May 16
AMA with Steve – May 2024 Recap
Last updated
AMA with Steve – May 2024 Recap
Last updated
It’s always nice to start with bonuses. Yeah, we’ve received many questions about our BFG token, so let's make all of them more transparent. Before the buyback mechanics update, bonuses were paid from mined tokens according to the old tokenomics, where one token mined by a user was equal to one token mined by the team. With the updated buyback mechanism, the team uses funds from GGR to cover bonuses. If the lost BFG tokens are insufficient, an internal buyback of tokens from the market will be conducted using the project's revenue stream.
The team is aware of the issue regarding the availability of BFG for buyback in the market. The current situation allows payments to be made in BFG tokens, further promoting it as a distinct token in the market.
When a user gets a payout in BFG, the number of holders increases, and the user can continue to use BFG in the game. The team will inform the community about any further payout changes in advance.
It's not entirely accurate to say that there are only 50 million tokens on the market; there are significantly more, all shown in the circulating supply, and there are over 1.2 billion tokens. Importantly – we do not guarantee a price increase. Our team of analysts monitors the supply and demand of tokens on the market, and our product and marketing team works on its promotion.
We believe that if most tokens are locked in the stBFG pool, it will directly influence the rise in the token's value. So far, we only see a positive impact of this type of lock on the token.
Actually, to increase the exchange rate, several steps are essential: regularly adding BFG tokens to Staking, which gives big rewards and keeps the tokens in the pool. The detailed plan to reduce the number of tokens available, explained in the whitepaper; using stBFG lock to keep tokens locked up; and updated BuyBack Burn&Lock methods to decrease the total tokens in circulation. These actions are in our focus.
We took care of this, too. So, the updated tokenomics represents the remaining tokens with the team, it’s the open info. Check it out!
The mechanics are explained in the new whitepaper, by the way. We have ensured the profitability of the platform and its accompanying crypto functionality to support high-level rewards for our users.
All bonuses, including BFG tokens, are covered by the GGR project funds. If there are not enough BFGs in GGR, other cryptocurrencies from GGR are exchanged for BFG.
This is a cold wallet where all the tokens deposited by users and team funds are stored. It’s public info, and everyone can check it out anytime via this link.
Currently, our token requires deflation. However, the project's analytics team will respond timely if our token's strategy requires changes, including the burning process. Users will also be informed about these changes.
They are distributed in several ways: to pay out bonuses, cover events, burn tokens, and allocate to the Treasury. Simply put, Treasury is a specialized public wallet where the BetFury team locks tokens acquired through monthly buybacks from the circulating supply and users’ lost BFG bets. These tokens are locked in the Treasury and periodically distributed as incentives to stBFG/BFG holders and active platform users.
Currently, the team has no plans to create and launch another token.
Yes, we do. Regarding the mechanics of profit distribution, please refer to our Whitepaper where we have attempted to outline all the points.
Funds for BFG Staking come from GGR (gambling and gaming revenue). For crypto staking, additional revenue streams are described in the tokenomics. These mechanisms ensure that there are adequate funds to cover staking rewards.
As you know, the BetFury team is worldwide and always has been. But the majority are based in Europe.
This issue is addressed by reallocating lost bets into the staking pool and by developing additional revenue streams by the team. This ensures the ability to cover a high percentage of rewards for users.
Indeed, BetFury is no longer just a casino. The Staking functionality is created and maintained for cryptocurrencies on our platform. We continuously update and expand features for our users. The mechanics of replenishing the pools are detailed in the whitepaper, ensuring transparency about the sources and sustainability of the revenue needed to support the payouts.
The updated tokenomics and the distribution of team tokens in public wallets aim to improve our CertiK rating. The team has moved its tokens to public addresses, locked 1 billion tokens for 3 years, and continues to work on becoming more trustworthy and transparent. This proactive approach addresses concerns related to centralization by demonstrating a commitment to security and user trust.
Given that the market is emerging from a downturn, we are closely monitoring the quality of new projects appearing in the market and the possibilities for collaboration with them. For us, the quality of collaborations is more important than quantity. It is worth noting that we are already partnered with some of the best projects in the BNB market. This strategic approach ensures that we engage in meaningful and beneficial partnerships, enhancing the utility and value of BFG.
Well, here's a little insider info for you! The BetFury team has been busy developing a new feature all this time called Cryptodrop🤩🤫
After the Drop launch, the product team will focus on developing the roadmap. This will outline the short-term and medium-term objectives for the upcoming period. So yes, the Roadmap will be presented in 2024.
We're now on two of the top DEXs, PancakeSwap and Biswap. Our team is developing the token further and looking to get it on more exchanges. But for now, being on these two top exchanges covers us well in the decentralized market. We’re also working on getting the token onto CEXs, but I can’t share any names yet.
We have always put safety first. Four years of market operation, payouts of bonuses and winnings to users, continuous provision of staking pool liquidity, development of our token, and related updates - all contribute to our credibility. Additionally, we are regulated by the Curacao license, audited by CertiK, and collaborate with several trusted media and influencers regularly. So, this seems like a good start to at least give BetFury features a try, and I'm confident that the trust of our new users will only increase over time.
Yeah, there have been a lot of questions about BFG working on different networks. Just to clear things up, BFG could technically support more networks, but right now, the team isn’t planning to expand to others any time soon.
Certainly! Over the past four years, BetFury has positively impacted many people, including me. I did find a second family! One notable story is when a long-time player won a significant jackpot and used the winnings to fund his daughter's education and start a small family business.
Another good thing is how we help our community. We often sponsor local events and charities, which helps to make our community stronger and supports important local projects. We don’t usually talk about this publicly, but these stories really warm my heart!
Regarding responsible gambling, we take this issue very seriously and have implemented several measures to ensure the safety and well-being of our users.
Additionally, we train our staff to recognize signs of problem gambling and provide them with the tools and protocols necessary to assist affected individuals. We strive to create a safe, enjoyable, and responsible gaming environment for all our patrons, ensuring our platform remains a positive part of their lives.
