daredrop.xyz
@daredropxyz
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A decentralized, non-custodial, on-chain experiment that utilizes the embrace of risk in order to enable real yield for liquidity providers. Live on Arbitrum.
Joined September 2023
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Imagine fading the highest invariant yield available on chain, as well as better odds to make 3 digit multiples for risk enjoyers than any casino in the world, including digital.
Not to also mention everything being entirely decentralized, hands off, non-custodial, onchain.
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Dare results are determined by
@RandomizerAi
VRF, VRF fees are paid for, in $ETH, by the user submitting the dare. Fees are cheap!
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This was essentially a repost from femboy founder
@yvtweets
thread
There will be docs, diagrams, and overall better, more elaborate explanation on this in the future.
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The implications here should be straight forward, but for those of you that can't read longer than half a sentence without a Subway Surfers video playing in the background:
AIRDROP AIRDROP
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Things are cooking. This was intended to be a sleeper project from the start. Early participants and supporters will be heavily rewarded down the line.
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VRF requests are made with each dare attempt, and in turn, deposits/withdrawls are paused until the request is fufilled.
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Keep in mind this works both ways as well. Sometimes, the pool may earn more than 20%.
But this introduces another interesting mechanic...
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The contract is not audited. Invest at your own risk!
contract:
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In order for someone to have a 100% chance of winning the pot, they would have to bet at least ~130% of the pot amount at the time of the wager.
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Since the reward pool only grows over time, this resultingly creates an MEV opportunity to arbitrage the deposit/reward pool ratio whenever it dips below 20%.
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For example:
pool size is 100K USDC. A user attempts a dare with a wager amount of 1K USDC. The likelyhood they win the pot is 1%, (wager amount/pool size = 1/100).
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is A decentralized, modular, non-custodial gambling game live on
@arbitrum
. Offering 20% yield to liquidity providers at times when on-chain APRs are at record lows.
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On a game-by-game basis, it is more than possible for a dare to walk away with highway robbery. That's where the fun is! But, due to the law of large numbers, the yield for the pool will trend towards 20% ROI.
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Important things to note:
- Rewards are not claimable until games are completed. Games are not completed until a dare attempt is successful.
Reward pool size for each game goes up with each successful dare attempt.
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If pool size is 100K. The minimum bet for a 100% chance to win is ~134K USDC (134 * 0.75 ~= 100)
User who executed the wager receives 100k USDC (the entire pool amount) in rewards.
The 134K tokens are distributed as rewards to the pool, and the pool ends up turning a profit.
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Users can either deposit tokens into the drop pool and earn rewards for unsuccessful dare attempts, or attempt dares to try to win the pot.
Dares include a wager amount chosen by the user. Winning chances are directly proportional to wager amount in relation to pool size
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If the dare is unsuccessful, tokens submitted for the wager are distributed as rewards to the pool.
Rewards are directly related to each user's pool share. If 100K USDC is sourced equally from 10 wallets of 10K USDC deposits each. Each wallet in the pool earns 10% of rewards.
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But there's a catch! This is important
The example given was an over-simplification, In the live contract, there's a 25% cut taken out of each dare attempt.
20% in gratuity favored towards the pool, 5% in fees.
This is where the yield comes from for pool depositors.
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When someone wins a dare, the entire pool is sent directly to their wallet. No need to claim!
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If you withdraw before a game is completed, you are no longer eligible for rewards!
In turn, rewards for users still in the pool after each withdrawal goes up as their total pool share increases.
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