Overview
BetBitX is a decentralized betting platform built on Berachain. Its mission is to transform the GambleFi industry by combining traditional gambling with decentralized finance (DeFi) components. BetBitX offers a transparent and secure betting experience, leveraging blockchain technology to cater to both crypto-native users and traditional gamblers through commercial integrations. The platform seeks to set a new industry standard by merging traditional and decentralized approaches, while providing value to all stakeholders in the ecosystem.
Products and Features
In-House Games
BetBitX provides a range of games that users can play directly on the platform. These include European Roulette, The Dice Game, and Coin Flip, among others. The platform is designed to give users a fair gaming experience, utilizing verifiable randomness to ensure transparency in outcomes. BetBitX also offers classic casino games and betting features, such as Bet Pool (BLP), where users can provide liquidity and earn rewards from the betting pool.
Tokenomics
BetBitX has a multi-token system at its core. The native token is $BIT, an ERC-20 token that users can trade on decentralized exchanges (DEXes). Additionally, $esBIT is a time-locked, non-tradable version of $BIT that can be staked for protocol emissions and a share of platform revenue. Once vested, $esBIT can either be converted back into $BIT or burned to create $xBIT, which has its own revenue-sharing and governance rights. Users who burn tokens into xBIT benefit from permanent revenue shares, earning from 25% of the platform’s profits.
Governance and Ecosystem
Governance on BetBitX is decentralized, and token holders of $xBIT will have a say in the future direction of the platform. However, specific governance mechanisms are still under development. The platform’s tokenomics are also deeply integrated with its NFT collection, BetBera, which adds another layer of utility within its ecosystem.
Roadmap and Future Development
BetBitX continues to expand its offerings, aiming to introduce more features that integrate DeFi concepts into its gambling platform. The team is actively developing new products and functionalities, with a focus on maintaining a balance between entertainment and financial utility.
