The New $WINR
This will be our first article of a series explaining the new JustBet smart contract framework and the product. As you may or may not know, $WINR is the native token of the JustBet platform. It was always intended to be a complex way of rewarding the gamblers on the platform, and have them take a share of the revenue generated by it. We have previously ran thousands of simulations, and came up with a minting formula to make sure the emissions match the profit generated through the smart contracts.
While this is still our goal, we have slightly changed the utility behind WINR to make sure the platform rewards liquidity providers, and those who mint WINR, as its name suggests, always wins. To achieve this, we went back and looked at our tarditional (yeah, if TradFi is TardFi, why can’t the TradCasinos can be TardCasinos, right?) competitors and their cashback model inspired us to position WINR with a better utility in the new version of the platform.
The traditional cashback model on online casinos is offering a portion of their wagers back. This is either offered as a direct back to the user balance, or through a voucher code which the user can redeem as cash back. This model has proven to be statistically profitable as gamblers tend to wager more as they know they would be getting part of their money back, until they hit the jackpot.
This model is especially a great marketing tool having no practical way of providing a deposit bonus as a completely decentralized smart contract framework. On top of it, having no casino wide jackpot except daily lotteries, we had to find a way to make sure this cashback has a value beyond what was lost through wager to use it as a way of attracting gamblers, as well as having them as returning users. It is also worth noting that the gamblers are very familiar with the term cashback, and will have an easier time understanding what they are offered as a bonus if they wager through JustBet.
vWINR (vested WINR) will be minted on each bet through a formula which can be simply explained by multiplying the amount wagered by the risk taken. A gambler will be able to lock their vWINR for a fixed amount of time, 180 days. WINR can be bought on the open market, and locked as vWINR to get real yield in Ethereum on the vWINR pool. Users who lock their vWINR will enjoy a 0.2% cashback on every amount wagered on the platform, indefinitely. This means a gambler can simply use their cashback to get yield as long as they keep their vWINR locked. vWINR can be redeemed as WINR after 180 days, or after 15 days with a decaying penalty. Next week we’ll be diving into details about WINR to vWINR conversion (and technicality behind it), as well as the penalty and the source of the yield.
We are on-course with our development program, and will be releasing an incentivized public beta early next year followed by the mainnet release. Until then, these weekly articles and the upcoming Gitbook will provide insights on JustBet v3.
Thank you for reading frens.