On August 11, the circulating supply of Rollbit’s utility coin RLB was reduced to half. This was a significant moment for the leading crypto casino platform as it initiated a “Buy & Burn” program as a deflationary strategy in January 2022.
Terming the event RLB Halving, the Rollbit team informed that since the beginning of the Buy & Burn, the average burn per hour was 80,762.57 RLB! The RLB’s initial supply was 5 billion tokens, now reduced to 2.5 billion.
RLB Tokenomics
In an update on X, Rollbit co-founder Razer stated, “The RLB halving is here! Just a few days after the 1 year anniversary of ‘Buy & Burn’ introduction, $RLB has hit a huge milestone. 50% of the entire $RLB supply is now burnt forever!”
RLB was introduced as a deflationary, utility-focused token on the Solana network on November 10, 2022. However, Rollbit initiated a shift of RLB from Solana to the Ethereum network in June 2023 and completed it on May 31, 2024.
Alongside RLB tokens, the RLB Lottery was launched in November 2021 and was designed to drive demand for RLBs. Participants were required to buy RLB tokens and stake them on the RLB Lottery to win from the prize pools each round.
“Early members of our community will remember the ‘RLB Lottery’ as the sole deflationary mechanic before the introduction of Buy & Burn!,” the update added.
RLB Price Movement
At the time of writing, RLB was priced at $0.06141, 11.57% up on a 7-day timeframe, 15.88% down on a 1-month, and 66.47% on a 1-year timeframe. With a market cap of $163,790,543, RLB was placed at 239th place on CoinMarketCap.
The RLB’s price has been falling since April 2024 after some social media posts questioned Rollbit’s license status, suggesting it faced license-related issues. Rollbit replied that it was renewing its license with the Curacao Gambling Control Board (GCB). It also clarified that the GCB does not license its crypto futures and NFT business.
Simultaneously with RLB price, Rollbit’s monthly revenue has also seen a sharp fall from its peak of around $65 million in January and March to around $28 million in July 2024.
