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Rollbit Coin

Rollbit Coin (RLB) was launched as a part of the Rollbit Lottery, a feature provided by Rollbit, a casino. RLB is the deflationary utility token of the Rollbit ecosystem that can be used to unlock exclusive features and bonuses. [1][2]

Overview

Rollbit Coin was introduced as the reward for the Rollbit Lottery, where RLB stakers are able to enter into a lottery that takes place every 100 blocks. In contrast to standard , RLB was entirely distributed via , following the practice of using airdrops to promote growth, engage the community, and reward early participants. Initially on , RLB migrated to in June 2023, due to performance limitations, aiming to elevate user experience and uphold a rewarding approach. RLB's trajectory has encompassed various stages since inception, including a notable shift in 2023 called the 'Buy & Burn' event, refining the token's deflation mechanism. [3][4][5]

Utility

Increased Rakeback

Rollbit is known for its casino rewards program. By enhancing this approach, RLB holders can increase their rakeback while engaging in casino activities. Rakeback constitutes a percentage of the house edge that users receive with each bet. By holding as little as $100 worth of RLB, players can escalate their rakeback by up to 10%, totaling a potential 15% rakeback. [6]

Reduced Trading Fees

With over $100 billion in total trading volume, Rollbit's crypto trading offers up to 1,000x , optional fee structures, instant trade execution, zero , and social features. Holding RLB tokens presents traders with exclusive fee reductions. The extent of the reduction depends on RLB holdings and the chosen fee structure. [7]

RLB Lottery

The RLB Lottery integrates RLB tokens as entry tickets for cash prize lotteries. Prize pools stem from a fraction of Rollbit's casino earnings. A minimum of 10 RLB qualifies for entry, with more RLB wagered increasing winning prospects. Lottery rounds, synchronized with block times, exhibit two draws: one for the lottery and one for the jackpot. Winners receive prizes in USD, with a maximum of one prize per round and specific distribution ratios. [8]

Prize Distribution

Prizes are distributed to winners as follows:

  • 1st: 20% of the lottery prize pool
  • 2nd: 15% of the lottery prize pool
  • 3rd: 10% of the lottery prize pool
  • 4th: 8% of the lottery prize pool
  • 6th: 6% of the lottery prize pool
  • 7th: 5% of the lottery prize pool
  • 8th: 4% of the lottery prize pool
  • 9th: 3% of the lottery prize pool
  • 10th: 2% of the lottery prize pool
  • 11th to 100th: 0.333% to 0.111% (in increments of 0.00247%) of the lottery prize pool.[9]

Providing Liquidity

As a for RLB trading on Rollbit, users contribute equally balanced RLB and USD pools. Active pools accrue passive income from accumulated trading fees. Users can maintain up to three active pools, each requiring a minimum combined pool size of $1,000. [10]

History

On November 10, 2021, Rollbit initiated its first RLB , featuring various bonus mechanisms for both existing and new Rollbit users. These mechanisms included retroactive airdrops for crypto and deposits, as well as bonuses for new deposits and wagers. [11]

On November 25, 2021, Rollbit launched the RLB Lottery, providing RLB holders with the opportunity to stake RLB for a chance to win a share of the casino profits. This update also marked the second RLB airdrop, rewarding users for claiming casino rewards. [11]

On November 27, 2021, RLB deposits and withdrawals were enabled, allowing users to move RLB to and from external addresses. However, initial listings on saw low trading volumes. [11]

On December 1, 2021, the first RLB Lottery round concluded with substantial prizes, including a rollover of the $395,000 Jackpot. This marked the beginning of the third RLB airdrop, distributing rewards based on Rollbot eye traits. [11]

Starting from December 1, 2021, the RLB Lottery Jackpot exceeded $500,000, a testament to Rollbit's early revenue numbers and commitment to rewarding its holders. [11]

On December 7, 2021, Rollbit introduced changes to the RLB Lottery prize distribution, making it more proportionate by splitting casino profits into periodic and Jackpot prize pools. [11]

On December 24, 2021, Rollbit launched the NFT VIP Pass initiative, aiming to raise platform awareness by airdropping passes to notable addresses. The passes included substantial RLB bonuses. [11]

On December 24, 2021, staked Rollbot holders began claiming RLB as part of the RLB Lottery, further incentivizing participation. [11]

On December 25, 2021, Rollbit surprised users with a Christmas airdrop, distributing over $700,000 and 70,000,000 RLB to those who had made deposits in the previous three months. [11]

On December 29, 2021, Rollbit introduced RLB Lottery Multipliers, allowing participants to increase their RLB wagers based on specific criteria, boosting RLB staking and burning. [11]

On January 5, 2022, Rollbit unveiled RLB Lottery Teams, enabling users to create teams and pool their wagered RLB for enhanced chances of winning. This addition increased the RLB being burned each round. [11]

Starting from January 5, 2022, the RLB Lottery Jackpot exceeded $1,000,000 for the first time, underlining its appeal to participants. [11]

On January 26, 2022, Rollbit conducted its first RLB Burn Event on Solana, reducing the RLB supply substantially. [11]

On February 2, 2022, Rollbit initiated an RLB Airdrop to active Solana addresses, aiming to raise awareness of the Rollbit platform. [11]

On February 21, 2022, Rollbit introduced an 'RLB Booby Prize' for NFT Lootboxes, enhancing user engagement and increasing RLB circulation. [11]

On March 16, 2022, Rollbit auctioned a Special Sports Rollbot, with a portion of the proceeds going towards the Ukraine war effort. [11]

