FUNToken today announced that they have created a new token, XFUN, to further increase the speed and transparency in iGaming while significantly decreasing the cost of transactions.
XFUN is a new layer two token on Polygon, benefitting from the significantly increased performance and lower latency on this blockchain system. XFUN is minted through a process whereby FUN tokens are escrowed from Ethereum Main-net on a 1:1 basis and removed from trading circulation. The process is reversible, with gas fees for movement back to main net charged to the token-holder. XFUN will not be listed on exchanges and available only through the XFUN Wallet.
FUNToken will release a non-custodial wallet for XFUN that will incorporate a number of key features:
- Ability to hold both FUN and XFUN tokens
- Integration with both Ethereum main-net and Polygon
- XFUN Bridge which lets wallets swap FUN for XFUN and vice versa
- Integrated FIAT to FUN/XFUN opportunities using 3rd party processors
- Gas-free transactions on XFUN where available
- Integrated KYC where required by operators
“We are truly excited to announce the impending launch of XFUN,” Adriaan Brink, Funtoken CEO, said. “This new layer two token will change the dynamics of FUN and bring us to the next level in our journey.”
“In our efforts to effectively unify a decentralized gaming and NFT economy, FUNTokens just fit,” said Shreyansh Singh, Head of Polygon Studios. “We’re excited about the prospects of this partnership.”
