DegenLP's Blog

Degen Lottery Pool Product Description

Official Links

Project Name: Degen Lottery Pool (DLP or Degen LP or Degen_LP)
Platform:
Twitter:
Telegram:
Dappradar:

Executive Summary

The project is a "Decentralised Lottery Pool" platform where users can place money into a pool to increase their chances of winning the entire pool.

The odds of winning are determined by the amount of money a user puts into the pool, and there is only one winner per pool. The platform 1 pool that expires every 12 hours. The platform will generate revenue through transaction fees, with 90% of the fees collected distributed to NFT holders of DLP.

The main features of the platform include a transparent system where each bet and the corresponding wallet address is publicly available, allowing users to see how their entry into the pool will dilute other users.

Users can also see in real-time how their position is being diluted as people enter the pool and can adjust their holdings accordingly.

Degen LP is a platform that facilitates a lottery pool, where the amount of money placed inside the pool correlates to the % win of that individual. The pool is run automatically every 12 hours, with payouts distributed immediately. The only currency that can be used is USDC, and fees collected are also claimed in USDC.
The minimum entry amount is 1 USDC, and the max amount is 500 USDC. This may change depending on platform governance.
As we speak, there are no plans to create a fungible token, but we may do so down the line.

Functionality

The platform will have 1 pool that expires every 12 hours
Users can see in real-time how their position is being diluted as people enter the pool and can adjust their holdings accordingly.
The platform will generate revenue through transaction fees, with 90% of the fees collected distributed to NFT holders of the project. This will be public information.

Scenario

Person A enters pool with 1 USDC = 1 Ticket
Person B enters pool with 4 USDC = 4 Tickets
Person C enters pool with 5 USDC = 5 Tickets
Person D enters pool with 10 USD = 10 Tickets

Total Tickets: 20 tickets

Person A has a 1/20 or 5% of winning 20 USDC and is assigned the number range "0"
Person B has a 4/20 or 20% of winning 20 USDC and is assigned the number range "1,2,3,4"
Person C has a 5/20 or 25% of winning 20 USDC and is assigned the number range "5,6,7,8,9"
Person D has a 10/20 or 50% of winning 20 USDC and is assigned the number range "10,...,19"
Using the example above, if the Chainlink VRF produced the number: 5, Person C is the winner of the lottery as the number 5 falls within his winning range.

Degen LP uses Chainlink's VRF (Verifiable Randomness Function)

The use of Chainlink's VRF simply draws a verifiably random number from the dataset x = 0,..,19. The individual who owns the ticket produced by the VRF is the winner.

DApp Overview

The DApp features links above that link to the social, community, documentation and in the future, NFT sale links where offical Degen LP links are hosted. They are available at "General Information".

Our DApp is currently using the lottery contract: 0x31999a3d3dea2f043CB6EDc4f8348c786Fefe1B4

Details

Draw ID: x = { 1 , 2 , . . . , n } where n is a number from 1 - ∞
Expiry: 12 hour countdown timer (unless stated otherwise). Expires at 0:00:00:00
Pool Total: Total funds in pool in USDC
Entrants: Total number of wallet addresses in the pool

Last Winner Section

Last Winner: Hover over to see full wallet details
Amount: Total funds in prizepool in USDC
Left & Right buttons: View previous winners of the Degen LP lottery

Dilution Table

As we know
1) There is no cap to the limit of people who can join per pool
2) There is no cap to the limit people can allocate to each pool
3) The sum of % win of all entrants will be 100%
4) Total Stake will be equal to "Pool Total" above

Enter Pool

To enter the pool, click a preselected amount or slide the slider bar to enter an amount that is comfortable for you. After, click "Enter Pool". You will receive 2 metamask prompts to "Approve" then to "Submit" your USDC into the pool.