The fear and greed index in the crypto industry has remained in a neutral phase.
Chancer, a new blockchain for the betting market, has raised over $1.2 million.
Cryptocurrencies have been in a tight range since the first week of July as their demand has fizzled. Most coins, including popular names like Bitcoin, Ethereum, and Ripple have consolidated as the fear and greed index has been stuck at the neutral point of 50.
Despite this consolidation, crypto investors are still taking advantage of emerging trends like buying pre-sale tokens. Chancer, a new blockchain aiming to disrupt the sports betting industry, has emerged as one of the top tokens. It has raised over $1.2 million in the past 30 days.
What is Chancer?
The sports betting industry is a major one. For example, DraftKings has a market cap of more than $14 billion while Flutter Entertainment and Entain are valued at 26 billion and 8.93 billion pounds, respectively. Other multi-bilion dollar betting companies are Penn Entertainment, Churchill Downs, and Boyd Gaming among others.
These companies have grown rapidly, thanks to the internet and friendly regulations in most countries. For example, a Supreme Court ruling striked down a federal law that prohibated sports betting. As a result, it is now legal to bet in many states in the United States.
Chancer is aiming to disrupt the industry by using the blockchain technology. Its platform will be loaded with additional features that will make betting easier and more social. For example, any $CHANCER holder will be able to create a market and make money as people place their bets in it. Chancer’s white paper adds:
“These tokens not only grant you the ability to create markets but also provide an opportunity to invest in markets created by other individuals. By holding $CHANCER tokens, you have a direct stake in our platform’s triumph.”
You can buy the Chancer token here.
Chancer will be highly decentralized
Most importantly, Chancer will be highly decentralized. While it will be centralized in the beginning, the developers will later on create a decentralized autonomous organization (DAO) that will govern the network. This DAO will set rules, add integrations, and make key decisions.
Further, Chancer users will be able to share the profits made by the network. This is contrary to what centralized betting companies like DraftKings and Flutter Entertainment, where the managers make all the decisions.
Therefore, there is a likelihood that the Chancer token will do well when the token is listed in exchanges like Binance, Huobi, and OKX. It has already demonstrated that there is demand for the token during the pre-sale period.
Most importantly, this token sale is happening when there is limited demand for cryptocurrencies as evidenced by the fear and greed index, which has remained at the neutral phase of 50.