Vanilla network, ticker VNLA, is a project running on the Ethereum Network and was born during the DeFi Summer boom of August 2020. Having recently partnered with Matic Network, they aim to bring their social betting games to the mainstream offering zero rake to the end consumer. Interestingly, this token also has an automated burning function that allows stakeholders to benefit from any movement on the platform. A truly revolutionary concept, where stakeholders benefit from demand on the platform as a result of the dApps created.
On the 14th August 2021, the much-acclaimed Vanilla Network launched their inaugural betting platform,
Vanilla Bet! Having trended on CoinMarketCap multiple times, their decentralized betting platform is finally a use case many Altcoins have failed to deliver. With over 500 sign-ups within the first hour, it’s true to say that Cryptocurrency and Blockchain continue to strive for innovation taking on the status-quo of centralized platforms. In this case, the likes of Bet365 and BetFair.
Digging deeper into the platform, many previous betting cryptocurrency projects have made mistakes such as creating complicated procedures which means these apps are rarely played on due to their difficulty to use. However, the Vanilla Network has taken an iterative approach.
Phase one launch of the Vanilla Bet decentralized application (dApp) is simply head-to-head bets run on Matic Network. This allows for social betting where consumers can bet on anything they want, select an event, and/or manually write what they want to bet on. They can either make this bet public or private. For private bets, they can choose a specific user to match the bet or they can make it public, and if someone likes the look of the bet, they will match it! Therefore, an extremely fun and rewarding social betting game; the key takeaway here, there are no commissions charged to the consumer and they will not incur any gas fees due to the innovation of Matic-based protocols. Also, users will not need to worry about changing their Metamask wallet settings as it remains completely agnostic! This should really appeal to anyone in the cryptocurrency betting space due to the ease of use!
Phase two of the betting dApp which is also due for release in Q4 2021 will allow users to create their own betting houses — this is for known events that are scheduled. Such as a soccer match, Man Utd vs. Liverpool or sports betting in general. The user will then provide liquidity for the bet they want to issue, and determine their own odds. As they are providing liquidity, they will be offered staking rewards for doing so. This is a huge untapped market in the cryptocurrency space and it is evident the Vanilla Network will continually be developing this arena and will remain as the “hub” for all the future social betting games delivered on the Blockchain.