DoubleUp: GambleFi Platform Built on Sui Blockchain
Explore DoubleUp, a decentralized casino on Sui that merges blockchain gaming with DeFi features like staking, rewards, and token utility.
DoubleUp: Exploring the Rise of GambleFi on the Sui Blockchain
DoubleUp is a decentralized casino platform built on the Sui Blockchain. Positioned at the intersection of blockchain-based gaming and decentralized finance (DeFi), DoubleUp introduces a model often referred to as GambleFi—a hybrid approach that integrates traditional gambling mechanics with DeFi incentives.
The platform offers a variety of on-chain games alongside yield-generating mechanisms, aiming to create an ecosystem where both active participants (e.g., bettors) and passive users (e.g., token holders or stakers) can engage and benefit.
Origins and Vision
DoubleUp was founded by HealthyDegen, a Web3 builder with prior experience at Mysten Labs. The platform was developed with the intention of replicating the excitement of traditional casinos within a decentralized framework. From the outset, the project has focused on incorporating elements of gamification, community engagement, and crypto utility.
Platform Features
DoubleUp hosts a range of casino-style games, including:
- Coinflip
- Roulette
- Slots
- Raffles
...
What differentiates DoubleUp from conventional online casinos is its on-chain reward structure and emphasis on community participation. The platform includes features such as:
- Referral systems
- Leaderboards
- Monthly contests
- Community-focused airdrops
One such initiative was conducted on May 10, 2025, when DoubleUp distributed over $100,000 worth of free spins to holders of the DoubleUp Citizen NFT, a membership-based token providing access to platform benefits.
The $UP Token and Ecosystem Role
The rumors are true, $UP is NOW LIVE for trading!
— DoubleUp (@doubleup_app) May 11, 2025
Let's dive into why we decided to stealth launch the token and have the airdrop (MAY 20TH) at a later date 🧵👇 pic.twitter.com/2OBHZWgVAj
On May 11, 2025, DoubleUp introduced its native token, $UP, via a stealth launch. The token was released without prior announcements, entering the market with an initial fully diluted valuation (FDV) of approximately $40 million. Within 24 hours, the valuation had climbed to around $53 million.
The $UP token is used for several purposes within the DoubleUp ecosystem:
- Purchasing lottery and raffle tickets
- Distributing gameplay rewards
- Enhancing returns in the platform’s DeFi module
DeFi Integration Through Unihouse
DoubleUp’s DeFi component, Unihouse, functions as a yield-generating mechanism that links staking returns to the platform’s betting volume and house edge performance. Unlike traditional DeFi protocols that rely on block rewards or emissions, Unihouse distributes yield based on actual platform activity.
Users can deposit supported tokens into Unihouse, and the returns they receive are influenced by overall casino engagement. This approach allows both bettors and passive participants to interact with the system through different roles.
Funding and Development
We are happy to announce our $4mil seed + preseed rounds led by @Karatage_
— DoubleUp (@doubleup_app) May 12, 2025
We would like to thank the community and all of the folks that made DoubleUp the app that it is today. We want to also thank the Citizens that believed in us on day one. A major thanks to @Mysten_Labs for… pic.twitter.com/LCCnIGEoyG
DoubleUp has raised $4 million in a seed round led by Karatage, with participation from Mysten Labs, Selini Capital, EBlock Capital, Comma3 Ventures, Alpha DAO, and Auros. The funding will be used for:
- Platform infrastructure development
- Expansion of betting products (including poker and sports betting)
- Regional growth and user acquisition
Outlook and Roadmap
The team behind DoubleUp plans to expand the platform’s features to include:
- Sports betting
- On-chain poker
- Time-limited competitions with fixed prize pools
- Broader support for NFTs and loyalty mechanics
The platform currently operates without mandatory KYC requirements, offering open access to users who wish to engage with its games or DeFi features.
Conclusion
DoubleUp represents an emerging trend within Web3 that blends gambling mechanics with decentralized financial infrastructure. By operating fully on-chain and offering incentive models for both players and token holders, it contributes to the broader development of the GambleFi sector—a niche where entertainment and blockchain utility continue to converge.
As with all platforms in this space, users should approach participation with a clear understanding of the risks and dynamics involved in both decentralized gambling and DeFi protocols.
Be sure to check out Suipiens' website and social media channels to stay up-to-date on all things about Sui Blockchain!