❓Frequently Asked Questions
Why did we go for Arbitrum (ARB)?
There are a whole host of reasons, but 2 come to mind. The first, Chainlink VRF is available on Arbitrum and not on all chains. This technology allows us to give provably-fair and verifiable randomness to all bettors. The second, Arbitrum is highly competitive in terms of fees and still has the security of Ethereum mainnet. Fees ensure that our players keep coming back.
What's our marketing vision?
In the fast-paced world of decentralized gaming, we recognize that the lifeline of our platform is the perpetual influx of new enthusiasts. To make their transition seamless, we’ve designed an effortless sign-up and deposit system, sweetened by an alluring sign-up bonus. But we don’t stop there.
The onboarding experience is gamified, ensuring newcomers aren’t just signing up but are getting hooked. Beyond this, our marketing arsenal is diverse: from affiliate marketing to tapping into the reach of CT influencers; from strategic ad campaigns to guerrilla marketing stunts.
And in our bid to make the crypto universe inclusive, we’re eyeing those outside its realm, with tailored strategies to bring them aboard. At its heart, InsanityBets is committed to cultivating and nurturing a passionate community we fondly dub "Degenz."
When are we launching?
Anticipation is a game we love to play! We're gearing up for a grand launch right after our presale phase wraps up. For the uninitiated, this means every presale token finds its owner before the real magic begins.
This will be when all tokens have been sold.
What about our exchanges?
The digital stage for our grand debut is set: we’ll be launching on the renowned Uniswap. This is the largest DEX on Arbitrum by trading volume, and will help attract additional liquidity from outside yield hunters.
How are we pricing at launch?
We've set the initial launch price for our token at $0.0180. However, please understand that, like all financial markets, the price is influenced by real-time buying and selling activities. As a result, the token's value may experience fluctuations shortly after launch. Always make informed decisions and consider market dynamics when evaluating our token's price.
How do tokens reach users?
Our token distribution process is both secure and engaging. Instead of a straightforward handover, we've integrated gamified vesting. This means users can unlock more tokens or access them faster by completing specific actions, adding an element of excitement to the process. All tokens are safeguarded within a vesting smart contract, ensuring a transparent and tamper-proof distribution.
For our presale token holders, a designated claim page will guide them through the process according to the preset schedule. And, thanks to building on Arbitrum (ARB), users can expect minimal gas fees when claiming their tokens, making the entire experience efficient and user-friendly.
What audits do we have?
Every component, from $IBET and it's derivatives to $ILP and each game contract launched. The results to these audits can be found in the Links tab. As we roll out new games, they too will pass through this scrutiny.
Are there any token burns?
Trading volume on our internal swap will generate fees at around 0.3%, a portion of these will be burned, or more specifically turned into $bIBET, the burned derivative of $IBET.
How do users verify our game's legitimacy?
Trust but verify. We urge users to dive into our 'provably fair' section to witness our transparent fairness protocols firsthand. In short:
Each game comes with the ability to check the Chainlink VRF hash
Chainlink VRF is the best-in-class RNG
Each game will be audited by a leading smart contract audit firm
Are we capping ILP deposits when we launch?
Yes, we will cap ILP deposits at launch. This allows depositors to generate real yield and ensure that the yield does not get too diluted.
As new bettors join, ILP caps will be gradually increased and eventually removed completely.
Are we diversifying ILP collateral?
Yes - we will diversify ILP collateral. $USDT will be the first, followed by $ETH and $BTC, with more on the horizon ($ARB, $USDC and more).
Who’s in the team?
In total, InsanityLabs currently has 8 people working on the project as well as working with some extremely talented consultants.
At the helm:
Pokie, our Business Developer
Compulsive, our Degen Community Leader
Ganhar, our Smart Contract Developer lead
Juego, our UI/UX specialist
WizWizard, our project leader for our games
RYFTW, our DeFi project leaders
Spinner, our community moderator
Happy, our community moderator
They remain anonymous due to the decentralized nature of the protocol.
Gambling licenses in the horizon?
As of now, we aren't chasing a gambling license. Our focus remains on delivering transparent, provably fair games. However, as we explore new product avenues, some might necessitate licenses to maintain our core tenets of decentralization and accessibility.
Can ILP experience a bank run?
We've instituted a 'max bet size' mechanism, ensuring the ILP remains robust and ready to serve the next winner. You can read more about it HERE.
Note: all smart contracts, even though audited, are at risk of being hacked or exploited.
Can we mint more tokens?
Yes, the smart contracts do have an option to mint more tokens. This is when the protocol is looking to expand to new chains and may need to provide liquidity provisions and incentives.
