OneSwap, a decentralized trading platform, will launch a new feature called Prediction on April 29, 2022, and BTC/USDT will be the first prediction market where users can win prizes by betting on the price trend of BTC/USDT. Prediction comes with an initial prize pool of as much as 1 million CET. Meanwhile, OneSwap will also launch the “Win Rate Ranking Reward Game” that will allow users to receive double rewards.
Predict to Earn: How Prediction Works
- Log in to OneSwap (https://www.oneswap.net/cet/prediction), and select CSC;
- Connect to MetaMask, OneSwap Wallet, or a wallet that supports WalletConnect;
- Go to Prediction, pick an available module, and click on “Going Up” or “Going Down” to place a bet;
- Enter the CET amount of the bet (range: 10 CET – 10,000 CET per round per address), and click on Submit. After a bet is submitted, it could no longer be modified or canceled.
Once a bet has been submitted, the user needs to wait for the current round to end. If a user bet on the right price trend, he will get back his bet and earn prizes (note: users may withdraw their prizes for multiple rounds cumulatively, and prizes will remain valid indefinitely); if he bet on the wrong price trend (i.e. he bet on the opposite direction or the Locked Price equals the Settlement Price), then the bet will be transferred to the prize pool.
Here, we will illustrate how prizes are distributed via two examples:
Let us suppose the transaction fee stands at 5%, and the initial prize pool contains 1,000,000 CET.
The first round:
Of the two participants, one bet 10,000 CET and won; the other bet 5,000 CET and lost.
- Winner: Initial Bet + Prize (with the transaction fee subtracted) =10,000+10,000×0.95 = 19,500 (CET);
- Loser: 0;
After the first round, the prize pool now contains 1,000,000-9,500+5,000 = 995,500 (CET).
Suppose the transaction fee remains at 5%, and the initial prize pool now contains 995,500 CET.
The second round:
Among the 201 participants, 200 bet 10,000 CET each and all won, and one participant bet 5,000 CET and lost. In this case, since there is not enough CET in the prize pool for all the 200 winners (9,500 CET per winner), the winning users will share all CET in the prize pool, with the transaction fee subtracted, according to the betting ratio.
- Winners: Initial Bet + Prize (the prize pool shared by the betting ratio, with the transaction fee subtracted) = 10,000+995,500*0.95/200=14,728.625 (CET)；
- Loser: 0;
After the second round, the prize pool now contains 995,500*0.05+5,000=54,775 (CET)
- If all CET prizes in the prize pool are won, the game will be suspended, and the administrator will start the game after replenishing CET.
- When the price feeding mechanism of Prediction is suspended (crypto prices are unavailable at the end of a round), the prediction contracts would not be able to run any operations, and the game will be suspended. In such cases, the bet of participants in the current round will be returned at the end of the round.
Specific Guides: https://support.oneswap.net/hc/en-us
Become Top Winners & Win Incredible Rewards
In addition to Prediction, OneSwap will introduce the Win Rate Ranking Reward Game at the same time. Users can sign up for the event before 9:00 AM, May 6 (UTC), and the top 3 winners who have placed no less than 50 bets will receive 1,000 CET, 600 CET, and 400 CET, respectively.
The winning records of all users who have made a bet via Prediction will be covered by the Win Rate Ranking. Meanwhile, users may keep track of their Winning Rate by checking their bets and winning records through “Analysis” in “History”.
Breaking the High DEX Threshold: OneSwap Launches “Predict to Earn”
Over the recent years, CEXes and DEXes have always remained rivals. Though DEXes have made exchanges more secure, they come with more complicated operations and are less user-friendly compared with CEXes, which has scared away many potential users.
In terms of product design, Prediction reflects the idea of “simplicity”. By gamifying this new feature, OneSwap allows most users to participate in Prediction with ease, which lowers the bar of the DEX and makes it more user-friendly. Moreover, relying on their market insights, users will be able to profit from market swings via Prediction ahead of others.
Right now, DEXes are no longer confined to trading. Instead, they are shifting towards greater efficiency and established ecosystems. As a DEX, OneSwap strives to become more innovative, optimized, efficient, and secure. The launch of Prediction will create a new earning model: Predict to Earn, bring more diversity to the DEX ecosystem, and provide more satisfying DeFi experiences for users. Through innovation, OneSwap has pointed out a new direction for the development of DEX ecosystems, and Predict to Earn is likely to start another crypto boom.