FUNToken CEO David Dobrovitsky explains his plans for a defi pivot

Defi entrepreneur David Dobrovitsky is taking FUNToken into the defi space after taking the helm earlier this month.

Defi entrepreneur David Dobrovitsky took the reins at FUNToken on March 1, having been in the web3 space for the past four years and founding cross-chain protocol Glitter finance in 2021.

After a testing bear market, Dobrovitsky was looking for a new challenge and said the longevity and reputation of FUNToken was part of the appeal of the job, describing it as an “OG” token that has the potential to make waves in defi.

“It’s a project that has a very long history, and that is a huge, unique factor in web3, because most projects don't”, he says. “It’s bolstered by a really strong backing in that it's an entire group of companies – one of the very few that has its own revenue, we're not reliant on a treasury.”

FUNToken is part of a wider group of companies, which include bitcoin faucet FreeBitco.in, DPLAY Casino, XFUN Bet, XFUN Arcade, and it also the FUN Wallet and a Seed Fund for dapps.

FUNToken takes on defi

As such it has a good revenue stream with which to build into the defi space, and Dobrovitsky is keen to add staking, a DAO, its own blockchain and partnerships with lending protocols in a bid to achieve a more defi-like ecosystem.

“Staking allows a DAO to vote. It also creates a deflationary effect, and it drives traffic and also promotes the brand, so staking – while I wouldn't consider it to be defi per se –is the beginning of a defi platform”, he explains.

“We can also create our own blockchain. And this is at a very early stage, but we could potentially attract a tonne of projects to either build on us or at the very least, if the token is constantly used in applications and gaming or casino, having our own blockchain would solve issues like the speed at which the token goes, the gas fees, the congestion, all of what has plagued the project before because we're so deeply on Ethereum can be solved very quickly.”

‘Casinos are always going to be there’

While historically FUNToken’s utility was always tied to gambling, Dobrovitsky says “the casinos are always going to be there and at the end of the day, we also want to be modern and relevant and have the chance to expand in different markets”.

“The reality is, as a gamblefi token you will never really truly have an easy time of it in the American market let’s say. Because of this we have to expand. The other thing is when you objectively look at crypto, most of the really great retail traders are on defi,” he adds.

“These are the people that are arbitraging between different decentralised exchanges. They're cross chaining tokens between different blockchains. They're taking out loans, they're cashing out loans. All of these traders make a deep community that really makes the market for you so it's not like a market maker making the market for you but really the community making the market for you.”

Dobrovitsky describes himself as “a builder” in the crypto space, with the experience to leverage the potential of platforms even in a bear market. He admits that Glitter had a rough ride over the past couple of years, but the protocol is still going and Dobrovitsky gives the impression that he is fearless about new challenges.

A quick look at his LinkedIn profile reveals a catalogue of roles, enterprises and even over 20 years as a violinist and composer which led him, via performances at Carnagie Hall, to an “intriguing foray into the realms of business, start-ups, and entrepreneurship”.

The evolution of web3

Dobrovitsky says the bear market created a more pragmatic web3 space, in which what he describes as the “OG” platforms have stood their ground and survived, while the naive newcomers have mostly fallen away. FUNToken is among those longstanding projects, that he believes will stand the test of time.

“The current market only benefits the people who are very good at something in crypto,” he says. “So maybe somebody's a phenomenal day trader. Well, the volatility serves them. Maybe somebody is really great at trading defi, again the volatility serves them because they can figure out where the market trends are going, and they can concentrate their liquidity where it can basically make them money.

“Maybe somebody is a really good builder, like myself. Well, there's protocols that need somebody like me, we know how to build through a bear market. So, if we're talking about who makes money in the space, it's the people who are very good at what their specialisations.”

FUNToken has already started the process of moving towards the goals Dobrovitsky has outlined and he is not expecting it to take long to have the change of direction underway. “I think probably within six months we would have succeeded fairly significantly,” he says.

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Written by Hannah

Hannah is editor of CryptoGamblingNews.com and has almost 15 years experience in journalism, including reporting on law, TV, gambling, crypto and alternative finance. She is particularly interested in the future of money, the transition of gambling from 'vice' industry to mainstream entertainment and the application of blockchain technology to wider society.

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