Globalization led to a trend of decentralization, inspiring many projects to use this technology to solve problems in various spheres of people’s lives that exist in centralized systems. The banking system was the first area to introduce such technology, and as soon as it became possible to eliminate intermediaries and high fees due to the appearance of blockchains, DeFi (Decentralized Finance) was born.
But the world is constantly developing. With the emergence of blockchain and smart contracts it has been understood that many spheres can and need to be changed and improved. Betting is an example of a centralized and tightly controlled field, which has persisted for many years. As a result of understanding all the problems of the traditional betting system, BetFi sector was created.
BetFi is a new branch of development of decentralized finance, which is designed to make the betting system transparent, secure and anonymous.
Since betting has been around, it has always been centralized and insecure. Unscrupulous bookmakers constantly blocked users’ funds, charged high commissions and introduced different restrictions for a number of people. BetFi industry eliminates all the cons and changes the way people think about betting.
Progressive bookmakers that are built on blockchain have undeniable advantages:
- No registration and KYC
All you need to start betting is to connect your web3 wallet and deposit money.
- Low commission and fees
Traditional bookmakers charge high commissions that noticeably cut the income of millions of bettors.
- Impossibility of users bans
As the protocol of such bookmakers is written in smart contract and everything follows the same rule, people can’t influence its operation.
Despite the fact that BetFi bookmakers don’t collect users’ data, the whole system is transparent due to the blockchain technology. All transactions can be tracked on special sources.
- Instant payouts
One click divides you from withdrawing your assets that will be instantly credited to your wallet.
One of such projects that already operates and has lots of users is Dexsport. Dexsport is the first to develop web3 betting protocol deployed on BNB, OKX, Polygon and Avalanche blockchains.This project allows you to wager in a safe and transparent manner, and no KYC is required. Just connect your web3 wallet and start playing.
The project is for people who don’t want to lose money because of constant bans and a long withdrawal process. Instead, they want to make money from what they really love.