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John Tunney
July 16, 2021
Beefy Finance has released embargoed information on a no-loss lottery project on Binance Smart Chain.
Everyone's a Winner on Moonpot
The new upcoming lottery protocol is known as Moonpot. It looks to become the first lottery for investors where the risk of losing money is nonexistent. The news was first teased on July 9th by way of a Twitter post, providing a short video.
To elaborate, Moonpot is a win-win lottery protocol on Binance Smart Chain (BSC). The platform’s unique innovation works by having users deposit funds into an interest-bearing savings pot (also referred to as a ‘moonpot’).
“Moonpot goes beyond the concept of a no-loss lottery,” stated Mooncow from Beefy Finance. He continued to mention that, “You don't pay for tickets like you would in a traditional lottery. And it is a win-win because while your assets are staked, you also earn interest.”
Beyond a No Loss Lottery?
Everyone deposited in the pots will receive a free lottery ticket. This means their funds are never at risk for loss -- besides price fluctuations of the deposited crypto.
Not only that, but because of interest, a user's deposit will subsequently grow in the Moonpot savings pot.
The Moonpot lottery is really a yield optimizer that enters users into a no-risk lottery each week. A yield optimizer allows for users to auto-compound their tokens in yield farms.
For winning Moonpot’s lottery, the lucky winner will be awarded a prize worth hundreds to thousands of dollars paid in crypto. For better understanding, let's use an example:
- James deposits funds into a Moonpot savings pot.
- James sees his funds grow over time thanks to interest being paid back to him for staking his funds.
- For depositing funds into a savings pot, James is simultaneously entered into a no-risk Moonpot lottery each week.
- Every week, James has a chance to win the massive Moonpot lottery jackpot for keeping his funds staked in the savings pot.
The genius of Moonpot is whether or not James wins or loses the lottery, his deposit is never at risk and continues to grow thanks to the interest returned to him by the Moonpot savings account.
The Technicalities Behind No-Loss Lotteries
Moonpot has developed a very unique but straightforward solution that allows users to enter a lottery without risking the loss of personal funds.
Moonpot groups users' funds together and uses the pool of funds to earn returns from different DeFi markets. This is the source of the prize money.
Moonpot utilizes and groups users' funds in the savings pots to harvest massive APY returns found across DeFi. In turn, all users who have deposited funds will earn a ticket to the Moonpot lottery.
To create the lottery, some of the yield is utilized to fund the Moonpot -- alongside additional $POT rewards.
Moonpot Security / Audits
Certik has audited Moonpot. The results showed Moonpot’s coding is probably trustworthy. Certik is one of the largest auditing platforms in the DeFi space.
The team behind the Moonpot project is the very accomplished team behind Beefy Finance, one of the top projects on the BSC.
How is Moonpot Different From Other Projects on BSC?
Moonpot’s value proposition is far different than any project seen on the BSC. Their win-win algorithm ensures that users benefit from interest with a massive opportunity to win.
Every week users will have the chance to win a massive lottery on top of the interest they will be earning from their staked crypto.
Mooncow commented on the novel system, elaborating that “Some DeFi platforms provide some of those elements either as a paid lottery, or a no-loss lottery that only has prizes, but Moonpot, thanks to the Beefy vaults it is built upon, offers you both.”
How Do I Play?
To play the Moonpot lottery, it’s as simple as depositing funds into a savings pot. Users never have to buy tickets or check their ticket numbers to see if they have won.
Each week a smart contract will randomly select a winner from the users who have deposited money into a savings pot. To begin, Moonpot will utilize a CAKE pot as it is the most liquid and held asset on BSC.
Example: Moonpot launches a $CAKE savings pot. Users can deposit funds and immediately begin to earn interest on their staked CAKE. Each week, one lucky winner will win a lot more CAKE thanks to the lottery.
What Can I Lose?
With Moonpot, users can’t lose their deposit, users can’t lose interest, and users aren’t at risk of impermanent loss. The lottery function on Moonpot does not follow the typical lottery model, where users pay to play.
