There is an increasing acceptance of cryptocurrencies globally, which favors platforms that adopt such payment methods. 1xBit stands out from the other betting platforms today because it includes cryptocurrencies as a mode of payment. Interestingly, the betting platform[1] recently added Luna and UST as accepted payment methods.
1xBit has always been intentional about diversity, especially as it relates to the crypto options offered on the platform. Hence, it has been an all-hands-on-deck situation to ensure limitless cryptocurrency options on the platform and most importantly an overall impressive casino gaming experience.
What Are Luna and UST?
Luna is the official staking coin of the Terra Network. Terra network’s goal was to create a platform that makes it a possibility for developers to build their DApps and blockchains with unique use cases. Most importantly, Terra was concerned about building a super-fast blockchain platform that facilitates stable programmable payments.
With Luna being the native staking coin, it is used to ensure stability in the price of the stable coins whose value are pegged to fiat currencies mostly, like the TerraUSD (UST) is pegged to the U.S. dollar price.
With a coin like that, bettors who use it as a mode of payment on 1xBit[2], don’t have to fear the possibility of a threatening drop in value.
How Do They Work?
Luna operates on the Delegated Proof of Stake mechanism where it is staked by the miners to mine stable coins, whose worth is linked to the actual value of fiat currencies.
To put things in perspective, in a case where the demand for stable coins like the UST is high, hence exceeding $1, Luna tokens are burned to create more UST in supply. This results in a drop in the value of UST, hence bringing it down
