Lotteries
What are the SwapBased Lotteries?
Last updated
What are the SwapBased Lotteries?
Last updated
The SwapBased lottery allows BASE and xBASE holders to use their tokens as entry tickets within a lottery with BASE or xBASE prizes. The lotteries run continuously with a duration of 20 hours between each draw.
There’s now a NEW set of lotteries added, using COIN and oCOIN as wager token and rewarding COIN and oCOIN respectively.
Each round’s prize pool will come from a portion of Treasury Holdings + Revenue Collected from wager fees.
Just go to the lottery page and deposit a BASE wager amount to enter the BASE Lottery. The more BASE that is wagered, the higher your chances of winning! Same goes for the xBASE, COIN and oCOIN lotteries.
While from a user perspective, there will be a smooth experience and seem like one contest, there’ll actually be two draws: one for the lottery and one for the jackpot. Both will run simultaneously. Note that wagering puts you in for a chance of winning both, however, there are some key differences between the lottery and the jackpot:
Lottery winners will always be paid out every 20 hours, with 100 prizes, or the total amount of players if less than 100, paid out regularly and the chance of winning depending on the amount of BASE a user wagers.
There’s a 2% chance that the jackpot will be won every 20 hours and a 0.1% chance that the entire Jackpot prize pool is won. If the jackpot is not won, it is rolled over to the next round and the prize pool increases until it is won.
BASE can be wagered at any time while the first 100 12min chunks of each BASE lottery round aren’t complete to enter both the lottery and the jackpot. Same goes for xBASE and the xBASE lottery.
A countdown is shown within the UI as well as the prizes for the current lottery round and the jackpot.
For example, suppose the current time is 02/09/2023 at 18:00H. The current round’s winners are due to be revealed at 03/09/2023 at 14:00H. The results are revealed at 03/09/2023 at 14:00H, you’d need to wager your BASE at any time before 03/09/2023 at 14:00H.
Once at 03/09/2023 at 14:00H, users can enter the next round by wagering BASE anytime after this time. Once the winners of a round have been announced, players will be automatically qualified for the next draw, without the need to re-wager BASE or xBASE tokens.
The more you wager, the greater your chance of winning a prize is.
When the winners are drawn after 20 hours passed, the prize pool will be distributed between 100 individuals with the chances of winning proportional to how many BASE were put into the lottery pool. The probability of winning will be displayed when staking a certain amount of BASE.
Winners of the lottery receive their prizes in BASE, or xBASE for xBASE Lottery, and each user can only win one prize per round of each lottery. There will be a total of 100 winners for each round of the lottery and just 1 winner for the jackpot, if it's triggered.
For example, if 100,000 of BASE tokens have been shared to the BASE Lottery since the last round, 30,000 would be allocated to the periodic lottery and the remaining 70,000 would be allocated to the Jackpot pool.
If the jackpot is not hit, then that prize is rolled over into the next round and will continue accumulating until the jackpot is won.
Once the winners of a lottery round are revealed, prizes are paid out with the following distribution (subject to change over time and based on user feedback):
1st: 20% of the lottery prize pool
2nd: 15% of the lottery prize pool
3rd: 10% of the lottery prize pool
4th: 8% of the lottery prize pool
5th: 7% of the lottery prize pool
6th: 6% of the lottery prize pool
7th: 5% of the lottery prize pool
8th: 4% of the lottery prize pool
9th: 3% of the lottery prize pool
10th: 2% of the lottery prize pool
11th to 100th: 0.333% to 0.111% (in increments of 0.00247%) of the lottery prize pool.
The outcome of each lottery pool is calculated in a deterministic way given a random secret.
Utilities
The Player tab shows every player that wagered for the next lottery round, how much they wagered for it and how many total players have wagered.
On the My Prizes tab users can check their Daily Pot wins, Jackpot wins, Daily Pot gains (in USD), Jackpot gains (in USD) and how much BASE have you wagered.
In the History tab is displayed every previous lottery and it’s Daily Pot, Jackpot, Prizes paid, Wagered BASE Amount and if the Jackpot was paid, and how much was it, if it has been triggered.