However, once activated, this will be decided by a community vote via Snapshot.org. And to keep things above board, a 14-day timelock is in place before any alterations materialize.
What about $IBET’s buy/sell tax?
On Token Generation Event (TGE), there will be a 8% sell tax. All 8% will be automatically added to the $IBET/$ETH LP to strengthen liquidity.
Once the on-chain gamification begins within the vesting period, the 8% sell tax will be removed.
Will the Casino have Geographic restrictions in place?
We embrace decentralization, InsanityLabs are creating the smart contracts and games on an immutable blockchain. As these are smart contracts that we are unable to change, it is on the front-end providers using them to ensure that they use VPN and IP restrictions. To conclude, we are unable to censor which users use our smart contracts once we are live.
Always make sure to seek additional advice from professionals if you are unsure.
Do we allow external front-end development?
Our first front-end will be community-owned and earn no money from fees, Insanity Labs just creates the contracts.
Take, for instance, a local Korean enthusiast – they can promote a front-end in Korean, providing native users a comfortable, familiar gateway into our platform.
Such localized efforts skyrocket our outreach and protocol decentralization.
Can others share in our success?
Our vision includes fostering a collaborative ecosystem.
We will be opening up a careers page and welcome community members with the right qualifications to apply.
What Fees Do Insanity Labs Earn?
They earn 15% of all protocol fees, and 10% of all $ILP wins/losses.
How Much Will Be Added To Liquidity?
The tokenomics and vesting schedule are set-up to be as sustainable as possible, and fully on-chain with a separate contract handling the vesting. There is 5% of the total supply labelled as Exchange Listings, 40% of this will be available (250,000,000 x 40% = 85,000,000) will be instantaneously available upon TGE and added to liquidity.
Note: it can be added at any time and at the discretion of the Insanity Labs team.
Note: the value of digital currencies may go down as well as up. Profits may be subject to capital gains or other taxes applicable in your jurisdiction.
Who Can Be An $IBET Token Presale Holder?
No United States (USA) participants are allowed due to local regulations. We will be geo-restricting US participants, and also requesting that future projects that use Insanity Labs contracts do the same.
If you are unsure if you are allowed to participate in the presale, then please do not until you have check with your local regulations.
What Is The Presale For?
The presale serves as a foundational step for the growth and sustainability of our platform. Here's a breakdown of how the funds raised from the presale will be allocated:
Locked Liquidity: A significant portion ($1,300,000 total LP) will be dedicated to the liquidity pool, which is crucial for smooth transactions and the overall health of the $IBET ecosystem.
Marketing Initiatives: Both during the presale phase and post-token launch, we recognize the importance of reaching out to potential users. Hence, a substantial allocation will be directed towards strategic marketing campaigns to amplify our reach and brand presence.
Development Expansion: As we aim to continually enhance our platform, funds will be channeled into the development of additional games and innovative features, ensuring our users always have fresh and exciting experiences.
Human Resources: A thriving community and platform require dedicated support. The presale funds will also cater to HR needs, including compensating our moderators and community support teams, ensuring that our community members always have someone to turn to.
Please understand that while we're committed to the growth and success of
$IBET, all financial markets come with inherent risks. Trading or purchasing$IBETdoes not guarantee profits, and as with any investment, due diligence and caution are advised.
What Is The Insanity Labs Treasury For?
Insanity Labs is the backbone behind the intricate smart contracts and the overall architecture of the IBET protocol. The treasury serves as a reservoir to fuel the continuous evolution and enhancement of our platform. Here's a breakdown of the treasury's primary functions:
Accelerated Development: The treasury funds are pivotal in ramping up our development efforts. This includes refining existing smart contracts, introducing new game mechanics, and ensuring the platform remains at the forefront of technological advancements.
Innovative Smart Contract Features: As the blockchain and DeFi landscapes evolve, so do the possibilities within smart contracts. The treasury will be instrumental in researching, developing, and launching new smart contract features that can further enhance user experience and platform security.
Ecosystem Growth: Beyond just development, the treasury will allocate resources towards initiatives that foster growth within the IBET ecosystem. This could range from partnerships, integrations, community events, or any other avenue that aligns with our mission and benefits our users.
Foundation Comparisons: Much like the Arbitrum Foundation or the Ethereum Foundation, Insanity Labs operates with a vision of advancing the platform and the broader community. However, it's crucial to note that while we draw inspiration from these foundations, Insanity Labs has its unique trajectory and objectives.
The treasury's role is not just about funds but about ensuring that every decision made aligns with our long-term vision and the best interests of our community.
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