Crypto is a great source of passive income. We’re not just talking about the profits from its value appreciation over weeks, months, and years. In addition to that, many crypto platforms offer attractive staking opportunities. It allows users to put their idle tokens to work while they wait for positive price action driven by market forces.
Insanity Bets ($IBET) is a new platform that is quickly becoming a viral phenomenon in crypto communities. The project just launched its presale. The growing traffic to the presale right from the early stage has to do with the platform’s robust crypto staking and passive income model.
Why Insanity Bets Amid a Clutter of Crypto Staking Platforms?
Most crypto-staking platforms are substantiated by tokenomics. That’s about it. They don’t have any market-relevant utility, creating organic demand or value. Instead, they solely rely on speculation for price action.
That’s a highly risky adventure. Cryptocurrencies driven purely by speculation are prone to massive losses, especially in the event of a bear market. Once it plummets, it’s hard for these assets to rebound. That sets them apart from utility coins substantiated by real projects.
That explains why investors are flocking to the Insanity Bets presale. The project’s passive income model is tied to the revenue generated on its gambling platform. It will offer a wide range of games over time, from casinos to sports betting, prediction markets, and lotteries.
With its unique tokenomics, the project aims to offer users an opportunity to ‘own’ a piece of the gambling house.
$IBET and its Derivatives: Explained
Staking rewards on Insanity Bets stem from a revenue-sharing model tied to trading fees, ILP fees, and game-winner fees. $IBET offers multiple derivatives to ensure the platform’s sustained growth, as shown below:
- $sIBET or staked iBet gets 35% of all platform fees and is exchangeable for $IBET.
- $bIBET or burnt iBet is created by permanently removing $IBET from circulation, with $bIBET holders receiving 50% of the fees.
- $esIBET or escrowed iBet acts as a staking derivative that automatically rewards $sIBET holders. It allows users to compound their staking rewards.
Then there’s $ILP, which represents an index of the $USDT, $ETH, $WBTC and $IBET pools on the platform. To mint $ILP, investors need to stake these assets. The pool, crucial for scalability on Insanity Bets, will fund its house fund for winners and losers. It allows for the frictionless operation of larger bets and the expansion of the project to larger user bases.
Minting $IILP tokens, investors become the house. They are eligible for 90% of the house’s profits (and losses) from games, although losses are rare. The provably fair house edge of 1% to 5% mitigates the chances of loss. It is also important to note that the single-sided $ILP is not susceptible to impermanent loss. In addition, it has a maximum bet size to maintain platform stability and avoid a ‘bank run’.
$ILP rewards come in stable coins like $USDT.
$IBET Presale: The Best Gateway to GambleFi?
GambleFi coins are one of the hottest this year. They decentralize casino and sports betting contests in ways unimaginable in the past. With the online gambling sector set to grow by a CAGR of 8.54% until 2027 and the crypto GambleFi sector set to eat up a large size of it, these coins come with large growth potential.
In stark contrast to traditional online gambling platforms, they boast a decentralized and transparent foundation. This allows them to win the attention and trust of users as well as investors. The success of projects like Rollbit gives a preview of the industry’s journey ahead. To give a better context, Rollbit surged close to a 5000% surge in 2023 as its staking program went viral.
In 2024, Insanity Bets is coming forward with a superior gambling dashboard and a series of staking programs. In addition, the project has a lower entry point than popular GambleFi platforms like Rollbit, which have largely saturated now due to the rush of speculative investors last year.
The ongoing $IBET presale reserves 50% of the $IBET supply, totaling 2,500,000,000 tokens, aiming to make early investors and supporters the primary holders of the supply. In the staged presale, early investors will be eligible for higher discounts. It gives them a highly lucrative entry point into the project.
The funds garnered from the presale will be used to fuel the project’s promising roadmap. The team allocation is subject to an 80-week vesting schedule, indicating high credibility.
Follow Insanity Bets on Twitter and Telegram for the latest updates.
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