DeFi Of Thrones — Join The Defi War
GAME PROCESS OVERVIEW [V0] + Technical documentation of the process
First of all, we thank you all for the interest you gave in our project by participating in the public sale 2 days ago (08/25/20).
In less than 1 hour we collected 201ETH for a $85,000 hardcap only with the Whitelisted addresses. As reminder, 75% of your ETH allocations are dedicated to the Uniswap liquidities and are 100% locked for 1 year.
You would like more information regarding the DoTx tokens metrics and distribution ? Check our previous Medium post.
You would like to trade DoTx ? It’s now listed on Uniswap
Now, it’s time to prepare the DeFi WAR
In this article, we are going to introduce you the basics of the DeFi Of Throne’s game:
- How will it work ?
- Generic rules
- Concrete example
- Smart contract information
- Future possibilities of the game
“We aim to bring a breath of fresh air to gambling games all in an ecosystem combining gamification and investment.”
How will it work ?
This diagram describes globally the process from a functional point of view:
- The players will have to choose between 2 suggested houses. A house is a well known DeFi coin that has a great volume and is well ranked on CoinMarketCap. (Houses eligibility method will be explained later)
- Once the house is selected, the players have to pay DoTx to confirm their allegiance to the house. X amounts of DoTx will determine the number of tickets bought for the player. Each player will receive his own total of tickets in proportion of the amount invested in the house.
- Each war between 2 houses will last 1 week. During this week, a smart contract will retrieve the real market data from each house’s coin and will define which house has the best 7 days average performance. This will be done thanks to ChainLink Oracles (technical information in the Smart contract information section below).
- Your house made the best performance in term of price appreciation ?
Yes: You win defeated’s house tickets proportionnaly to the amount you invested in your house for allegiancy. The tickets will be converted into DoTx and sent back to your wallet.
No: You lose the tickets bought with DoTx and they are sent to the winning house.
Generic rules
- No DoTx amount limit, you can buy however tickets you want.
- The players linked to the winning house will get back his amount of tickets bought to participate in the war.
- The rewards are distributed proportionally to the amount invested by each player (=Number of tickets bought with DoTx)
- A war lates 7 days.
- Only DeFi token with high capitalisation and liquidity will be elligible to the war. (available Houses selection)
Concrete example
Let’s say a war starts between $COMP & $SNX. You will have to choose between one of this 2 houses: $COMP or $SNX. You decide to buy 500 tickets for $COMP house because you like this DeFi project and you believe it’s going to outperform $SNX.
One week later $COMP made the best market performance.
If we take real numbers, for instance:
- $COMP price was $130 at the start of the war.
- $COMP price is now $200 at the end of the war.
The calculation will be as follows:
[(200 — 130) / 130) * 100] = +53,8%
NB: the calculation will be automated by an algorithm.
$SNX made + 20%.
$COMP house wins.
$COMP house owns 10,000 tickets, $SNX house owns 8,000 tickets.
You will get your 500 tickets back + you are entitled to claim 5% of the defeated house’s tickets.
(Your 500 tickets / $COMP’s 10,000 tickets) * 100 = 5%
So you can claim $SNX 8,000 tickets * 5% = 400 tickets.
In total, in this example, you bought 500 tickets and you will receive 900 tickets back (your 500 + 5% of 8,000 $SNX tickets).
If $DoTx’s unitary value is $0.2 you spent $100 (=500 tickets) and
gets $180 (=900 tickets) at the end of the war.
Smart contract information
Now let’s move on a slightly more technical explanation:
The smart contract managing the war.
Every time a war will start, 4 information will be submitted to the contract :
* The 2 DeFi coins that will compete each other.
* The war duration (currently set to 7 days but this may change)
* The ticket price in $DoTx.
Right after the war started, the smart contract will call 2 Chainlink’s oracles to retrieve the prices of the 2 coins in competition.
How does it work ?
As you may know, getting data (http get or post) outside the Ethereum blockchain as you might do in a normal program is impossible.
To solve this issue, ChainLink offers blockchain exit points called “oracles”.
The purpose of these oracles can be multiple but in our usecase there will be used for retrieving the coin’s price feeds (only high cap DeFi cryptocurrencies) randomly or using any external API (what we will use).
We will call a Chainlink’s oracle (for example the Linkpool node) and ask it to execute a call to a price API provider (for instance CryptoCompare or Coingecko). The oracle will execute the call and return the answer to us asynchronously thanks to a callback defined in our contract.
Concretely, we will use 2 ChainLink’s Oracles and 2 prices providers to reduce the points of failure (for instance if an oracle falls down).
Why it’s interesting to use ChainLink ?
To avoid getting different results provided by the API. Indeed, without oracles and only using simple external API, the data could change. We strenghten the authenticity of the information with an oracle. In addition, Chainlink is a solid project and has already proven itself many times.
From the first price collection at the start of a war, the smart contract will be responsible for gathering the tickets purchased by the players for the 2 different houses. Then, the smart contract will show you your potential earnings all in real time (assuming your house is winning).
After the last prices retrieval, the smart contract will define the winning house and will let the players (linked to the winning house) claim their bought tickets + their rewards.
Future possibilites of the game
This is without saying the possibilities are numerous for such gambling game.
Currently, we focus on the war between DeFi coins. This is already a new way of gambling based on the DeFi hype.
Tomorrow, we will be able to easily duplicate the process on others usecases such as the global cryptocurrency market in term of volume, ranking on CoinMarketCap/Coingecko, numbers of holders etc.
We will also examine another type of hype: Binance listing tokens.
Indeed, a simple idea is to provide a gamification system during the time it takes to list new coin on the Binance platform. It will allow players to bet on which coin will be the next one listed on the well known cryptocurrency exchange.
A key fact you have to keep in mind is that DeFi Of Thrones, aims to be an alternative way of betting while creating a hype between competitors. DoTx will play the middleman by staying in the spotlight animating the battleland of big players. A virtuous circle will be created in the whole ecosystem by putting DoTx in the center of the attention.
Thanks to have read this article. To stay tuned of the latest news, follow us on:
Twitter: https://twitter.com/DefiOfThrones
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Telegram General Discussion: https://t.me/DeFiOfThronesOfficial
Discord: https://discordapp.com/invite/TZVSnNV
Website: https://defiofthrones.io/
Kind regards,
DoTx Team
