Monthly Update: November ’19
As usual, the team brings you up to speed with the monthly update. Let’s check out what Edgeless’ main focus is right now.
November in numbers
Gambling numbers for November:
Wagered (Total): 20 912 832 EDG (22 027 155 EDG in November)
Edgeless had between 10 - 15 players per day — a decrease in numbers compared to previous months.
Staking in numbers
Staking 27th round
Total staked: 5 849 441EDG
Bankroll surplus: 2 982 EDG
Staking 26th round
Total staked: 5 982 295 EDG
Bankroll surplus: 19 869 EDG
Staking 25th round
Total staked: 6 893 032 EDG
Bankroll surplus: 59 218 EDG
Staking 24th round
Total staked: 7 157 358 EDG
Bankroll surplus: 59 218 EDG
Changes made to boost casino player numbers and engagement:
- New UI/ UX updates deployed — better BTC, ETH, LTC cryptocurrency display. EDG token runs in the backend if other cryptocurrencies are chosen as the gaming currency.
Before this update, users had to bring their own EDG tokens or convert them through the converter. The old system resulted in significant friction during the onboarding process — resulting in slower deposits speeds and additional EDG token education for new customers.
The new update allows entry to the Edgeless ecosystem with less of an entry barrier. Speeds of deposits have increased. Also, those who were not previously familiar with the EDG token and had trouble feeling the ‘adrenaline rush’ associated with playing, now have immediate access to their “familiar” currency.
- A weekly cashback of 3% for all players was introduced. Cashback features are widespread among other casinos.
- The team introduced a special Christmas and New Year 202,000 EDG Jackpot.
Why the number of players is not increasing fast
1. Surviving crypto winter
Since summer, the entire crypto market (not including trading or prices) faced a huge drop of cryptocurrency users/service visitors. Coinmarketcap visitor traffic was slashed by half. Other crypto news outlets and services have also experienced a significant user drop.
A new market dynamic is visible in Edgeless casino activity. During the summer, Edgeless reported having 40 - 60 active monthly players, now that number is 5 - 15.
Other blockchain casino operators are not showing any significant progress either. However, because the crypto industry did not have many users to begin with, the drop is not extreme.
It appears as though the blockchain market is still in its infancy. Key blockchain challenges:
- Mainstream players continue to face a huge entry barrier accessing crypto-economics. In general, banks do not support cryptocurrencies because they are a huge competitor of the classical central banking/ FIAT system.
- Blockchain UI/UX is still a huge deal-breaker for the mainstream user.
- Strict AML/ KYC policies mounted on every cryptocurrency project by local governments.
- Blockchain scalability/compatibility issues are still unsolved.
- Most blockchain projects have not (yet) delivered any meaningful blockchain service that the general market demands.
All of these factors have lead to slower blockchain industry growth than most have anticipated.
2. Testing and improving the Edgeless casino
The Edgeless journey began almost three years ago. The team has been building a casino within the totally new blockchain and crypto industries. As you can see from the previous examples, in new markets there are often many questions that remain unanswered. The only way to get the answers on how to succeed is to test various hypotheses. Unfortunately, this takes time.
Edgeless is still working hard to find a way to attract mainstream customers (those who are not familiar with the blockchain) to a cryptocurrency service. Why mainstream customers? The current crypto-betting market size remains a major challenge, which right now is incredibly small. The entire marketing output is only 100 player registrations a month, which is nothing. The entire niche (crypto/smart-contract betting) has only 1000 - 2000 daily active players.
Edgeless design philosophy treats blockchain as a technology and not the final service. Technology has to provide benefits for its end users without bothering them. Essentially, most people don’t care how a technology works, they just want to receive some kind of benefit.
Edgeless key strategy remains the same: working hard to resolve the UI/UX challenge so that the blockchain will provide benefits without bothering the customer.
Edgeless continues to work hard on player attraction. After the implementation of the new UI/ UX update, Edgeless will design several marketing campaigns and test how new players react to the latest update. The information gained will help to understand what should be improved.
Keep in mind that Edgeless is operating in an emerging and experimental blockchain industry. Edgeless doesn’t have a defined ‘best’ way to create a cryptocurrency service, program smart-contracts or attract customers since there are no successful projects that exist to date or projects that can be looked at as good case practice. Due to the experimental nature of the entire industry, Edgeless continues to explore different platform feature combinations to identify the best route to the significant growth of the project. The team's aim is to build a successful long-term project — the best crypto casino.
So, stay tuned for more updates!
The Edgeless team
The bankroll staking model is created to factor in recent legal developments in the crypto sector. Similar staking mechanisms are used by other crypto projects.
The Edgeless team follows all legal developments and, if needed, in the future there will be changes made to the principles of staking so that our activities will be in line with regulations.
The EDG token is a UTILITY token. It has no profit sharing, dividends or any other features associated with securities.