BetFury updates tokenomics and deflationary strategy

Token burning will constitute 33.3% of the total token emission and 20% of tokens will be locked in the $BFG staking pool

Crypto gaming and betting platform BetFury recently announced it will be overhauling the mechanics of its ecosystem. The goal of the revamp is for the platform to become more transparent, improve its deflationary strategy, better support the holders of its native $BFG token, and introduce a new buyback mechanism.

The new distribution scheme for team $BFG tokens gives users the opportunity to keep track of token allocation across a range of available channels. The tokens will be located at public addresses making the project even more transparent.

The $BFG distribution has different aspects. In the new model, token burning amounts to 33.3% of the total token emission, thus, already having reduced  the circulating supply by $BFG 1,665,842,606.

The $BFG staking pool includes 20% of tokens, which the BetFury team has locked for the next three years to spur token growth. 7,8% of the $BFG tokens were converted to stBFG, a recently introduced special internal token, which provides users with higher staking rewards than $BFG.

Furthermore, there is a significant supply of $BFG tokens, 25.4%, available for trading on CoinMarketCap. However, the BetFury team will strive to reduce this amiunt in order to improve token value and scarcity.

Another 2.7% of tokens are allocated toward marketing initiatives and 10% of the tokens will be used for community development and social events.

Over the past four years, BetFury has been distributing a portion of its revenue to its users based on the generated Gross Gaming Revenue (GGR) of the platform. Part of the GGR is used for administrative fees and bonuses but the rest of it all goes to the $BFG Staking pool to the benefit of token holders.

Additionally, burning is an integral part of BetFury’s ecosystem strategy. Revenue coming from different streams is used to repurchase $BFG tokens and part of them are burned on a monthly basis. Another portion of the buyback tokens is allocated toward the BFG Lock (Treasury). Those tokens are used for various rewards for stakeholders and active users of the BetFury platform.

The fact that 100% of gaming revenue goes directly to the $BFG staking pool and other revenue streams are used for buyback, makes BetFury an attractive platform poised for future growth.

Moreover, as the BetFury team is about to lock 1bn tokens for the next five years, $BFG token holders may expect that the value of the token will be on the rise.   

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Written by Silvia Pavlof

Silvia has explored various forms of writing, ranging from content creation for social media to crafting movie scripts. Drawing on her experience as a journalist specializing in the gambling sector, she is currently investigating the impact of cryptocurrencies and blockchain on traditional gambling and iGaming.

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