Base’s sports prediction app Football.Fun saw its reached $100 million in market cap within just two weeks after its initial launch.
Summary
- Base-supported Football.Fun has reached $100 million in Total Value Locked two weeks after launching.
- The platform lets traders bet on players through fractional share ownership and get rewards based on their players’ performance in the league.
In a recent post, Football.Fun shared that it has surpassed $100 million in Total Value Locked in less than two weeks, courtesy of the 10,738 active wallets that have made use of the sports prediction platform’s features.
First launched on August 11, Football.Fun is a browser-based, web3 football prediction platform deployed on the Base (BASE) blockchain network. It combines real-world football performance with trading mechanics as it lets traders bet on players through fractional shares via a dynamic pricing model.
Football.Fun or FDF has garnered around $1.58 million in platform fees, according to data analytics platform Dune. Its daily revenue broke past $1.5 million on August 24. On the same day, the total trading volume has amounted to more than $25 million just two weeks after its launch.
In comparison, the largest blockchain-based prediction market, Polymarket has a total trading volume of $13.5 billion and around 23,600 daily active users.
Football.Fun’s revenue surged on August 24 following its market cap boom | Source: Dune
You might also like: Can betting pools influence the future of Ethereum? Livestakes is about to find out
How does Football.Fun work?
Through the platform, users are able to bet on players through collecting fractional shares of real-world footballers primarily from Europe’s top five leagues: the Premier League, Bundesliga, La Liga, Serie A and Ligue 1. These shares are traded on a real-time, pool-based marketplace.
The website offers shares for major players in European leagues, including Lamine Yamal from Barcelona, Kylian Mbappé from Real Madrid, and Mohamed Salah from Liverpool. The aforementioned players currently occupy the top three spots on the site in terms of market cap.
At press time, Barcelona’s Lamine Yamal holds the largest market cap of betted shares at $10.5 million.
Shares fluctuate in value based on player performance and market demand, and users earn tournament rewards automatically whenever their players with active contracts appear in real matches. Traders receive rewards in the form of points or the platform’s currency called Gold, which backed 1:1 with USDC (USDC).
In addition, there is also a team-based prize component. Around 19% of the tournament’s total prize pool is allocated to team-based rewards. However, each team must have at least 10 members to qualify for these rewards; with rankings to determine the allocation of rewards.
You might also like: Crypto sponsorships with Premier League reach record high amidst gambling sponsor ban
