Hola, Halloween is coming! Received any candy yet? Are you ready for some crypto treats?
Today, we are going to introduce you 2 lucky draws that have no loss but only chances of rewards. You may be surprised and wondering why! Even I buy a welfare Lottery, I may lose my principal. How come a lucky draw can be lossless?
But this is truly possible in the blockchain world. And the logic is very simple.
You can save money by participating and getting tickets. Each ticket is worth 1 $ICX (the native token of ICON Blockchain) and it’s valid for a week. If you get more tickets, the probability of winning the prizes will also increase.
With ICX Staking Lossless Lottery, you won’t lose your savings and winnings, as you can withdraw your principal at any time. When withdrawing from the staking lottery, there is a maximum lockup of 8 to 10 days, determined by the staking rules of the protocol. But you may benefit from a reduced period in case somebody buys tickets right after you sell yours. When selling your tickets, you may wait a few days before the $ICX is returned. All lotteries are powered by smart-contracts and the ICON blockchain, which guaranteed transparency and fairness.
Then where are the prizes from? They are based on combined interests. The more tickets the community gets, the more money is earned in interests, then the bigger are the weekly prizes. Sometimes, selected sponsors will even increase the size of the prize pool. The current prize ongoing in the Halloween Party is over 1,072 $ICX, which is an estimated reward amount.
A random winner is selected each week on Sunday at 12pm UTC, so you will need to join before the draw to reserve your spot. And today is Thursday already!
Firstly, get your tickets by depositing into any prize pool. You’ll receive 1 ticket for every $1 deposited. As long as your money is deposited you're eligible to win prizes. And you can also remove your deposit at any time. The smart contracts ensure the protocol is non-custodial and transparent. Meanwhile, the pool has the flexibility to adjust how prizes are distributed based on the community’s desires.
Similarly, the prizes are made up of the interest earned on all deposited money in the pool, for example, yield farming in Compound or other DeFi protocols. Currently, the weekly prize in the DAI pool worths $8,629.71. The next prize pool will start when this one reaches $10,000.
What about the potential risk to use this kind of lucky draw? As the prizes depend on the interests, if the DeFi protocol that the pool’s money is invested in gets hacked or cracks down, there’s also a possibility to lose.
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