token projects will be able to use Fiscus.fyi to build a gambling decentralized application and add liquidity to it. Encouraging other DeFi projects to create their own gambling dapps will lead to the creation of a community-funded bankroll, independent of a single project.
The result will be greater decentralization and complete transparency, given the open nature of blockchain technology itself. Gamblers will as a result be able to trust the platforms they are using, as they can verify they are provably fair and have the funds required to pay out jackpots.
As the decentralized gambling platform will be based on smart contracts, deposits and withdrawals will be visible to anyone who wants to look at the blockchain data. Winnings will also be paid out automatically.
Via the uFFYI pool, the Fiscus.fyi pool, users will be able to stake their funds to add liquidity to the platform, and earn a share of the house’s profits. The house has a 1% edge on the platform, which makes it profitable yet fairer and more transparent than any other on-chain provably fair platform.
Currently, it’s possible for projects to create dice and coinflip gambling decentralized applications. To create them, all they have to do is create a liquidity pool, add tokens, and add a widget to their platform so the community can use the dapp.
A 1% fee is charged per bet. Equal percentages are distributed to the pool creator’s liquidity pool and to its Jackpot pool, as well as to the FFYI Revenue Share Pool, and to buyback and burn uFFYI tokens.
It’s worth noting that liquidity providers can remove or add liquidity at any time. Bets are placed using uFFYI and results are controlled by an Ethereum smart contract that generates a random result based on the block hash.
Fiscus.fyi already allows users to stake various cryptocurrencies with the platform. It finds the lending pools with the best rates and helps users maximize their earnings in the cryptocurrency space. The platform isn’t limited to the Ethereum blockchain.
Find out more about the project on its Medium page and follow it on social media.