Over the past eight years, 1win, an iGaming company with thousands of employees worldwide, has become one of the industry leaders. They are now planning to launch their very own cryptocurrency, 1win Token. This announcement coincides with the company’s aim to integrate their gaming platform more tightly with on-chain activity. The token will be operating on both Solana and BNB Chain, thereby allowing users to have access to two popular blockchain networks that offer different benefits.
The rollout is also accompanied by an airdrop targeting 1win Token TMA users. This Telegram mini-app is centered around a ’tap-to-earn’ game that has attracted millions of players since its launch. Currently, these players, as well as new ones who join, will be able to take advantage of the main access point to the initial token release.
1win, which has operations in Asia, Latin America and Africa, assures that the token will not simply be a speculative asset. Rather, it has been equipped for regular usage across the platform, incorporating casino games, sports betting, lotteries and seasonal offerings.
Alex Filkin, head of crypto at 1win, explained, “The idea is to link the token’s value directly to the platform’s performance… So, when the platform grows bigger, and it generates more revenue, more tokens are bought back and burned.”
The approach is based on two automated mechanisms. Firstly, there is a weekly buyback related to cashback. Every week, 1win will allocate a part of the revenue from both fiat and crypto activities to buy tokens from the market. These tokens will then be given to those users who opt for receiving their cashback in $1WIN. If users prefer to transact directly in the token, the platform will forgo the buyback step and instead utilize the existing allocations.
The second mechanism of daily token burn is about removing 10% of tokens used on the platform from circulation permanently daily. This will cover spending on gameplay, lottery tickets, BattlePass features and similar uses. Eventually, the total supply will be reduced, and the remaining tokens will become more scarce. The total number of tokens is limited to 10 billion, divided between Solana and BNB Chain. This limit is embedded in the smart contracts and can’t be altered.
Buybacks, token burns and cashback distributions will be carried out automatically through audited smart contracts, so anyone who wants to see how the system operates can do it freely. What’s in it for the players? Mainly, more straightforward access to crypto deposit bonuses, faster withdrawals usually settled in less than a minute and a half, as well as exclusive features for token holders.
Editor-in-chief and creator Cole Smith of casinocurrencies.com, has extensive experience with casino payment systems, The site was created to provide an honest and trustworthy resource for online gambling players.