FUNToken CEO moots defi pivot

FUNToken CEO David Dobrovitsky speaks exclusively to Crypto Gambling News about his plans for a defi pivot.

FUNToken is in the process of moving into the defi space, with staking, a DAO, it own blockchain and partnerships with lending protocols all mooted to be on the horizon.

The token’s new CEO David Dobrovitsky told Crypto Gambling News that, while the coin won’t be abandoning its gamblefi roots, a pivot to defi will give it greater utility and greater traction in North America.

“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 explained.

“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.”

Dobrovitsky took the helm of FUNToken on March 1, he is tasked only with running the token, although it 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.

Dobrovitsky said being part of this larger eco-system, alongside the long history that FUN has is what will enable him to drive the growth into the defi space that he has planned.

“I wouldn't say we're leaving anything and I wouldn't say we're denying anything”, he said, emphasising that the token will remain tied to its gaming roots.

“But at the end of the day, we also want to be modern and relevant and have the chance to expand in different markets and 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.”

He said, because of this, expanding into defi would maintain the evolution of the token. “When you objectively look at crypto, most of the great retail traders are on defi. 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”, he explained.

The focus on defi should come as no surprise, as Dobrovitsky already has a rich background in the space. In 2021 he founded a cross-chain defi protocol called Glitter Finance, which aims to create a cross-chain bridging process for non-native crypto users and ultimately a P2P crypto payment platform.

Read our exclusive interview with Dobrovitsky in full.

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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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