Fareplay
Fareplay is an on-chain, decentralized casino where each game is its own smart contract. There is no house, no treasury and no custody of assets.
But How?
On Fareplay, users wager with FARE tokens.
When a user wins, their FARE winnings are minted 🍀
When a user loses, their FARE wager is burned 🔥
And Fareplay games — like all casino games — are designed so that players lose more than they win.
BURN (lose) > MINT (win) = DEFLATION
$FARE Token
Because FARE can be both minted and burned, it is what’s known as an elastic supply token. This means the total supply of FARE can go up or down across any given time frame.
But remember, the odds of burning (losing) are higher than the odds of minting (winning).
This is much like the negative expected value players experience at a traditional casino. Because the odds of casino games are designed so that there is a higher chance of losing than winning, casinos are statistically profitable over the long run, termed the “house edge”:
% chance to lose > % chance to win
The difference is that in a casino, gamblers acquire chips and forfeit them to a central house treasury:
player $ losses - player $ winnings = net casino $ earnings
In Fareplay, gamblers acquire FARE tokens and burn them from a decentralized token network:
player FARE losses - player FARE winnings = net FARE burn
The impact is that while the FARE supply is fundamentally elastic in the short run, it is programmatically deflationary in the long run.
What’s Next?
Fareplay games and the FARE token are currently live on the Arbitrum testnet. You can play games on the testnet at fareplay.io. We appreciate your engagement with the testnet and are actively tracking everyone’s activity.
Arbitrum mainnet later this year probably.
