Decentralized gaming platform DeFi11 sees expansion after $ 3.5 million increase – Bitcoin News press release

Press release

PRESS RELEASE. DeFi11, a decentralized gaming ecosystem, is introducing major changes as part of an expansion fueled by recent funding to both revamp the platform and make it more equitable for users.

June 17, 2021, New Delhi, India – Fantasy sports have grown in popularity tremendously in recent years. The market is expected grow by 7% by 2024. However, a lack of regulation has allowed companies to exploit users. Many fantasy sports and virtual gaming platforms are accused of publishing fake volumes, creating fake winners, and misusing user data. DeFi11 was created to stop these unfair practices and provide a safe platform for users. Powered by blockchain, DeFi11 eliminates centralization and preserves user privacy. In addition, DeFi11 will tokenize gaming assets with non-fungible tokens (NFTs) so that users can access features such as liquidity pools, predictive smart contracts, and staking.

Touted as the world’s first DeFi-powered fully decentralized gaming ecosystem, DeFi11 is introducing changes to better gamify its platform. The DeFi11 team recently announced a collaboration with Polygon (formerly Matic) to integrate its Layer 2 solution with a new protocol. The new protocol based on smart contracts aims to improve the scalability and security of the platform. Key benefits that smart contracts would provide include data abuse checks and financial fraud prevention. The creation of dummy winners – a common fraudulent practice in fantasy games – can also be restricted by smart contracts.

NFT and decentralization

Always on during NFT gaming Main feature of DeFi11, it has now decided to fully integrate NFTs into its gaming ecosystem. With the tokenization of gaming assets, NFTs can be collected and traded within the game for the first time. The introduction of NFTs will also help create a live 3D in-game experience.

In addition, DeFi11 is developing a revolutionary P2P interaction feature that will pioneer the prediction market. The P2P interaction function is provided in phases and functions completely automatically without the need for third-party intervention. To further decentralize the gaming ecosystem, DeFi11 is trying to open all of the platform’s code as open source.

Recent developments

To the DeFi11, the last few months have been very eventful. The company was that Silver sponsor of the 6th Global DeFi Congress, which took place in Dubai in February this year. In May, DeFi11 announced Hand in hand with TDeFi, a prominent name in the NFT and DeFi world who has helped many startups over the years. With this collaboration, DeFi11 would like to further expand its NFT area. DeFi11 too announced Partnership with Biconomy, a multi-chain transaction infrastructure, to solve the problem of microtransactions within the game. After all, DeFi 11’s most recent round of funding raised just $ 3.5 million, resources it will use to support the advancement of its unique gaming platform.

Upcoming announcements

In fact, DeFi11 will make a number of important announcements and introduce several new features over the next few months. This includes a second round of fundraising, followed by a campaign to promote the upcoming IDO. A complete overhaul of the company website with further details and functions is also in progress. DeFi11 also announced the successful launch of its beta app on June 1st.

As the timeline progresses, DeFi 11 plans to roll out post-IDO staking, a referral and bounty hunting program, and announce several partnerships, all of which aim to grow the platform’s user base. All precede the announcement of the platform’s very first IDO, the details of which will be revealed later this year.

About DeFi11

DeFi11 is a decentralized gaming ecosystem primarily focused on fantasy sports and NFT gaming. It is powered by DeFi, or Decentralized Finance, an umbrella of financial applications that use blockchain. As the first crypto-fantasy gaming ecosystem of its kind, DeFi11 strives to solve the problems of transparency, accountability, and security that often plague the world of fantasy sports.

DeFi11 offers its users complete transparency and anonymity. It believes in a complete decentralization of the platform – including P2P transactions without any house involvement. Through random winners and community governance, the platform seeks to remove bias and fraud.

Further information on the DeFi11 can be found on their website.

Follow DeFi11 on Twitter.

Stay up to date on DeFi11’s Blog.

Join the discussion on the Telegram from DeFi11 Community (also available for Korea, Indonesia and Vietnam).

Read the DeFi11 whitepaper Here.

DEFI11 is the source of this content. This press release is for informational purposes only. The information does not constitute investment advice or an investment offer.

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