$CHIPS is ready to launch! 🚀
Breaking the silence is never easy, and while we have been quiet regarding the platform’s token, we’ve been more than active with our player base.
From the period of June 2021 until today, the Chipstars platforms have grown from simply providing poker games to also include casino, live casino, sportsbook, and e-sports betting sub-platforms. We also enabled a variety of different crypto payment options for players, including ERC20, BEP20, and TRC20 options, as well as other layer-one solutions.
Let’s have a look at the stats from this three month period:
Poker Platform
- Organized 754 poker tournaments
- Acquired 910 new users for a total of over 11k users
- Secured 182 deposits
- Onboarded 276 affiliates
- 359,158 games played
- Profits at the time of publishing: -$17.5k
Casino Platform
- Launched 15/09/2021
- Onboarded 43 game providers and 2,510 unique casino games
- Generated $120,250 in revenue
- Profits at the time of publishing: $5,951
- 163 players played casino games
Sportsbook Platform
- Launched 20/09/2021
- Platform processed 47 bets
- Generated $1,897 in revenue
- Profits at the time of publishing: $785
Will there be another TGE delay?
Many of you are expecting a delay to happen again, and we were thinking about it. However, after all of the promises of delivering the token in September 2021, we really can’t delay it any longer.
That is not to say that this launch will be without its own unique challenges. Chipstars is quite revolutionary from a business standpoint as it provides holders and LP providers with an opportunity to share in the platform’s revenue.
Ideally, the token would be launched at a moment when the poker, casino, slots, and sportsbook games on our platform actually turn a decent enough profit to remain a great investment for our token holders.
We have more than enough funds to cover all of the expenses of our platform including employees, tournaments, marketing, and development costs for the next 9 months.
The Chipstars IDO is canceled
Instead, we are going to directly go through the TGE process, add liquidity to Pancakeswap, and distribute appropriate amounts to all presale, private, and strategic investors.
The reasoning behind canceling the IDO is very simple: public investors want a quick and easy flip in IDOs, and while the potential for marketing is great, at the same time crypto investors are not the target group that Chipstars needs in order to succeed.
Strategic, private, and presale investors have demonstrated an enormous amount of patience and support over these past few months, even if we have been quiet regarding $CHIPS. We feel that they will continue to support us during the initial phases and growing pains and creating an IDO in these current conditions is only going to be detrimental to the investor base.
Tokenomics Update
The tokenomics of the $CHIPS token will be adjusted to increase its flexibility and provide us with opportunities to experiment and further explore blockchain technology, potentially helping develop creative use cases for the token.
We are going to increase the total amount of $CHIPS tokens to 95,000,000, which is a 100x increase from the previous token supply. The tokens originally planned for the IDO will not be minted and we are keeping the rest of the original vesting and token distribution schedule intact.
For any questions regarding TGE and tokenomics change, feel free to reach out to us on Telegram or through our contact form.
$CHIPS Revenue and Staking
At launch, the only use case will be the ability to share in platform revenue, which as we explored above, is non-existent at the moment. To accomplish this promise, we are working closely with ethbox to create and set up a staking system that will reward holders and LP providers with increasing levels of revenue depending on specific rules, which we will publish in the next couple of weeks.
The target date for establishing a staking platform is November 1st, with rewards rolling out from November 5th. Rewards will be added to the staking platforms regularly, once a month, with the exception of months during which the entire Chipstars platform is operating at a loss.
To provide information to investors, we will be working to establish an API connection that provides real-time data to the ethbox smart contract staking system. This system will also help us to connect unique wallets to unique email addresses. This will be an opt-in feature for investors holding 100k Chips or providing an equal amount of liquidity to the CHIPS/BUSD token pair on Pancakeswap.
All vested tokens, including team tokens, LP pool, and marketing/community reward wallets will be blacklisted from receiving rewards from the staking system, making sure that rewards are always provided to tokens in the circulating supply.
It’s important to note that having less than 100k CHIPS does not disqualify an investor from receiving rewards, but limits their ability to receive the monthly performance reports which will provide valuable information about Chipstars’ success or failures in any given month.
Staking Rewards
More on this will come in a future article specific to staking, however, for now, the formula and methodology for procuring the rewards will be based on a metric called GGR (Gross Gaming Revenue).
GGR is a formula used to measure profitability by casinos and gambling institutions, which is the exact same measurement that we use to track the progress of players brought on board by affiliates.
GGR = Amount Wagered — Winning Payouts
However, to distribute rewards to CHIPS holders and LP providers, this formula will be slightly adjusted to what we call CGGR (i.e. Chipstars GGR).
CGGR = Amount Wagered — Winning Payouts — Affiliate Costs
The staking pool will be charged once a month with a dynamic amount of $CHIPS tokens based on the casino’s performance for a total of 20% of CGGR.
For example:
The casino has a GGR of $100k.
Affiliate costs for the months are $20k.
Therefore the CGGR is $80k.
Staking rewards are equal to $80k * 0.20 = $16k
A total of 20% or $16k in this example will be used to buy the $CHIPS token from Pancakeswap in a single transaction between the 1st and 5th of each month. The amount of $CHIPS received will be provided in full to the staking system, which will then distribute according to the rules which will be present in an upcoming article.
What does this mean for the future of Chipstars?
Launching a token is not an easy task, but it’s long overdue. We’ve been hard at work engaging the poker and casino community, but we haven’t forgotten about the people that helped us get here, even if there is a long road ahead.
We know that we haven’t been the best at communicating what’s next on the horizon in regards to crypto and blockchain, but we continue to make steady moves to incorporate more technology.
The future of Chipstars is bright, with a possible metaverse casino, NFTs to customize your poker games, and more — but let’s take things one at a time.
The recipe for success
Chipstars is hard at work to raise awareness about the platform and
Reach out to us!
We are more than happy to receive your feedback and would love to hear your thoughts about the overall plan and strategy we’ve chosen to adopt. If you want to join us for a discussion, feel free to reach out to us on Telegram or through our contact form.
If you just want to see how your investment is shaping up, you can always visit chipstars.bet and check on our progress.
Looking forward to great cooperation for many years to come!
About Chipstars
Chipstars is an online poker platform leveraging blockchain technology to revolutionize casino gaming by introducing new revenue streams to users. By creating a unique and innovative platform, fair gameplay model, and incentive-based system, we make the experience fun while putting opportunities in the palm of your hands.
Players have access to all of the very best poker games, including cash games, tournaments, sit & go’s, spins, and more.
$CHIPS serves as our governance token, helping facilitate and manage the overall Chipstars ecosystem. It serves as the gatekeeper for entering into tournaments, accessing rakes, renting your own table, and earning passive income for being a liquidity provider.
To learn more about our project, follow us on our website and social media channels. We welcome everybody interested in exploring their luck to join us on our platform!
