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A Potential Killer dApp Emerges — TronBet Volume Hits $41 Million in a Single Week

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TRON network is known for its rather popular decentralized applications (dApps), most of which are gaming and gambling-oriented. One of the betting apps, called TronBet, recently exceeded all records by experiencing a massive $41 million-large betting volume within only seven days.

The platform’s top user wagered around $98 million, while the top 20 users wagered a total of $455 million in a single week. With this in mind, it was calculated that the application would likely make a profit of around $36 million on a yearly basis.

A Twitter user called ‘vance,’ who originally pointed out the dApp’s success explained how and why TronBet became so popular and profitable in a short period of time. According to him, the platform offers a lot of fun games, it is fast, it has no fees, and has player liquidity. It features a native token called ANTE, but even so, the dApp’s features and success make it pretty difficult to believe that it is actually created on a blockchain.

How do users profit?

Another thing that is helping users make pretty large profits is TronBet’s mining process. Users mine ANTE, the platform’s token, for every bet they make. Furthermore, the users’ ANTE ownership allows them to get a share of TronBet’s daily profits, which can be anywhere between $75,000 and $150,000, according to vance.

These rewards are only provided when ANTE is staked, and are supposedly distributed every day in form of TRX coins. According to vance, ANTE is also mined by crypto whales by using the betting process.

Vance then went on to explain that the platform’s roadmap works in accordance with the daily dividend distribution process, one which involves higher levels of risk. The risk revolves around holding onto ANTE, which is an illiquid asset. However, TronBet’s betting is tied to live sports and casino-type gambling games, which are sustainable.

Furthermore, token economics form a very tight feedback loop, which works as an incentive for users not only to stick around but to also return t the platform on a daily basis and stake their ANTE tokens.

Vance concluded by stating that he is surprised that the dApp’s success has not attracted more attention, particularly when considering its pretty impressive statistics. He believes that the issue lies in the fact that gambling and gaming dApps are not that appreciated among the blockchain community. However, he thinks that this is a wrong way to look at things because these dApps might serve as a very important stepping stone for further development. In other words, the blockchain space would likely benefit if any dApp reaches mass adoption, be it gaming/gambling or otherwise.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Altcoins

CoinFlip Scores Big with BRD Wallet Partnership

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As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible.  While many crypto users are extremely tech oriented, a lot of those on the sidelines are not.  The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above.  In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country.  Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.

In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map.  Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells.  BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit.  The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.

Cryptocurrencies are already making a huge difference around the world.  Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…

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Can Libra help the crypto industry to reach new heights?

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Libra is motivated and determined to change the face of payment procedures across the globe and make the blockchain-based project the leaders of payments.
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The market for cryptocurrencies started with the launch of Bitcoin in 2009, and since then, so many cryptocurrencies have been launched that it gets hard to keep track of them. The crypto market has seen massive growth in the past 3-4 years as it started gaining attention from mass media, which helped in this boom.

From the past 2-3 years, several new cryptocurrency projects were launching in the market. Amid all this, the social media giant – Facebook announced the launch of their cryptocurrency platform, and this news got viral like wildfire. The announcement came forward in June, and the upcoming cryptocurrency is known as Libra, and it’ll come with its dedicated wallet called Calibra.

What is Libra?

Libra is a permissioned blockchain-based digital currency which is being developed under the supervision of Facebook’s vice president, David A. Marcus. The cryptocurrency is under development in partnership with an independent, non-profit member Libra Association. Facebook is the second member of the project, and these companies aim to use Facebook’s user base for the promotion of the digital currency when it is launched. The transactions and the cryptocurrency will be managed and cryptographically entrusted by the Libra Association.

Note: Libra Association was established by Facebook to look after the cryptocurrency and the transactions, and it was founded in Geneva, Switzerland.

The development of…

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Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

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While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle.  Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance.  One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess.  That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS.  These projects have managed to find a foothold in the market and have a better chance than most of staying there.  While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.

What is a Cryptocurrency CDP?

In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount.  There are several examples of this in our day to day lives.  Auto title loans from large companies like TitleMax are extremely popular with consumers.  Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has.  The consumer can continue using their car as long as debt payments are made.

The same concept applies to cryptocurrency CDPs.  Consumers are able to put up crypto tokens, such as…

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