Moonpot groups funds and stakes them, earning a colossal interest which is then paid out in lottery winnings to one lucky user who staked funds.
Users can lose dollars if the token they have deposited goes down in value. However, this is not the fault of Moonpot. Let’s review a hypothetical example for clarity:
- Trader A stakes 5 CAKE in Moonpot’s CAKE savings pot, immediately earning him interest.
- Trader B holds 5 CAKE in his wallet.
Overnight, the price of CAKE falls from $20 to $15 USD.
- Trader A suffers a $25 USD loss in value but is earning interest on his deposited CAKE, thus growing his total CAKE holdings.
- Trader B suffers a $25 USD loss in value but earns no interest on his CAKE holdings.
In the example above, both traders suffer from poor price action, yet one trader is earning interest, helping him recoup the losses.
Tokenomics
Moonpot will have a native token $POTS for governance and to act as a reward-sharing mechanism. With Moonpot, the more POTS tokens you have, the more voting power you have.
$POTS distribution as shown below:
Concluding Thoughts
The Moonpot protocol is revolutionary. The idea of hosting a no-risk lottery could change how DeFi projects approach building products to engage their user base.
In time, Moonpot should see tremendous growth as a no-risk lottery combined staking to return interest is a powerful and unique value proposition. It should be very exciting to see how Moonpot’s ingenuity ripples throughout the DeFi space.
This is a paid Ask Me Anything (AMA), BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement AMA for $2000 Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the AMA.
Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2000. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2000. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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January 28, 2022
OpenSea Email Inadvertently Instructs Users to Mempool Exploitation
The largest NFT marketplace misinformed users, leading to a huge risk of mempool exploitation.
OpenSea Unintentionally Exposes Users to Risk of Exploitation
OpenSea is at risk of losing its place as a top name in the Non-fungible Token (NFT) space. The largest NFT marketplace, in a bid to educate its users about their inactive NFT listings, sent out emails with misleading information. The information only made mempool exploitation easier to execute.
The NFT marketplace sent out emails to users to cancel their inactive listings, ensuring they prevented their items from being sold at the inactive listing price. However, the instruction placed users at risk, as the move eventually gave exploiters the information needed to buy their NFTs at the original low price. Popular NFT collector on Twitter, Dingaling, warned users about the wrong information administered by OpenSea to its users.
“Warning: Do not cancel your OS listings as stated in the email that OpenSea just sent out. Please first transfer your NFT to a different address and cancel the listing/s on the original address before sending it back. OS just put everyone at even more risk than before,” Dingaling tweeted on January 27th.
Dingaling’s thread on Twitter exposed the protocol’s incompetence after revealing how the information misled Niftygateway Artist, Swolfchan. According to Swolfchan’s Tweet on January 27th, 15 ETH was lost because of the email sent by OpenSea.
“So i got two emails today from @opensea about listings, and lost 15 ETH+ from exactly what they are trying to prevent. I was told to please act urgently to cancel any inactive listing. Cancelled a 15 ETH MAYC @BoredApeYC, and it triggered a 6 ETH listing.. And sold?” Swolfchan wrote.
The Right Information
OpenSea, in the early hours of Friday, January 28th, discovered that the information had been used to exploit users. According to Dingaling, although the protocol updated its information, it was still misleading.
“18 hours later and they’ve completely missed the point?! If you have already transferred an item back to your original wallet with old listings still fulfillable, revoke approvals first before cancelling orders. Do you even understand what happened @opensea?” the NFT art collector questioned the platform on Twitter.
Dingaling instructed users to prevent exploitation by transferring all the NFTs with “inactive Opensea listings” out of their addresses before canceling the live listings in their original addresses. NFTs can only be transferred back safely after all the listings are canceled.
Alternatively, users can revoke the allowance of their NFTs to OpenSea on revoke.cash first before canceling the listings if they don't want to transfer their NFTs.
