DGTX Unleashed: Powering the Digitex Decentralized Ecosystem
September 21, 2023
The New Digitex: Creating DGTX Demand and Utility
The Digitex casino isn't your run-of-the-mill online betting platform. Its mission goes beyond profits—it's designed to generate utility and demand for the DGTX token. This might raise eyebrows as the casino itself doesn't hoard DGTX tokens; the entire DGTX supply is already in circulation.
So, what drives the DGTX token's privileged status within Digitex?
Fostering DGTX Demand: How Digitex Does It
Zero Fees on DGTX Winnings: DGTX's primary utility lies in zero-fee betting. This means that when you bet with DGTX tokens, you won't incur any fees on your winnings. This unique offering, combined with Digitex's zero gas fees, creates a gambling environment where players face no inherent disadvantage.
DGTX Buyback and Burn Program: Digitex has devised a mechanism to buy back and burn DGTX tokens using a portion of the fees collected from winnings. This program aims to reduce the circulating supply of DGTX over time, contributing to its deflationary nature.
DGTX Deflationary Tokenomics
The deflationary nature of DGTX is powered by the buyback and burn mechanism. Here's how it works:
- 0.5% of every winning bet denominated in ETH, USDC, USDT, or ARB is set aside for DGTX buybacks.
- These funds are bridged from the Digitex chain to Arbitrum for buying DGTX tokens on Uniswap.
- DGTX tokens are then bridged from Arbitrum to Ethereum before being burned.
- The burning process is a publicly viewable and transparent process, ensuring accountability and trust.
Bridging Your DGTX Tokens to Arbitrum
How It Works
First, if your DGTX tokens are on the Ethereum Layer 1 blockchain, you can bridge them to the Arbitrum Layer 2 blockchain. This transfer typically takes about 10 minutes and incurs a small fee, depending on current Ethereum gas prices. Once your tokens are on Arbitrum, you're ready for swift and economical transfers within the Digitex ecosystem.
DGTX Supply Stats
- Token Standard: ERC-20 on Ethereum
- Total Maximum Supply: 9,200,000,000 DGTX
- Circulating Supply: 9,200,000,000 DGTX
ABOUT THE AUTHOR
HMFIC at Digitex
I'm the lead developer at Digitex, a decentralized casino and Layer 3 blockchain aiming to revolutionize online gambling.
With zero gas fees to place bets, Digitex will open up decentralized gambling to players of all sizes. And if you bet with DGTX tokens, you pay zero fees on your winnings.
And on the subject of betting - don't bet against the guy who just keeps showing up :)