While many companies have included inflationary tactics to cover expenses, projects like FUNToken have done the complete opposite.
The FUNToken team has announced the completion of their first strategic burn of 5m FUN tokens. This comes from the recent success of their first product DPLAY, which launched over one month ago.
Since its inception, DPLAY has had consistent growth registering over 50,000 users. The team states this product has allowed them to burn their tokens and has also generated revenue.
The earned revenue and burn marks the first major success of FUNToken, who took over for FUNFair earlier this year. This additional revenue aids in creating new games, thus increasing utility before the year ends.
The team’s next step is to create a game on Polygon, a Layer 2 protocol for Ethereum. This game would work with FUN tokens by bridging the existing token into a new XFUN token.
Adding this new game means incredible transaction speed and extremely low gas fees – which is perfect for casino games.
Polygon’s newest innovation is not the only thing to look forward to with this token. The FUNToken roadmap shows additional utility with a Cashier API and wallet integrations. This brings hopes of a plug-n-play option for third parties to include FUN tokens in their decentralized applications.
Furthermore, the Tokenomics roadmap also shows a Decentralized Poker application, which brings additional users and holders to the space.
The more utility and users FUNToken can offer will increase the rate in which they burn tokens. The demand for the remaining tokens has increased, which is positive for those holding the FUN token long term.
The current circulating supply for FUN is 10.6bn which means they have a lot of work to do if they want to see an impact and increased demand for FUN.