OpenSea has been on the wrong end of improvements recently. The protocol faced a series of problems towards the end of 2021, with website issues, irregularities in NFTs terms and conditions, and poor action from a top name in the OpenSea hierarchy. The latest blunder is not welcoming for the protocol, and it may pave the way for other Marketplaces, particularly on Binance Smart Chain (BSC), to move ahead in the pecking order.
Don’t forget to download the BSC News mobile application on iOS and Android to keep up with all the latest news for Binance Smart Chain and crypto! Check out the DeFi Direct Linktree for all the access links!
For those looking for tools and strategies regarding safety and crypto education, be sure to check out the Tutorials, Cryptonomics Explainers, and Trading Tool Kits from BSC News.
January 28, 2022
Socios.com Sues Argentine Football Federation Over Binance Deal
Web3 crypto competitors have finally come head-to-head after a year long expansion into worldwide sports.
Socios Sues AFA
As Binance announced its partnership with the Argentinian FA in the past week, the news was not met with plaudits by Socios. Socios has filed a complaint against the footballing organization.
Judge María José Gigy Traynor of the Argentinian National Commercial Court ordered the AFA to honor three contracts previously agreed with Socios. The contracts in question were acquired and reported on by Coindesk’s Andrés Engler on January 27. In a statement to CoinDesk, the AFA had recognized the injunction but underlined its intention to appeal.
The AFA then began picking up on its own frustrations claiming:
- The Argentina token was not sufficiently promoted
- Several issues in the use of images of the national team and league
Socios has refuted these claims, notifying CoinDesk that they have made all outstanding payments to the AFA and have no obligations for further payment. A likely instigator for the payment squabble may come from the broad market drawback which has also seen the AFA token plummet by over 50% since the summer, according to CoinMarketCap.
Many speculate that what has precipitated the recent partnership between the AFA and Binance is potentially a higher offer that was otherwise not matched by Socios. The AFA has refuted this assumption, but Binance will do well to let this dispute play out while they remain in the background.
Whether these speculations will be confirmed is another matter, as the courts proceed to examine contractual obligations and seek to determine who is in the wrong.
BSC News will be following closely as the story develops.
What is Socios.com
Socios.com is the official crypto wallet and trading platform for some of the biggest sports teams in the world. The site is an innovative fan engagement platform that was created for the Chiliz blockchain. The Socios platform provides the owners of the fan tokens with access to voting rights in polls, VIP rewards, exclusive club, and sponsor promotions, AR-enabled features, chat forums, games, and competitions. Socios.com aims to introduce millions of new fans from around the world to the benefits of Fan Tokens in 2022 with new innovations, features, and rewards to be added throughout the year.
Follow Socios:
Beefy Finance Announces Moonpot, a no Loss Lottery on Binance Smart Chain
Beefy Finance has released embargoed information on a no-loss lottery project on Binance Smart Chain.
Everyone's a Winner on Moonpot
The new upcoming lottery protocol is known as Moonpot. It looks to become the first lottery for investors where the risk of losing money is nonexistent. The news was first teased on July 9th by way of a Twitter post, providing a short video.
To elaborate, Moonpot is a win-win lottery protocol on Binance Smart Chain (BSC). The platform’s unique innovation works by having users deposit funds into an interest-bearing savings pot (also referred to as a ‘moonpot’).
“Moonpot goes beyond the concept of a no-loss lottery,” stated Mooncow from Beefy Finance. He continued to mention that, “You don't pay for tickets like you would in a traditional lottery. And it is a win-win because while your assets are staked, you also earn interest.”
Beyond a No Loss Lottery?
Everyone deposited in the pots will receive a free lottery ticket. This means their funds are never at risk for loss -- besides price fluctuations of the deposited crypto.
Not only that, but because of interest, a user's deposit will subsequently grow in the Moonpot savings pot.
The Moonpot lottery is really a yield optimizer that enters users into a no-risk lottery each week. A yield optimizer allows for users to auto-compound their tokens in yield farms.
For winning Moonpot’s lottery, the lucky winner will be awarded a prize worth hundreds to thousands of dollars paid in crypto. For better understanding, let's use an example:
- James deposits funds into a Moonpot savings pot.