On March 24, 2022, RLB was tracked on , improving its visibility and discoverability. [11]

Starting from March 31, 2022, Sports Rollbots holders could reveal their NFTs, earning RLB based on the background trait. [11]

On April 11, 2022, a player won a substantial $154,243.29 from the RLB Lottery, marking a significant win. [11]

On May 17, 2022, Rollbit conducted its second RLB Burn Event on , further reducing the RLB supply. [11]

Starting from January 17, 2023, the third RLB Burn Event on Solana continued the deflationary model. [11]

On May 17, 2023, Rollbit enabled direct trading of RLB on its platform, simplifying the acquisition of RLB for users. [11]

On May 19, 2023, Rollbit introduced RLB Liquidity Pools to support RLB trading, allowing users to earn passive income through trading fees. [11]

On June 25, 2023, Rollbit conducted its fourth RLB Burn Event on Solana, further decreasing the RLB supply. [11]

On June 28, 2023, RLB migrated to the to facilitate its growth. [11][12]
wiki
On July 8, 2023, Rollbit implemented reduced trading fees with RLB, offering traders up to a 60% discount and enhancing its competitiveness. [11]

On July 21, 2023, Rollbit increased rakeback for casino players holding RLB, providing up to 10% additional rakeback based on RLB holdings. [11]

On August 4, 2023, RLB was listed on , a major centralized exchange, increasing its accessibility. [11]

On August 8, 2023, Rollbit transitioned to a Buy & Burn model, replacing the existing RLB Lottery and adjusting prize pool contributions. [11]

Also on August 8, 2023, the RLB Lottery became free-to-play, with a smaller portion of casino revenue allocated to prize pools. [11]

Airdrops

First RLB Airdrop

On November 10th, 2021, RLB's first featured multiple bonus mechanisms. Users who deposited into Rollbit received a retroactive airdrop of 1,000 RLB, while those depositing received 100 RLB retroactively. New deposits of both cryptocurrencies and NFTs to Rollbit garnered 100 RLB each. Additionally, users wagering on X-Crash, a betting game where players wager on a certain multiplier for earnings, with Rollbot linked received 1 RLB bonus for every $1 wagered, and those without Rollbot linked received 0.1 RLB per $1 wagered. The above bonuses are no longer active. [13][14]

On November 27th, 2021, the round was completed with total prizes amounting to $23,730 paid out to the winners. The $395,000 Jackpot remained unclaimed and rolled over to the next round, resulting in a combined prize pool exceeding $400,000. [13]

Second Airdrop

On November 25th, 2021, with the launch of the RLB Lottery, RLB holders had the opportunity to stake their tokens for a chance to share in Rollbit's casino profits. The second RLB airdrop rewarded Rollbit's casino users based on their claims for rewards such as Rollback, Rakeback, and Cashback (which are no longer active). This update marked the end of RLB bonuses tied to wagering on X-Crash. The reward mechanisms included earning 1 RLB for every $1 claimed in Rakeback, 2 RLB for each $1 claimed in Cashback, 3 RLB for every $1 claimed in Rollback, and 5 RLB for every $1 claimed in Level Up. [13]

Third Airdrop

On December 1st, 2021, their third airdrop rewarded staked holders of their NFT collection that acts as a VIP membership called, Rollbots, based on their Rollbot's eye trait. The distribution spanned December 2021, totaling 3,856,750,000 RLB distributed to Rollbot holders during that month. [13][15]

RLB Airdrop to Solana Addresses

On February 2nd, 2022, Rollbit conducted airdrops of RLB to active addresses to raise awareness of its platform. These initial airdrops were relatively small, starting as low as 77.7 RLB. [13][16]

Airdrop via Ukranium Sportsbot

On March 16th, 2022, Rollbit organized an auction featuring a special Sports Rollbot named 'Ukranium' to support the Ukraine war effort. The auction's winner received a 10,000,000 RLB prize, which was part of the auction package. The auction was a success, concluding with a final selling price of 96 WETH, and the donation was rounded up to 100 ETH, sent to the Ukraine donation address. [13]

Crypto Influencers' Involvement with RLB

Gainzy

On September 18th, 2023, crypto influencer Gainzy decided to switch sponsorships, leaving Rollbit for Stake.com. Gainzy's move aligned him with renowned rapper Drake, who backs Stake.com and shares his gambling exploits with his massive Instagram following. Notably, Gainzy's announcement of his sponsorship change had a tangible impact on the price of RLB, leading to a 5.3% decline in Rollbit Coin's value.[17][18]

Grizzly

Grizzly, a prominent figure in the crypto community, examined Gainzy's journey, with a specific focus on his transition from Rollbit to Stake.com. In a thread on X (formerly known as Twitter), he pointed out that Gainzy had claimed to purchase $400,000 in RLB. However, a review of Gainzy's wallet history revealed that he sold this amount over a two-week period. Grizzly hinted that this could have been all part of Gainzy's way of promoting RLB, shedding light on the influence of influencer sponsorships in the crypto market and their broader implications. [19]

“Why is Gainzy shilling a token that he is actively dumping, through a mixer and to a new address (and not the original address). Surely must be for “liquidity” purposes." - Grizzly

Lucky

The owner of Rollbit Coin, "," garnered attention in the crypto community when he announced a new bonus structure for existing partners. He suggested that influencers promoting RLB could stand to earn $250,000 in tokens should the price of RLB reach $0.20 and sustain that value for a week. The prerequisite for this offer was regular organic tweets in support of RLB. [19]

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Rollbit Coin

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Edited On

September 28, 2023

Reason for edit:

added founder & date founded

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