Rollbit completes $RLB migration

The decision to migrate $RLB to Ethereum was made due to increased user demand

Rollbit, the online crypto gaming platform, has successfully completed its migration phase from Solana to the Ethereum network. The company announced that approximately 71,746,581.83 $RLB tokens, valued at a significant amount, have been burned as part of this transition.

The migration, which began around 10 months ago, aimed to facilitate growth for both Rollbit and its native token $RLB. Since then, the platform has experienced substantial expansion, attracting a larger community of users and investors.

Last year, the choice to transfer $RLB to Ethereum arose following increased user demand. Users felt that $RLB's growth potential was restricted by its presence solely on Solana.

$RLB's progress has been marked by steady expansion since its establishment in November 2021. Originally introduced as a reward system for users, it has transformed into a highly desired cryptocurrency. The shift to Ethereum is viewed as a vital measure to expand $RLB's possibilities even further.

With the completion of the migration phase, any remaining SOL $RLB tokens that were not accounted for have been burnt on the Ethereum network. This move is seen as a significant milestone for $RLB, aligning with the company's commitment to transparency and providing clarity on its token supply distribution.

In response to persistent misinformation campaigns, Rollbit clarified several key points about $RLB. They stated that a portion of their revenues, specifically 10% from Casino, 20% from Sportsbook, and 30% from Futures, are regularly burnt. The company also highlighted its Buy & Burn program, which operates on-chain and verifies the burning of $RLB tokens every hour through Uniswap transactions.

Furthermore, Rollbit revealed that a substantial portion of the initial $RLB token supply was distributed through airdrops to Rollbot holders, with a significant percentage already burnt. Despite considerable interest from venture capitalists and over-the-counter buyers, Rollbit emphasized that they have not sold any $RLB tokens through these channels.

Since the introduction of the Buy & Burn program 10 months ago, Rollbit has reported an expected revenue of $480m. While the platform's revenue cannot be directly verified due to its centralized nature, Rollbit assured stakeholders that on-chain transaction metrics can be compared with industry standards to validate the company's financial performance.

Rollbit expressed gratitude for the continued support from its community and pledged to continue providing value to its token holders while enhancing the gaming experience for its players.

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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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