HODLLotto
Last updated
Last updated
Contract: 0x50ec8aF3c8b5b4A9DCe1AFF538be8E965B8b80DA
HODLLotto is a loss-less lottery that you can deposit your HODL into and later withdraw the same amount of HODL out of. Lotto winnings are generated from the rebase rewards of the deposited HODL. You buy Slots on the Lotto website, then are credited with Tickets at every distribution period (every 4hrs). You'll receive 1 Slot for every 0.001 HODL you deposit.
NOTE: You won't immediately get Tickets when you buy Slots to prevent gaming the system.
The rebase rewards are distributed as follows:
74% to winner
20% stays in lotto wallet (to counteract reducing rebase % over time)
6% dev fee
48hrs = minimum deposit time before you can withdraw your HODL
4hrs = ticket distribution time
24hrs = drawing time
Tickets never expire, even if you withdraw your HODL from the pool
You deposit 10 HODL into the pot. This gives you 10,000 slots, which rewards you 10,000 tickets every 4hrs your HODL is in the lotto pot. After 48hrs (the minimum deposit time) you have 120,000 tickets and decide to withdraw your HODL. Let's say at that point your chances of winning are 10%.
Since you've withdrawn your HODL, no new tickets are being generated for you going forward, but you keep your existing tickets. At the same time, everybody in the pot are generating new tickets, so your 120,000 tickets turns into less and less % of the total tickets that exist as new ones are created every 4hrs. Due to this, your chance of winning after the next 24hrs will reduce to e.g. 7%. After another 24hrs at the next drawing it'll reduce even more to e.g. 5%.
The 120,000 tickets you were given by depositing HODL never go away when you withdraw HODL, it just becomes less % of the total tickets that exist and your chances of winning go down over time if you have no HODL deposited in the lotto.
