May / June Update
The month of May certainly had its ups and downs for Housebets.io & LunaFi. Housebets recorded GGR (gross gaming revenue) of nearly $100,000 on the Sportsbook, with the USDC pool APY consistently greater than 50%. After plenty of hard work, we have successfully validated that blockchain betting has a market fit.
There were, of course, plenty of dramas. Our platform couldn’t cope with the volume of traffic from the first Airdrop which forced us to take down the site, and we struggled to maintain stability. Storing all the information on chain has been highly challenging alongside building the incredible new features that make Housbets.io a truly unique offering. Many of the issues have been around Polygon and the congestion they have been experiencing on-chain, so many of these issues will be resolved when they scale, but we are working hard to minimise these.
Coupled with this, the LFI staking pool was exploited and drained alongside an error in the vesting contract leading to a USD sell pressure estimated to be around $200,000 (this is significantly higher than what was reported). This has now been rectified but In the current market, alongside the costs of the Airdrop has caused a significant impact on the token price of LFI.
What are the team's next steps?
In the short term, we are fixing the contracts (hopefully finished this week, and successfully audited / the report can be viewed on Twitter) and stabilising Housebets, which will allow us to begin marketing the product again and ensure that the product can be scaled.
João joined our team last month to lead our marketing campaign alongside a new affiliate manager who will start once we achieve stabilisation. We have implemented a deposit bonus that will attract new users, which is crucial for successful affiliate marketing.
It is our commitment that all bonus LFI given out by Housebets.io will be purchased every week by the treasury and burnt. This will be announced on twitter, and bought randomly throughout the week through our market makers so no one can gain an advantage. In addition to this, when we become cash flow positive, we will buy back 50% of the treasury's net profits to also burn.
Our commitment is to our token holders, and as users grow, so will the platform revenue leading to a dramatic improvement in the token price. The market is tough right now, but It will recover, and the crypto gambling space is growing 150% yearly.
Our view is that the project is clearly undervalued and we are committed to making LunaFi & Housebets a tremendous success. Please feel free to contact me on Discord if you have any questions or feedback on our plan or indeed, improving on it!
