DoubleUp is a new blockchain-based casino built on the Sui network. It’s mixing online gambling with decentralized finance (DeFi) to create what it calls “GambleFi.” Think of it as a casino that rewards you for more than just winning bets.
GambleFi and Community Rewards
Founded by a Web3 expert and former Mysten Labs developer, DoubleUp aims to bring the thrill of a real casino to the decentralized world. It offers classic games like coin flips, roulette, and slots, plus high-stakes raffles and even a million-dollar lottery. But DoubleUp goes further. It’s designed to be a community-focused platform, rewarding players for more than just winning. This includes:
- Raffles and lotteries: Win big without just relying on game skill.
- Referral programs: Earn rewards by bringing in friends.
- Leaderboards: Compete for top spots and extra prizes.
- DoubleUp Citizen NFTs: Exclusive perks for NFT holders, including recent free spins worth over $100,000.
The $UP Token and Unihouse
DoubleUp recently launched its own token, $UP, with a surprise launch that quickly saw its value increase. The $UP token is used for various things on the platform, including buying lottery tickets, receiving rewards, and boosting earnings in Unihouse.
Unihouse is DoubleUp’s DeFi component. It’s a unique staking system where your returns are linked to the casino’s betting volume and house edge. This means that the more people bet, the more you earn from staking your tokens. It also allows users to stake tokens that don’t usually have staking options elsewhere.
Funding and Future Plans
DoubleUp recently secured $4 million in seed funding from several investors, including Mysten Labs. This funding will fuel further development, including:
- New games: Expect to see sports betting and poker added soon.
- Limited-time events: Big prize pools for special events.
- International expansion: Bringing DoubleUp to a global audience.
DoubleUp operates without KYC (Know Your Customer) requirements, providing open access to everyone. It’s aiming to be a leader in the growing GambleFi space, combining the excitement of gambling with the innovative potential of DeFi.