Insanity Bets is a decentralized casino gaming platform that has garnered significant attention in the crypto market. The project offers a unique proposition by allowing users to act as the house, earning yields from fees generated on the platform. The ecosystem revolves around the IBET token, which users can stake or burn to receive rewards. Additionally, users have the option to mint ILP tokens for alternative means of earning. By merging DeFi principles with CasinoFi utility, Insanity Bets aims to disrupt the traditional casino industry, which has an annual revenue of approximately $231 billion.
The IBET token serves as the cornerstone of the Insanity Bets ecosystem, offering a wide array of functionalities. Users can stake or burn the token to earn rewards from trading fees, ILP fees, and game-winner fees. A significant portion of the fees generated on the platform is allocated to stakers and those who burn the IBET token. The ILP token allows users to participate in the house by minting ILP with USDT, with 90% of all wins and losses from players’ bets accruing to them. The comprehensive ecosystem comprises IBET, staked IBET (sIBET), escrowed IBET (esIBET), and burned IBET (bIBET), along with the ILP token.
Insanity Bets sets itself apart by allowing developers to easily integrate their games into the platform, offering a diverse range of options from classic slots to interactive games like Plinko. The project leverages Chainlink’s VRF NRG to ensure fair and engaging gameplay. There are five different staking tiers available, each with a detailed list of benefits based on the tier level. The IBET token is currently in a presale phase, priced at $0.001, with plans to increase the price in subsequent stages before listing at $0.018.
With a total of 5 billion IBET tokens, the project allocates 50% for the presale, 30% for the team, and 10% held in escrow. Additionally, 5% each is designated for exchange listings and airdrops. Insanity Bets has undergone audits by SolidProof and CyberScope to ensure transparency and security. The project aims to revolutionize the casino industry within the crypto sphere, offering participants significant benefits through the utility of the IBET token. Users are encouraged to engage with the project through its social media platforms to stay updated and involved.
