Crypto Whales are Crucial to Blockchain-powered Gambling Apps

News / 01.03.2020

According to a report in recent times, cryptocurrency whales are critical to the survival of gambling apps powered by blockchain.

DappRadar said up to 80 percent of the value flowing via several decentralized gambling apps on the Ethereum, EOS and Tron networks comes from people with high net-worth.

It was revealed that whales exhibit outstanding sensitivity to nascent features on blockchain gambling apps and do not hesitate to leave one for another when the likely returns are altered.

The report noted that without regard to active contact among the whales, there is a likelihood of them acting in unity whenever there are changes in a DApp or consider the best opportunities when a new DApp is launched.

“In that context, successful dapps will typically generate a high percentage of value from its top wallets, hence a decline in this metric is often (but not always) a negative sign.”

When it comes to use for decentralized apps, gambling applications are still the most renowned, with more than 900 new apps developed for gambling and other high-risk apps coming up last year, as in Dapp.com’s report recently.

According to DappRadar’s recommendations, platforms aim towards the attraction and retaining of high net-worth individuals for a greater chance of success in the long run.

“Developers are going to have to spend more time and resources creating higher quality experiences that can attract and retain existing users, especially the whales, who spend the most and hence provide the majority of profits.”

Featured image courtesy of Shutterstock. Source: Cryptopress.

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Born in Bucharest, Marius is the founder of Crypto Adventure. Since his first contact with Bitcoin and cryptocurrencies, he never stopped believing that they are one of the most important innovations of our time, which will forever change the way business is done.