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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.”
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:
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.
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.
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.
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.”
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.
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:
Overnight, the price of CAKE falls from $20 to $15 USD.
In the example above, both traders suffer from poor price action, yet one trader is earning interest, helping him recoup the losses.
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:
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.
Ethereum celebrated an anniversary Friday, July 30. The world-changing blockchain that brought us smart chain technology and major innovations in crypto like decentralized finance and non-fungible tokens, turns six years old.
From the depths of Berlin in 2015, the blockchain built to change the world is on the verge of potentially its most important blockchain forks -- London Hard Fork.
As of late 2020, Ethereum has grown too big even for itself. The anticipation around crypto could not be higher for the upcoming fork. The first mentions of these changes came in 2019.
As the confetti settles from the birthday bash, Ethereum is set to make major changes in the functionality of its blockchain. On August 4th, Ethereum will complete its hard fork and take a critical step toward an overarching scalability upgrade of the network. But while all of crypto waits with bated breath, the Ethereum team appears unphased.
“Originally we envisioned something more like a big grant event where all the good things would happen at the same time and [Ethereum] would be a new blockchain and it would be a new protocol and people would have to take a lot of efforts to migrate over but later we've slowly changed the roadmap over to something that's much more incremental,” Vitalik Buterin, co-founder of Ethereum, told the Lex Fridman Podcast in June.
The hard fork results in a new transaction validation system due to the EIP 1559 proposal that passed. The chain will utilize a proof-of-stake system, allowing for more scalability and environmentally friendly consensus.
“Proof of stake happens kind of overtime, and then sharding is added over time, and all of these features get added over time. And so the experience for just a regular Ethereum user will still feel very seamless. It's maybe a little bit more complex than the hard forks that we've already done, but from a user's point of view not by that much,” Vitalik continued.
The updates will incorporate cutting-edge blockchain technology like sharding and move the chain from proof-of-work versus a proof-of-stake. The implications of these changes could bring a more efficient, secure, and sustainable Ethereum blockchain.
The hard fork will integrate five immediate updates called EIPs (Ethereum Improvement Proposals). Each change aims at optimizing and improving the network.
The most controversial and anticipated upgrade, dubbed "London," is EIP 1559. The EIP 1559 will make Ethereum less inflationary and is controversial because it will begin burning fees that previously went to miners.
This upgrade is the central improvement in an attempt to generate greater bandwidth and reduce transaction fees on the chain and is critical to the changeover to Proof-of-Stake.
“I like proof of stake. And I've liked proof of stake for many years, basically because it just requires much less ongoing resource consumption.” Buterin explained to Fridman. And about the benefits of adding validators, Vitalik added: “This is good for a few reasons: one is the kind of environmental rationale that you're not breaking the environment. The second is that you're not taking away electricity and other resources from other people.”
The hard fork does not come without criticism. There is the issue with miners losing their fees and the questions around Miner Extractable Value (MEV) remain unanswered.
Some argue that proof-of-stake will increase the centralization of the chain as well. Vitalik celebrates the environmental benefits of the overall transition and the preferred long-term benefits of the updates.
He welcomes the criticisms as good problems to have and looks forward to solutions. Despite being ‘controversial’ it is still likely the most anticipated fork in crypto history.
As Vitalik told Fridman on the podcast, the user will not see too many changes in how Ethereum will work––the major changes come behind the scenes. The Ethereum chain has fought hard in seeking to solve major scalability issues like congestion and latency.
Throughout, it still holds strong as the second most important blockchain, and rightfully deserved. But if it wants to keep competing, it will need to try and catch up to the speeds and transactions of newer chains like Binance Smart Chain and Solana.
The new updates and their incremental applications should make the next few months––and years––an exciting race for the top crypto and blockchain.
ApeSwap has shifted the date for its seventh Initial Ape Offering (IAO) with play-to-earn protocol, Dragonary, following a change in IAO vesting process enacted by community votes.
BSC.News earlier reported ApeSwap’s partnership with Dragonary on July 29th to collaborate for its seventh Initial Ape Offering (IAO 007). The Decentralized Exchange (DEX) protocol scheduled the IAO for August 2nd. However, due to some quality changes that arose from the new IAO vesting proposal, the ApeSwap team has decided to postpone IAO 007, according to its Tweet, from 30th July.
“With that in mind, we will be delaying IA0 007. The new date for Dragonary’s IAO is set for August 7th at 16:00 UTC,” read the official ApeSwap Twitter communication.
An IAO is a unique innovation created by the Binance Smart Chain-based DEX, ApeSwap. It was designed to support promising projects with fundraising by listing their tokens.
Projects like ApeRocket, Bitfresh, Hifi DeFi, JediYield, HyperuleSwap, and Bishares have shown massive development since utilizing ApeSwap’s IAO platform. Dragonary is the latest to join.
The new vesting process requires that 25% of tokens will be distributed immediately and the remaining 75% of tokens will be distributed over three months.
Notably, the change was provoked by community votes after many ApeSwap users proposed a change in the vesting process. Users voted on a new token claim structure, and the campaign lasted for five days (July 17 to July 21).
To satisfy the needs of its users, the ApeSwap team has created a whole new set of smart contracts. The new smart contracts come with new audits to ensure that users' funds are safe and secure. According to the update, the date for completing the audits has been set, but there will be a need to test, review, and possibly re-audit codes if necessary.
Therefore, the postponement of the IAO is attributed to the fact that the ApeSwap team wants to make sure that the new smart contract codes, including audits, are working effectively. In essence, they want to have enough time to test the smart contracts before launching the IAO with Dragonary.
With this, ApeSwap ensures that the safety of the community is its number one priority. In addition, users can anticipate a flawless IAO for Dragonary.
ApeSwap is a top name in the BSC network. It is the leading DEX on the BSC, which offers users the best trading experience. ApeSwap is a blend of a decentralized exchange, yield farming, staking, and an automated market maker (AMM). ApeSwap users are urged to partake in its liquidity pool offerings via yield farming to earn its native BANANA token. What's more, these earned tokens can be used to stake and earn other tokens and unlock deluxe features.
For more information about ApeSwap, visit the platform's media links:
Beefy Finance has released embargoed information on a no-loss lottery project on Binance Smart Chain.
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.”
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:
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.
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.
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.
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.”
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.
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:
Overnight, the price of CAKE falls from $20 to $15 USD.
In the example above, both traders suffer from poor price action, yet one trader is earning interest, helping him recoup the losses.
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:
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.
