OwlDAO | Initial Look & Impression
One of the ways I look for new projects is to check the Dappradar Gambling Category which OwnDAO popped up on.
My first impression of the actual gambling site was pretty positive as everything looks quite good while they also have sports betting available which is one of my requirements.
It is also really easy to open an account by just connecting with metamask or other crypto wallets. They do however need deposits so it's not possible to directly bet from your own wallet. Lots of different coins are however supported and they have their own OWL token.
OwlDAO (OWL) Tokenomics
So there is a total supply of 500 Million OWL with a current circulating supply of 153 Million. The price right now is 0.018$ making it a 2.76 Million market cap. Looking at the tokenomics there is an instant major red flag in that "$OWL token charges a 10% transfer fee, all the tax will be used for auto liquidity providing."
There is said that 0.2% of the volume will be used to build the Owl token ecosystem providing dividends for staking and such.
The Staking pools also seem to require require very high Entry (2%) & Exit (0.5%) Fees
when doing some searching on Google it also seems to refer to being a safemoon type of coin
Looking at the price action, the chart also feels quite shady to me
There doesn't seem to be any mining involved as an incentive for players to gamble on the site and all coins are either owned by the team or investors
Conclusion
While at the core when looking at the actual gambling site that Owl.games has along with the ranking on Dappradar and the integration of many different coins, things look quite promising. Looking at the tokenomics however, with the shady 10% fees to transfer coins along with the unnatural looking chart and the high staking fees it kind of feels like a scamcoin just like safemook which makes me extra cautious to actually get in. I will keep an eye out for it and actually try to learn more to get a better grip on things.
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