The crypto casino Rollbit has decided to wind down its degen exchange due to “uncertainty and low adoption” a little over a month after its launch on Aug. 17 with pilot tokens like RLB and UNIBOT.
Degen exchange users cannot no longer buy assets on the platform, although token sales and withdrawals remain possible according to the team. The mononymous Razer, Rollbit’s co-founder, noted that futures trading will continue and the company sees volume in this market.
Of course!— Razer (@Razer_Rollbit) September 22, 2023
This update will allow us to spend even more time working on Futures, where we see great adoption and volume.
Rollbit also decommissioned its Rollbot platform primarily focused on the casino’s non-fungible token (NFT) offerings. However, the company’s NFT collections are unaffected by this move.
It’s important to note that these are independent changes that we’re making to better position and safeguard our business. There’s no changes to our core product, Rollbit.com, $RLB, or our NFT collections.Rollbit announcement on X
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Razer announced Rollbit’s degen exchange on Aug. 17 with five pilot tokens including the casino’s own token RLB, OPNX’s OX coin, Telegram bot UNIBOT, and BITCOIN (not to be confused with crypto’s leading token).
“Buying and selling tokens shouldn’t be complicated”, Razer said at the time, adding that Rollbit’s exchange aimed to become “the crypto platform for everything” by banking on an automated market maker system and increasing trending token liquidity.
It’s likely that declining interest in speculative tokens and altcoins resulted in debilitated user activity on Rollbit’s degen exchange. However, it’s unclear what specific regulatory U-turn occurred in a month to prompt a rethink from Rollbit.
The platform which launched in February 2020 is one of the largest crypto casinos in the market at press time. One of Rollbit’s rivals, Stake, suffered a cyber attack reportedly launched by North Korea’s Lazarus.
Lazarus reportedly stole $41 million in digital assets from Stake before bridging the funds to other networks and launching other exploits like the CoinEx hack.
Read more: North Korean hackers actively launder Stake’s $3.6m