Over 1.2% of the token’s supply was destroyed, a co-founder said.
Crypto casino and trading platform Rollbit clocked $38 million in revenues last month, and burned more than 1.2% of the circulating supply of its RLB tokens Monday, in line with long-term plans for a “buy and burn” program.
Token prices jumped as much as 8% before retreating to extend weekly gains to nearly 40%, data shows.
When burned, tokens are permanently removed from supply by being sent to an address that is not controlled by anyone.
“Nearly $38,000,000 was generated across our three revenue streams, resulting in a buy and burn of over $5,000,000 in RLB (1.265% of the circulating supply),” co-founder @Lucky_Rollbit said in an X post.
Such volumes seemingly correspond to just under 20,000 token holders, platform data shows. In the past 24 hours, the platform has clocked $851,000 in casino revenues, $338,000 in futures revenue and $141,000 in sports betting.
Rollbit allows users to trade tokens using 1000x leverage and offers sports betting and arcade games, as well as a tokenized jackpot. Crypto games and similar offerings have drawn users to the product, even in a bear market.
Earlier this year, Rollbit said 30% of all fees generated from crypto futures, 20% from sports betting and 10% from casino games would be used to purchase RLB on the open market and be burned.
Such a move could set perpetual buying pressure on RLB as long as platform usage continues to grow, as CoinDesk previously reported.