Stakefair, a decentralized finance (DeFi) company set to disrupt the real-money gambling industry, has launched.
Stakefair allows users to predict the outcome of sports matches and other real-world events to earn money by staking digital currency. Like traditional gaming companies, the outcome of the bet can be either a win or a loss. However, Stakefair’s game-changer is its “no-loss” sports staking offering that encourages individuals to see the platform as a yield generator through their crypto stake.
The “lossless” sports staking model is simple. When a user stakes a unit of a coin on a set of games, Stakefair will invest it in DeFi lending pools so that it can earn interest. If the user’s bet wins, he gets his capital and a certain return on investment (ROI). Otherwise, they only receive their original wagered amount. There is, however, a minimum time frame that the bet must be locked in to generate a return.
Founder and Managing Director of Stakefair, Akinyemi Akindele says Stakefair was just supposed to be a predictions website that allows users to bet on events using digital currency, but it “was sparked by user research respondents’ stories of ruin and regret”, so he “set out to build a financial model to see if ‘no-loss’ sports predictions were feasible.”
Stakefair has been in beta testing as BetDemand since late 2021 and has witnessed impressive consumer acceptance. To date, the platform has attracted over 6,000 users from Africa, Europe and North America, and has seen over $800,000 in user stakes. However, during the testing phase, Stakefair evolved beyond a gaming company.
“We’ve built much more than business-to-consumer (B2C) DeFi gaming products, we’ve also built the DeFi infrastructure that enables other developers to build DeFi apps like ours for use cases. such as lossless staking, cash management, yield aggregation, portfolios and market making.
“Due to the popularity of Stakefair during the beta period, we decided to vertically integrate and create our own DeFi lending and borrowing pool. This way, the lending and borrowing that generates the return that sustains our lossless pools can happen on our platform,” said Akindele.
The news continues after this announcement
Stakefair is now ready for full-scale deployment and has raised $670,000 in pre-seed funding. Investors involved in the cycle include; Adaverse, Nestcoin, Kepple Africa Ventures, Canza Finance, Voltron Capital, Echo VC Chain, Timi Aboyeji, Tomiwa Olaosebikan, Peter Kisadha, Saturn Blockchain Ventures, Thrive Africa Syndicate, Nehikhare Igbinijesu, Oluchi Enebeli and Clement Hugbo.
Funds are channeled into building an ecosystem that allows decentralized and centralized platforms to easily interact; i.e. a DeFi yield generation protocol for users, businesses and governments.