Stakefair has launched, a Decentralized Finance (DeFi) firm positioned to disrupt the Real-Money Gaming sector. Stakefair allows users to earn money by predicting the outcome of sporting events and other real-world events.
The outcome of the wager, like those of traditional gaming firms, can be either a gain or a loss. Stakefair’s game-changer, however, is its ‘no-loss’ sports staking option, which encourages users to view the platform as a yield producer through their crypto stake.
The ‘no-loss’ sports betting model is straightforward. When a user bets a coin unit on a series of games, Stakefair will invest it in DeFi lending pools to earn income.
If the user’s stake wins, they will receive their cash as well as a return on investment (ROI). If they do not, they will only receive their original staked amount.
There is, however, a term within which the stake must be locked up in order to provide a return.
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According to Akinyemi Akindele, the founder and CEO of Stakefair, Stakefair was originally intended to be a predictions website that allows users to stake on events using digital currency, but he “was triggered by the stories of ruin and regret of the respondents of the user research,” so he “set out to build a financial model to see if ‘no loss’ sports predictions was achievable.”
Since the end of 2021, Stakefair has been in beta testing as BetDemand, with strong consumer approval.
To date, the platform has attracted over 6,000 users from Africa, Europe, and North America, with over $800,000 in user stakes reported. During the testing phase, however, Stakefair expanded beyond a game corporation.
“We have built much more than the business-to-consumer (B2C) DeFi gaming products, we have also built the DeFi infrastructure that allows other developers to build DeFi apps like ours for use cases such as no-loss staking, treasury management, yield aggregation, wallets and market-making.
“Due to the popularity of Stakefair during the beta period, we have decided to vertically integrate and build our own DeFi lending and borrowing pool. That way, the lending and borrowing that generates the yield that backs our no-loss pools can happen on our platform,” Akindele said.
Stakefair has received $670,000 in pre-seed funding and is now ready for a full-scale roll-out.
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Adaverse, Nestcoin, Kepple Africa Ventures, Canza Finance, Voltron Capital, Echo VC Chain, Timi Aboyeji, Tomiwa Olaosebikan, Peter Kisadha, Saturn Blockchain Ventures, Thrive Africa Syndicate, Nehikhare Igbinijesu, Oluchi Enebeli, and Clement Hugbo are among the investors.
The funds will be used to create an environment for decentralised and centralised platforms to easily interact, i.e. a DeFi yield generation protocol for users, enterprises, and governments.
Stakefair gaming Stakefair gaming
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh