The crypto market is witnessing another GambleFi mania. The presale launch of Insanity Bets ($IBET) has kindled FOMO with a robust passive income model based on revenue sharing.
Here is an analysis of the project and whether it lives up to expectations.
Staking: Making the Most Out of Crypto Investments
Crypto investments are a great source of income if you pick the right projects with market-relevant utilities and consistently growing user bases. Similar to traditional stocks, they appreciate in value over time as you hold them in your portfolio.
But thanks to the creative innovation in the crypto space, investors can generate more passive income from their idle assets, on top of the profit from value appreciation. We’re talking about staking. They mostly work on the basis of fixed or fluctuating APYs (annual percentage yields), similar to interest.
Insanity Bets ($IBET) is a new crypto gambling platform that is rapidly gaining traction for its unique passive income system.
Why?
Most crypto staking platforms rely on vague mechanisms to give staking rewards to users. When they don’t have any utility or organic demand, these staking systems come crashing down. In the end, the staking rewards accumulate into a heap, but they will fetch close to nothing in the market due to decreasing value of the token.
On Insanity Bets ($IBET), on the other hand, the passive rewards are tied to game fees or platform revenue. If the platform is robust, the revenue from game fees will continue to grow, and so will the investor’s staking rewards.
How Does it Work?
The revenue-sharing model of passive income on Insanity Bets relies on trading fees, ILP fees, and game-winner fees. In addition to the native token $IBET, the project offers several derivatives to support its sustainability:
- $sIBET (staked iBet) receives 35% of all platform fees and can be exchanged for $IBET.
- $bIBET (burnt iBet) is generated by permanently removing $IBET from circulation, with $bIBET holders receiving 50% of the fees.
- $esIBET (escrowed iBet) acts as a staking derivative that automatically rewards $sIBET holders, enabling users to compound their staking rewards.
Another crucial element of the platform is $ILP, representing an index of the $USDT, $ETH, $WBTC, and $IBET pools on the platform. To mint $ILP tokens, the investor needs to stake these assets. The $ILP pool is crucial for scalability, funding the house fund for winners and losers and facilitating larger bets without friction on Insanity Bets.
In other words, $ILP supports the project’s expansion to a broader user base. So minting $ILP is heavily incentivized. In fact, investors who mint $ILP tokens effectively become part of the house, eligible for 90% of the house’s profits (and losses) from games. Losses are less common due to the provably fair house edge of 1% to 5%.
Moreover, single-sided $ILP staking is immune to impermanent loss. It also implements a maximum bet size to ensure platform stability. The fact that $ILP rewards are distributed in stablecoins such as $USDT adds to its appeal.
How High Can $IBET Go on its Launch?
The online gambling industry has the potential to make a CAGR of 8.54% until 2027. Crypto GambleFi coins are expected to claim a significant portion of this expansion. They revolutionize casino and sports betting with unprecedented decentralization.
Standing apart from conventional online gambling platforms, they offer a decentralized and transparent framework that resonates with users and investors alike. It fosters trust and engagement.
Projects like Rollbit, in particular, provide a peek into the industry’s promising future. It recorded an astonishing surge of close to 5000% in 2023, largely ignited by its viral staking program.
Insanity Bets is predicted to be the next Rollbit, with its extensive gambling dashboard that will provide casinos, sports betting, prediction markets, and lotteries. Moreover, it has a more accessible entry point compared to established GambleFi platforms like Rollbit. That translates to larger room for returns. Leading players in the market, on the other hand, are largely saturated.
The $IBET Presale Rewards Early Investors With High Discounts
Insanity Bets just launched the $IBET presale to a warm reception.
The presale gets 50% of the $IBET supply and totals 2,500,000,000 tokens, with the aim of rewarding early investors and supporters as primary holders. Divided into multiple stages, it encourages early investments with higher discounts, creating a highly enticing investment opportunity.
Notably, team allocations are subject to an 80-week vesting schedule, another example of the project’s commitment to transparency.
Funds raised from the presale will be used to bring the project to full life and expand its user base.
Follow Insanity Bets on Twitter and Telegram for the latest updates.
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