The crypto startup, FARE Protocol, has secured a stunning $6.2 million in a seed round headed by Goat Capital and C Squared Ventures. Not only that, but the FARE Protocol ecosystem and native token launch on Ethereum layer 2 blockchain Arbitrum are expected to make a significant sensation later this year.
What makes FARE Protocol so unique is its use of probability smart contracts. These contracts are triggered by transparent on-chain events based on probability variables, and the first use case for them is randomized minting and burning of the FARE token.
Here’s where things get really interesting: much like in an actual casino, the likelihood of losing or burning a token is actually larger than that of minting or winning. But unlike a traditional casino, where the profits go to a centralized “house,” the collected FARE tokens are distributed throughout the ecosystem.
But FARE Protocol isn’t just attracting attention because of its innovative use of smart contracts. The platform’s launch on Ethereum layer 2 blockchain Arbitrum later this year has already piqued the interest of investors.
In addition to Goat Capital and C Squared Ventures, Republic Crypto, 6th Man Ventures, Spark Digital Capital, Arrington Capital, Quantstamp, Eniac Ventures, DWeb3, and Morningstar Ventures, are among the other investors who participated in the funding round.
With its launch on Ethereum layer 2 blockchain Arbitrum coming up, FARE Protocol is definitely one to watch in the coming months.
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