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

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TronBet

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.

https://twitter.com/iam__vance/status/1101650232306065408

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.

https://twitter.com/iam__vance/status/1101650237012160512

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

Solana Price Surges Beyond $100, Dethroning Ripple and BNB To Secure Fourth Place

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Solana price performance in recent times has been remarkable, surpassing Ripple and Binance Coin to become the fourth-largest cryptocurrency by market cap. The SOL price breached the critical level of $100 for the first time since April 2022 over the weekend to imbue optimism among investors. However, the altcoin has corrected by 7%, suggesting that the market is overheated. At the time of writing, the ‘Ethereum killer’ was trading slightly lower at $111.60.

SOL Outlook

Solana price has made a significant recovery over the past few weeks, climbing above the psychological level of $100. The altcoin has been one of the best-performing assets this year, extending its year-to-date gains to more than 1,025%, with more gains recorded in the past month alone. However, even with such growth, analysts have noted that Solana has a bleak chance of topping its ATH of $260.

The reason behind this is the increase in supply relative to its value. In November 2021, when the Solana price hit its all-time high of $260, its total market capitalization was around $78 billion. Despite the value of the crypto asset being less than half of what it was at the top, its market cap is currently hovering near $50 billion.

This has been brought about by the increase in the Solana supply by more than 100 million SOL over the past two years. According to some analysts, for the altcoin to retest $260, its…

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Altcoins

Solana Price Skyrockets to 20-Month Peak Amidst Memecoin Frenzy

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Solana price has noted significant gains over the past few weeks, climbing to its highest level since April 2022. The ‘Ethereum Killer’ almost topped the crucial level of $100 on Friday, before pulling back slightly. The asset’s recent surge has catapulted Solana’s total market cap to $39.6 billion, ranking 5th after and above BNB and XRP, respectively. Solana has jumped by more than 22% in the past week and more than 80% in the month to date. At the time of writing, SOL price was trading 0.90% lower at $93.10.

Catalysts Behind SOL’s Rally

Solana price has been on a strong bull run over the past few days, rocketing to its highest level in 20 months as the network benefits from the substantial activity and strong interest in memecoins. The SOL token, the native digital asset of the high-performance blockchain platform Solana, has shown some serious strength over the past few weeks, outperforming all the altcoins in the market.

The recent surge in the Solana price has been linked to heightened on-chain activities on the Solana blockchain. Notably, the ongoing hype for the blockchain’s speedy transactions, cheap fees, and a lottery of meme coin issuances has buoyed SOL’s on-chain activity. Metrics have revealed that Solana has been the strongest draw among on-chain traders, with trading volumes and network fees outperforming Ethereum- the largest altcoin by market cap.

Cited figures provided by DeFi aggregator DeFiLlama

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Altcoins

Solana Price Breaches $60 Amid a Symphony of Bullish Indicators

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Solana price has jumped more than 8% over the past week, breaching the important level of $60. At the time of writing, Solana was trading 3% higher at $61.07. The asset’s total market cap has climbed to $25.9 billion over the past week, ranking it the 6th largest cryptocurrency after XRP. The total volume of SOL traded over the last day has declined by 8%.

SOL’s Bullish Cues

Solana’s price has been among the best-performing cryptocurrencies this year amid continuous growth. The “Ethereum killer” has consistently impressed investors throughout the year on the back of a resurgence in bullishness, which saw SOL’s price climb more than 513% in the year to date. Institutional investors have also shared the bullish sentiment, making Solana their most preferred altcoin.

In the week ending November 24, Solana recorded inflows worth nearly $3.5 million, significantly more than the other altcoins’ inflows combined. The asset’s monthly inflows were higher at $40.2 million, lower than Ethereum’s $99.6 million inflows in the same period. Other altcoins, including Litecoin and Ethereum, noted significant outflows, making Solana nearly half of the home for DeFi. This implies that when it comes to institutions, Solana is currently the best-performing altcoin with the potential of a long-term rally much higher than other digital assets.

Notably, the Solana DeFi ecosystem accomplished a significant milestone earlier this week. Its Total Value Locked (TVL) hit a new yearly peak of over $655 million,…

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