Popular Crypto Betting Platform Kineko Announces Migration To Solana

Kineko, a sports betting and prediction markets protocol, is officially migrating to Solana.

High gas fees and slow speed of transactions made the company behind it reconsider its presence on the Ethereum network. At times, users would have to pay hundreds of dollars per bet, which kept a lot of them out.

Neither gas fees or transaction speed is an issue with Solana. Specifically, Solana’s scalable model allows for much cheaper and faster transactions. Thus, the network is more effective for bookmakers and bettors, which is why the company decided to migrate.

Kineko stated that users should expect faster bet settlements and quicker payouts and deposits to their accounts.

Since its launch on the Ethereum network, Kineko has grown substantially. Specifically, the company has reached $41 million in the total volume of trades since its inception. With higher volume, Kineko had to take a look at the sustainability of its use of the Ethereum network.

Kineko functions as a crypto prediction markets protocol. Specifically, it allows users to bet on future events, including sports games. It also has other casino games, such as Poker, Blackjack, slots and Roulette. The project also has its own token, $KKO, which users can use to get discounts on bets.

Experts believe that DeFi has the potential to change the online betting industry. Huge monopolies and ever stricter regulations have made the user take the back seat. DeFi could disrupt that space, by bringing low-cost solutions that put the user first. Furthermore, they allow companies to operate 24/7, wherever and whenever.

Great News For Solana

The migration is great news for SOL because it plays into the narrative of it being the “Ethereum killer”. The move will create more traffic on the Solana network, and directly reduce it on Ethereum.

Currently, the Ethereum network suffers from high gas fees and slow transactions speeds. According to Etherscan gas tracker, gas fees are currently at $83 at Uniswap. In comparison, Solana gas fees are an average of $0.00025. Furthermore, Solana offers a great user experience for developers, which lowers the barrier to entry.

Crypto betting is just one of the DeFi solutions that could benefit SOL. The explosion of NFTs on Solana has boosted the demand for the token, helping it achieve substantial gains in 2021.

Kineko is not the only project launching on Solana. Seeded Network has raised $1.25 million in a token sale to launch a DeFi platform on the network. The project would serve as a startup incubation hub and help investors and startups to borrow, lend and stake incentives. It aims to be a holistic solution for new founders.

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SOL has recently become the third coin to be added to the Bloomberg terminal, after BTC and ETH, signalling that the crypto could be getting mainstream appeal. Furthermore, PayPal is looking into Solana and Polkadot and other DeFi cryptos to scale its payment system. As more service providers migrate to the network, it would put upward pressure on the price of the token.

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