BetSwirl, a blockchain-based gambling platform, has just unveiled its latest creation, $BETS v2. This new cross-chain token marks a significant milestone for the company, as it is minted on the Ethereum mainnet.
What sets $BETS v2 apart is its utilization of the cutting-edge Chainlink CCIP protocol for bridging, making it one of the first tokens to do so.
The decision to migrate to $BETS v2 was driven by the desire to tackle the Multichain's bridge issue head-on. By doing so, BetSwirl aims to facilitate seamless cross-chain transfers, ensuring a smooth and efficient user experience.
Furthermore, this migration also addresses the challenge of fragmented liquidity by moving 100% of the platform's POL (Proof of Liquidity) to Ethereum, fostering a stronger and more unified financial ecosystem.
To ensure a seamless transition, BetSwirl will mint the same maximum supply of 7,777,777,777 $BETS for its v2 token. Following the migration of liquidity to Ethereum, a snapshot of current $BETS v1 holders will be taken, paving the way for an airdrop of the new v2 token on all corresponding chains.
As the date for this occasion approaches, the end of July is slated for the v1 liquidity migration, snapshot of v1 holders, and the awaited airdrop of $BETS v2. On August 1, $BETS v2 staking pools will be launched.
While the focus is on the new $BETS v2, the company has not forgotten its loyal community of v1 token holders. Rewards for the current staking pools remain active, encouraging users to continue their support.
The airdrop of $BETS v2 will be conducted at a 1:1 ratio, wherever v1 tokens are held or staked, ensuring a smooth transition for existing investors.
Beyond being a mere migration, $BETS v2 marks an expansion of BetSwirl's presence within the Ethereum Network. This strategic move is expected to attract more users and generate increased revenue for those staking the new token.
The company invites enthusiasts to join them on this journey of decentralized gambling, promising an exciting and prosperous future for all involved.
BetSwirl launched on the Polygon blockchain in March 2022, aiming to embrace true decentralization and DeFi principles. Back then the platform offered two games, Dice, and Coin Toss, which could be played using the native token $BETS, along with Polygon's MATIC or USDC.