EarnBet.io, a licensed crypto casino, has reported a substantial burn of 232 million EBET tokens, constituting 2.6% of the total supply. The casino announced this update via social media.
This marks the second token burn since the beta launch of the EarnBet NextGen update over a month ago. The platform remains dedicated to enhancing user experience, with ongoing efforts to ready the site for a broader audience.
The positive feedback received from users is acknowledged, with the casino assuring its patrons that more improvements are in the pipeline.
As part of their commitment to the community, EarnBet disclosed details about the ongoing EarnBet BuyBack Program. The program, fueled by 20% of the casino’s revenue, initiates periodic buybacks of EBET tokens from the open market. Specifics about the timing and frequency of these buybacks are yet to be disclosed.
During the beta phase of the new website launch, the BuyBack Program showcased promising results. Notable transactions include the purchase of 10,511,322 EBET with 1.2 ETH, 6,123,542 EBET with 1300 USDT, and 8,022,007 EBET with 1.025 ETH on the specified burn date of October 31.
EarnBet expressed gratitude for the community’s support and encouraged followers to stay tuned for future updates. The casino hinted at an upcoming blog post that promises exciting new features for the site.
At the beginning of October, EarnBet overhauled its tokenomics with the introduction of a buyback program on Uniswap. The shift from traditional dividends to this program aimed to simplify the user experience, eliminate monthly claims, and boost buying pressure.
EarnBet enhanced transparency by realigning revenue sharing, allocating 80% to operational costs and 20% to the Buyback Program.
The bought-back tokens will be used strategically, reducing overall supply, supporting marketing efforts, and fueling growth.
EarnBet also streamlined its presence on the Ethereum blockchain, prompting WAX chain users to migrate their accounts for a seamless transition.
Additionally, the casino introduced the new token ticker “EBET,” offering various perks for staking, and optimizing token distribution for a more stable ecosystem.
Looking forward, the recent website overhaul is just the beginning of EarnBet’s ambitious expansion endeavors. The addition of sports betting, a highly requested feature following the inclusion of slots, is on the horizon.
Furthermore, the platform plans to introduce unprecedented crypto trading games in collaboration with exchange partners.
Remaining committed to its crypto origins, EarnBet will consistently integrate games and features aligned with the latest industry trends.
Looking for your next crypto casino? Check out: Mega Dice or FortuneJack
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