FunFair Technologies has been developing its Ethereum based gaming technology and ecosystem for over four years, striving to deliver a guaranteed fair, decentralised gaming experience to the mass market through blockchain technology utilising the FUN token. The FUN token achieved the functionality it was designed for and several industry firsts and significant milestones in proving its intended use case. However, a third party, Freebitco.in, has developed a different use case for the FUN token, with the potential to further expand use of the FUN token.
Independent of FunFair Technologies, Freebitco.in recently started using the FUN token for promotions and loyalty to their market-leading customer base, which claims over 40m crypto holders, without the burden of requiring significant on-chain transactions. This activity has introduced considerable volume into the token economy.
Ongoing and significant increases in gas prices have thwarted FunFair Technologies’ ambitions to encourage mass adoption of their technology, ecosystem and the FUN token, and they show no signs of abating. Decentralised Finance (DeFi) growth on Ethereum has been pushing gas prices up for many months. Defi now accounts for over 90% of all Ethereum transactions, it’s currently the primary use case driving the network’s success, it’s why blocks are full, and transactions are expensive.
Freebitco.in’s customers are currently generating the bulk of FUN token commercial activity rather than FunFair’s customers. In light of this new use case and its potential for the token economy, FunFair has agreed to sell the majority of its FUN token holdings to Freebitco.in, giving Freebitco.in more opportunity to use the token for loyalty and promotions marketed to their millions of customers.