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The protocol works regardless of market conditions. Likely the raise will be when things are a little bit better in the market. Right now is a builders market - so we'll focus on that.

MaticNews x ChainBet.gg AMA Recap and Transcript

MaticNews: Welcome to MaticNews! Please give us a brief introduction of you and your team! What are your past experiences and roles?
ChainBet: Regarding the team - we are all anon and truly global.

I'm Artemis - I'm the guy that used to get brought in to scale up companies - in a number of different industries. I've built some buesinesses on blockchain before and have been in this space for a fair while as a power user of DeFi (used first uniswap pools, etc etc)

The rest of the team details can be found here:
https://docs.chainbet.gg/fundamentals/about-us

MaticNews: Out of curiosity, why did you choose this name/topic?
ChainBet: So bit of a two fold question here:

The name is a nice take on betting on chain - ChainBet

This is what we enable.

As for the mission. We want to usher into the gambling industry a new era of transparency and fair fun.

Traditional betting platforms and online casinos have had their time in the sun. We think the world deserves a better gambling experience.

There are two major issues with today’s options for online gambling:

(1) Players must blindly trust the House to operate fairly (newsflash: they don’t)
(2) The House shares none of the value with its community. They have no incentive to!

We wanted to bring fairness into the industry and to enable anyone to become apart of the house

We also notice a really clear trend: players that use crypto never go back to betting in fiat

We think the same trend will occur with betting onchain

MaticNews: Furthermore please introduce the project to us!
ChainBet: ChainBet is a decentralized and community owned betting platform.

We've got two major parts of our protocol:

  1. Casino games
  2. Prediction markets

But today we'll just focus on what's live - the casino games

We enable on-chain betting (with any token - as long as it has a bankroll pool), and every outcome is verifiably random and fair.

The Dapp is live and onboarding partner tokens every week - we've got several going live in the coming days.

Regarding the Casino side of things, we've got two major parts of it:

The games utilize Chainlink VRF
We have a community-owned bankroll pools

ChainBet ensures a completely trustless and secure betting experience with transparent and untampered random results (by using Chainlink VRF)

And by leveraging a community-owned bankroll, ChainBet allows anyone to become the House and share in the spoils. ChainBet redistributes House earnings to its community in all the different tokens being betted on the platform (e.g. wBTC, wETH, USDC etc).

Basically we allow players the chance to become The House, skin in the game is taken to a whole new level. You can now bet and earn, sharing the revenue when the House wins!

Our bankroll pools are doing really well atm and we haven't even launched v2 or our referral piece.

The referral piece is a nice chance to earn real yield (up to 50% of protocol profits from what you refer) We've honestly made some breakthroughs on the referral side and are partnering up with Affiliate Market places to grow that side of things.

MaticNews: On what chains is your project currently available? Do you have any plan to expand to new ones?
ChainBet: The protocol is currently live on Polygon, BSC and Avax. We plan to expand to ideally to all chains that have the tooling required to launch there.

L2s such as Optimism and Arbitrum will be available soon as the VRF support there comes to life.

We've built some stuff on polygon that lets us utilize VRF (and the cheap costs of polygon) onto other chains.

MaticNews: Speaking about your native token, what are the use cases?
ChainBet:  $BET is the native token at the center of ChainBet’s ecosystem. It currently has only two purposes: voting and staking. Once locked, $veBET is a governance token with a time-weighted mechanism, similar to $veCRV. It gives you voting power inside the DAO as well as letting you capture revenue generated by the protocol.

Our native token will be at the center of the ChainBet ecosystem, it's purpose is to align incentives for every actors in the CB ecosystem.Because we want to be truly decentralized, we need ways to align incentives for players, referrers, front-end holsters and bankroll providers to engage with the dApp. Additionnal usecases we are thinking about would be to offer boosted referral rewards for locking veBET.

Basically - lock $BET for veBET and earn profit from all of the bankroll pools.

Happy to let people dive a little deeper here:
https://chainbet.medium.com/chainbet-deep-dive-into-tokenomics-fb73370533d6

MaticNews: What are the most used games in your ecosystem?
ChainBet: So currently live (on v1) is DICE and ROULETTE

I beileve Roulette is the most popular at the moment.

Once v2 goes live, we've got a backlog of games to push forward.

Basically ready to go:

  • Plinko
  • Prediction price games
  • Fortune roll
  • Coop Roulette

And Rock, Paper, Scissors, plus we've got the prediction markets (sports betting) contracts off at audit right now.

Feel free to check out our live games on our dApp: https://app.chainbet.gg/

MaticNews: Will they all be available at start of v2 or will they be released one by one?
ChainBet: They will be released one by one.
MaticNews: Simple but good plan. How did you manage to make everyone bet with different tokens? How can a project collaborate with you?
ChainBet: This is because of our bankroll system, https://chainbet.medium.com/introducing-the-open-bankroll-3e6db35b214

Bascially The bankroll pool acts as the house.

We let protocols set up a bankroll pool with their own native tokens. This then lets their token be bettable within our suite of games. So we onboard partners tokens with the bankroll pools.

Reach out!

We add a lot of value to our partners tokenomics. We increase utility for their tokens, give the community games to play + provide yield.

This works as a token sink - which reduces the amount of circulating tokens for our partners projects.

If you are reading this and you are involved in a project that would like to set up a bankroll pool and make your token bettable

Send me a dm or reach out on our discord/twitter.

MaticNews: Do we have to pay any fees when we use your games? Furthermore, how is the revenue being generated for the project itself which can be used to finance future developments?
ChainBet: The only fee that the user pays is the VRF fee which covers our cost of generating , besides that no fees are taken.
The protocol generates revenue from the house edge.
For the casino games:

66% of profit goes to the Bankroll Pool
33% of profit  goes to veBET holders

Which is how veBET holders earn real yield on all of the bankroll pool tokens.

Imagine if we have 100+ tokens as bankroll pools, veBET holders would be earning from all of them. Our main bankroll pools atm (that will be focused on with the referral program) are Stablecoin pools.

MaticNews: The clichè question that we ask in all AMAs, how safe is your project? Have you got any audits for all these new updates?
ChainBet: Yes we are audited, our bankroll pool contracts are audited by Paladin, and our Sports Betting contracts are audited by Halborn, both really reputable auditing firms.

As to how safe we are.

There will also be some level of smart contract risk - that's why we get audits, to try and manage that.

We've got a great team with deep experience on the development side. Security is front of mind.

MaticNews: What is the marketing strategy to attract more users to use in the future?
ChainBet: Users can be attracted in two different ways: through affiliate programs and bankroll partners. With each new project we take on, our protocol is introduced to a new community and a new class of investors. We anticipate that network effect will eventually take effect and we will become the Uniswap of betting.

On the other hand, we are launching a number of referrals programs while collaborating closely with web3 affiliates marketing projects. The best method for onboarding new users has been demonstrated to be with referrals.

MaticNews: As recap, talking about the future, do you have any road map or long term plans that you can share with us?
ChainBet: So our public roadmap is here:
https://docs.chainbet.gg/fundamentals/roadmap

Internally our goal is to grow revenue as much as we possibly can.

We will have a token sale at some point in the future - so keep an eye open for that.

Main focus is to onboard lots of partners and to continue to deliver great products.

The protocol works regardless of market conditions. Likely the raise will be when things are a little bit better in the market. Right now is a builders market - so we'll focus on that.

You can join our Discord right here:

https://discord.gg/UaKKbh7ta8


Written By

Petrache Ionut

Nov 16, 2022