- James sees his funds grow over time thanks to interest being paid back to him for staking his funds.
- For depositing funds into a savings pot, James is simultaneously entered into a no-risk Moonpot lottery each week.
- Every week, James has a chance to win the massive Moonpot lottery jackpot for keeping his funds staked in the savings pot.
The genius of Moonpot is whether or not James wins or loses the lottery, his deposit is never at risk and continues to grow thanks to the interest returned to him by the Moonpot savings account.
The Technicalities Behind No-Loss Lotteries
Moonpot has developed a very unique but straightforward solution that allows users to enter a lottery without risking the loss of personal funds.
Moonpot groups users' funds together and uses the pool of funds to earn returns from different DeFi markets. This is the source of the prize money.
Moonpot utilizes and groups users' funds in the savings pots to harvest massive APY returns found across DeFi. In turn, all users who have deposited funds will earn a ticket to the Moonpot lottery.
To create the lottery, some of the yield is utilized to fund the Moonpot -- alongside additional $POT rewards.
Moonpot Security / Audits
Certik has audited Moonpot. The results showed Moonpot’s coding is probably trustworthy. Certik is one of the largest auditing platforms in the DeFi space.
The team behind the Moonpot project is the very accomplished team behind Beefy Finance, one of the top projects on the BSC.
How is Moonpot Different From Other Projects on BSC?
Moonpot’s value proposition is far different than any project seen on the BSC. Their win-win algorithm ensures that users benefit from interest with a massive opportunity to win.
Every week users will have the chance to win a massive lottery on top of the interest they will be earning from their staked crypto.
Mooncow commented on the novel system, elaborating that “Some DeFi platforms provide some of those elements either as a paid lottery, or a no-loss lottery that only has prizes, but Moonpot, thanks to the Beefy vaults it is built upon, offers you both.”
How Do I Play?
To play the Moonpot lottery, it’s as simple as depositing funds into a savings pot. Users never have to buy tickets or check their ticket numbers to see if they have won.
Each week a smart contract will randomly select a winner from the users who have deposited money into a savings pot. To begin, Moonpot will utilize a CAKE pot as it is the most liquid and held asset on BSC.
Example: Moonpot launches a $CAKE savings pot. Users can deposit funds and immediately begin to earn interest on their staked CAKE. Each week, one lucky winner will win a lot more CAKE thanks to the lottery.
What Can I Lose?
With Moonpot, users can’t lose their deposit, users can’t lose interest, and users aren’t at risk of impermanent loss. The lottery function on Moonpot does not follow the typical lottery model, where users pay to play.
Moonpot groups funds and stakes them, earning a colossal interest which is then paid out in lottery winnings to one lucky user who staked funds.
Users can lose dollars if the token they have deposited goes down in value. However, this is not the fault of Moonpot. Let’s review a hypothetical example for clarity:
- Trader A stakes 5 CAKE in Moonpot’s CAKE savings pot, immediately earning him interest.
- Trader B holds 5 CAKE in his wallet.
Overnight, the price of CAKE falls from $20 to $15 USD.
- Trader A suffers a $25 USD loss in value but is earning interest on his deposited CAKE, thus growing his total CAKE holdings.
- Trader B suffers a $25 USD loss in value but earns no interest on his CAKE holdings.
In the example above, both traders suffer from poor price action, yet one trader is earning interest, helping him recoup the losses.
Tokenomics
Moonpot will have a native token $POTS for governance and to act as a reward-sharing mechanism. With Moonpot, the more POTS tokens you have, the more voting power you have.
$POTS distribution as shown below:
Concluding Thoughts
The Moonpot protocol is revolutionary. The idea of hosting a no-risk lottery could change how DeFi projects approach building products to engage their user base.
In time, Moonpot should see tremendous growth as a no-risk lottery combined staking to return interest is a powerful and unique value proposition. It should be very exciting to see how Moonpot’s ingenuity ripples throughout the DeFi space.
