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New Version of FUN Token Goes Live on Polygon: Details

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Thu, 08/12/2021 - 09:15
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Vladislav Sopov
Flagship iGaming ecosystem starts migrating to Polygon Network (MATIC) with new asset introduced
New Version of FUN Token Goes Live on Polygon: Details
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FUNToken team is ready to explode onto the scene of the fastest-growing smart contracts platform, Polygon Network (MATIC), with its brand-new asset XFUN.

Flagship gaming token comes to Polygon Network (MATIC): Introducing XFUN

According to the official announcement shared by FUNToken, its XFUN token has been deployed to Polygon Network (MATIC). With XFUN up and running on Polygon, the FUNToken team is going to change the game in decentralized gaming and gambling. As transaction fees on Polygon Network are negligible, all operations with XFUN will be almost gas free.

XFUN tokens have been minted through a unique two-phase procedure. First, the FUNToken team escrowed a corresponding number of tokens from Ethereum (ETH) mainnet, then excluded them permanently from the circulating supply.

Meanwhile, as Polygon Network (MATIC) is fully compatible with Ethereum Virtual Machine (EVM), the aforementioned migration is reversible: tokens can be redeemed on Ethereum (ETH) while holders are charged an extra fee.

XFUN tokens will not be listed on exchange platforms: the new asset will be exclusively available in FUNToken’s own non-custodial XFUN Wallet.

XFUN Wallet will boast an unmatched toolkit of functions as it will support both Ethereum (ETH) and Polygon Network (MATIC) transactions. The FUN/XFUN bridge will allow for seamless conversion between the two versions of FUNToken’s token.

FUN and XFUN can be easily purchased with fiat currencies thanks to integration with third-party on- and off-ramps; some of them require users to complete “know-your-customer” (KYC) checks.

More platforms, more use cases

Adriaan Brink, CEO of FUNToken, stresses the paramount importance of this milestone for both his project and the entire decentralized gaming segment:

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.

Shreyansh Singh, head of Polygon Studios, is enthusiastic about the latest addition to Polygon Network’s suite of products:

In our efforts to effectively unify a decentralized gaming and NFT economy, FUNTokens just fit. We're excited about the prospects of this partnership.

XFUN will replace FUN as the core utility asset of dCasino. In the next six months, a number of top-tier gambling ventures will migrate to XFUN. By the end of this year, the token will also be integrated into the economy of XFUN Casino, an on-chain poker room and sports betting platform.

Also, all FUN tokens that are used in the Freebitco.in (FBC) premium membership initiative will be replaced by XFUN. In total, 170,000 wallets with 430 million XFUN will be eligible for this migration. As a result, the XFUN userbase will likely triple in the coming weeks.

According to the estimates of the FUNToken team, 10% of the entire FUN supply will be replaced by XFUN.

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About the author

Blockchain Analyst & Writer with scientific background. 6+ years in IT-analytics, 3+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)