Stakefair, a Decentralized Finance startup aiming to shake up the Real Money Gaming market, has just begun its operations.
It is a platform that enables users to stake digital currency and earn money by making predictions about the outcomes of sporting matches and events in the real world.
The result of the bet, similar to those of traditional gambling establishments, can either result in a loss or a gain. However, the providing of ‘no-loss’ sports betting by Stakefair is a game-changer for the company, as it encourages consumers to view the platform as a yield producer through their cryptocurrency stake.
The “no-loss” paradigm of sports wagering is easy to understand. When a user wagers one portion of a coin on a collection of games, Stakefair will invest that portion of the coin in a DeFi lending pool so that it might earn interest.
If the user’s position is successful, they will receive their initial investment along with a return on investment (ROI). In that case, they won’t just receive the first bet amount.
However, the bet must be held for at least the required period to receive a return on the investment.
According to Akinyemi Akindele, the CEO and founder of Stakefair, the website was initially designed to function just as a prediction platform that enables users to place wagers on occurrences using various forms of virtual money.
Despite this, he “was motivated by the stories of disasters and remorse of the respondents of the user study.” As a result, he “went out to construct a financial system l to explore if no-loss sports forecasts were attainable.”
Since the end of 2021, The firm has been participating in beta testing under the name BetDemand, and it has seen incredible user acceptance.
To this day, the website has seen more than 800,000 dollars’ worth of user stakes and has attracted over six thousand users from all over the world, including those in North America, Europe and Africa, Europe.Nevertheless, Stakefair evolved into more than just a gaming firm during testing.
We have developed more than merely business-to-consumer Decentralized Finance gaming products; we have also developed the Decentralized Finance infrastructure that helps other developers develop Decentralized Finance apps similar to ours for use as treasury management, no loss staking, market-making, yield aggregation and wallets.
Because Stakefair was so well received during its beta phase,they have concluded that it would be beneficial for them to integrate and create their DeFi borrowing and lending pool vertically. Because of this, Akindele explained that the borrowing and lending necessary to produce the interest aids our no-loss pools on the platform.
State fair has successfully acquired USD 670 in a pre-seed round of funding and is now prepared for a full-scale roll-out.
Some of the Investors who took part in the round include Kepple Africa Venture, Echo VC chain,Peter Kisadha, Saturn Blockchain Ventures, Adverse, Canza Finance, Clement Hugo,Nestcoin,Oluchi Enebel, Peter Kisadha, Timi Aboyeji, Thrive Africa SyndicateTomiwa Olaosebikan,Voltron Capital, Nehikhare Igbinijesu and Echo VC chain
The funding will be directed toward developing an ecosystem that will make it simple for centralized and decentralized platforms to interact with one another. More specifically, these funds are being used to create a DeFi yield generation protocol that businesses, governments and users can utilize.