Popular crypto gaming and betting platform Rollbit has successfully concluded its migration phase from Solana to Ethereum. The platform announced that 71,746,581.83 unaccounted RLB tokens on Solana were burned on Ethereum after the transition.
“Today marks the day where our SOL RLB migration phase has officially closed and any SOL RLB unaccounted for has been burnt on Ethereum. This is an important milestone for RLB, furthering our goal of increased transparency and allowing new holders and potential listing partners to better understand the RLB supply distribution,” Rollbit co-founder Lucky stated in a post on X.
With RLB tokens on the Solana network burned, 2.33 billion or about 47% of the initial 5 billion RLB supply, has been destroyed. According to the Rollbit co-founder, $480 million in expected revenue has been generated since Rollbit introduced the Buy & Burn program 10 months ago.
Transition Started 10 Months Ago
The migration of RLB tokens from the Solana network to the Ethereum network began about 10 months ago, with another co-founder, Razer, elaborating the whole plan in a statement on Rollbit Blog on June 28, 2023.
“Migrating RLB to Ethereum has long been the most requested upgrade we make to RLB. We felt that being on Solana restricted RLB’s growth and therefore are happy to announce that we’re migrating RLB to the Ethereum network!,” Razer stated.
The entire 5 billion RLB tokens were airdropped as rewards to Rollbit users. Rollbit never sold RLB tokens, not even to venture capital firms despite significant interest. However, RLB’s growth far exceeded the expectations of Rollbit founders.
While announcing the transition from Solana to Ethereum last year, Rollbit founders committed that they would not stop catering to RLB’s growth. Rather, they will promote it by regular upgrades including introducing RLB trading directly on Rollbit.com.
At the time of going to press, the RLB token was priced at $0.1075, 1.81% up on the 24-hour period while its market cap dropped 17.64% to $286,756,608, putting it at 227th position on CoinMarketCap.
