FARE Protocol, a decentralized ecosystem built on probability smart contracts, has raised $6.2 million in a seed round led by Goat Capital and C Squared Ventures. The firm plans to launch its native token on Ethereum layer 2 blockchain Arbitrum later this year.
Arbitrum recently made headlines with the airdrop of its ARB token to early builders, users, and investors. The event sparked controversy when the Arbitrum DAO prematurely moved almost $1 billion of tokens to the Arbitrum Foundation before the completion of a vote on how to use the funds.
The FARE ecosystem’s probability smart contracts are triggered by transparent on-chain events based on probability variables. The first use case for these contracts is the randomized minting and burning of the FARE token. The system is designed so that the probability of losing or burning a token is higher than winning or minting, similar to how a real-world casino operates. However, instead of a centralized “house” getting the profits, the collected FARE tokens are distributed to the ecosystem.
With the successful fundraise, FARE Protocol is well-positioned for its upcoming token launch on Arbitrum.
