TronBet, a decentralized crypto betting platform built and deployed on TRON’s (TRX) blockchain , has recently experienced over $40 million in total volume over the past seven days.
1/ @TRONbet is fascinating: a tokenized gambling platform on Tron with real usage. $41M in betting volume in the past 7 days, top user has wagered $98M, top 20 users have wagered $455M. Yearly, @TRONbet, a Dapp, is on track to make almost $36M profit with a P/E of 1. 😮. Why? pic.twitter.com/REJXxTjLl7
— vance (@iam__vance) March 2, 2019
This, according to Twitter user vance, who pointed out via the microblogging platform that the “top user” on TronBet had “wagered $98 million” and “the top 20 users” had reportedly “wagered $455 million” during the last seven days. Based on these calculations, the TronBet app is set to make a profit of nearly $36 million “with [a profits to earnings] P/E ratio of 1.”
Explaining how TronBet has seemingly become so profitable in a relatively short period of time since its launch, vance, the founder of hashletes, an American National Football League (NFL) related tokenized gaming platform, argued that the:
[Tronbet’s seamless] UX (user experience) [had a lot to do with its success]. They've got a suite of games that are fun to play, fast, with player liquidity, and no fees. Hard to believe its built on a blockchain. With a native token (ANTE), while still dicey, they have no payment processor risk. Team is [obviously] anonymous.
Earning Rewards By Staking Native Token ANTE
He further noted that the mining process associated with TronBet was helping users earn large profits. He explained that “for every bet, you mine ANTE, the [gaming platform’s] native token.”
He also mentioned in his detailed Twitter thread that users’ ANTE “ownership, [when staked], entitles [them] to a share of TronBet’s daily profits” which he estimated to be around $75,000 to $150,000. Rewards from staking ANTE are reportedly “distributed daily in TRX tokens.”
Vance added that “Whales mine ANTE by betting at scale (user #1 with $98M in bets).” He went on to share the daily distribution of bets via Twitter.
3/ Mining. For every bet, you mine ANTE, the native token of @TRONbet. Your ANTE ownership entitles you to a share of @TRONbet's daily profits (~$75K-150K) when staked (distributed daily in TRX). Whales mine ANTE by betting at scale (user #1 with $98M in bets). Daily distro: pic.twitter.com/uIEwtfOdPb
— vance (@iam__vance) March 2, 2019
Token Economics Of TronBet
The crypto enthusiast remarked:
Token economics form an unbelievably tight feedback loop on the product, an incentive for casual users to stick with the platform long term, and a reason for users to come back every day (to stake their ANTE). Also, whale mining PNLs are nuts.
Vance also explained that the roadmap for TronBet works according to a daily dividend distribution process that involves a certain level of risk. For example, TronBet users are “risking holding onto an illiquid asset (ANTE) in the event that games don’t generate profits for dividends.” He added that “games are a hit biz, but TronBet is set on live sports betting, casino style games, gambling-first uses which seem sustainable.”
“Genuinely Surprised” With Lack of Attention
Notably, vance said he was “genuinely surprised” that nobody other than him and Michael Anderson, the other co-founder of hashletes, seemed to have noticed TronBet’s impressive stats. He argued: “This is real scaled consumer adoption, but the blockchain community seems to discount gambling/gaming even though obviously a stepping stone to more sophisticated dApps.”
As CryptoGlobe reported recently, the TRON blockchain network underwent a hard fork on February 28. During the upgrade to the Tron network, Justin Sun, the co-founder of the TRON Foundation, had said the blockchain platform would be incorporating the following changes:
#TRON will launch [version] 3.5 hard fork upgrade on 2/28. New Features: 1. Multi-sign[ature crypto wallets] and [account management tools], institution ready 2. Dynamic energy adjustment to real-time network performance 3. 50% up performance & res usage 4. Better virtual machines (VM) safety, events server for dApps.