Moonpot x Beefy Finance

This post was originally published on Beefy Finance

The win-win lottery on Binance Smart Chain

It’s been a long time in the making, and we are now pleased to announce the imminent launch of Moonpot.com, powered by Beefy Finance.

Moonpot has been built by Beefy devs, with the support of new partners and new team members. As with everything we do at Beefy, the safety of your funds is our number one priority. And Moonpot has been built with this in mind.

The code was already audited by Certik, and we will be launching an Immunefi bug bounty specifically for Moonpot soon.

We’ve been teasing for a few days with our Twitter videos and now we are ready to tell you a bit more about what we are launching next Monday, Jul 19.

What is Moonpot?

Moonpot is a win-win lottery on Binance Smart Chain that rewards everyone who takes part.

Deposit crypto in one of the savings pots and you are automatically entered into a weekly lottery. Moonpot prizes will already be worth tens of thousands of dollars (paid in crypto).

biswap

Your deposit acts as your entry ticket, but is never at risk. Even if you don’t win the Moonpot lottery, your deposit will always get bigger thanks to the interest paid on your assets.

Think of Moonpot as a crypto savings account that also enters you into a regular big-money lottery.

How will I play?

The first CAKE Moonpot game will go live on Monday July 19. There will be a CAKE prize, and CAKE interest. Plus for the first week, there will be a bonus prize of $40,000 of BIFI, as well as bonus BIFI interest on your deposit.

To play the Moonpot lottery, it’s as simple as depositing your CAKE into the savings pot on Moonpot.com, next week.

You don’t have to buy tickets or check their ticket numbers to see if you have won. Each week the smart contract will randomly select five winners from the users who have deposited tokens into the Moonpot.

To begin, Moonpot will offer a CAKE pot as it’s the most popular asset on BSC.

How can I trust the winners are picked randomly?

Like Beefy.Finance, Moonpot is a project where code is law, and the system is provably fair.

Each lottery winner is picked via an objective third-party random number generator. The code can be checked and no one at Moonpot or Beefy has any way of influencing who wins.

For those who want to do a deep dive on the details, the Moonpot protocol uses Chainlink VRF (Verifiable Random Function) — a provably-fair and verifiable source of randomness designed for smart contracts.

You can read more about it via Chainlink’s documentation here. But the short version is that using Chainlink VRF means prize winners are guaranteed by code to be randomly picked.

It’s a provably-fair process that takes place with zero involvement from the Moonpot team, and which can be 100% verified by anyone who wants to check the cryptographic proof.

Won’t the whales always win?

What’s the point in taking part if I am a little fish?

Users with the largest deposits will of course have the greatest chance of winning. Because your odds are directly proportional to your share of the deposited assets.

You can visualise it as getting 1 lottery ticket for every 1 CAKE you put in the pot. Someone with 100,000 tickets is therefore statistically more likely to win than someone with just 1 ticket. But the thing is it’s a lottery.

So anyone can win. And winners are picked entirely at random thanks to Chainlink’s VRF.

Because anyone with a ticket is a possible winner it means little fish will indeed win from time to time. That’s the nature of chance and statistics.

And when they do, they will receive a huge payout compared to the amount they put in.

That’s the point of taking part. You have to be in it to win it. Why play any lottery? Because it’s a fun way to win big. And, thanks to Beefy, with Moonpot you earn interest on your entry rather than having it taken from you. Win-win.

Would I be better off just using Beefy?

This is a good question, and comes down to personal choice. The facts are that Moonpot is a Beefy Finance product.

Moonpot’s savings pots utilise Beefy’s yield farming strategies.

If you stake directly on Beefy your assets will earn more interest over a calendar year than if you use Moonpot. But there is no lottery element on Beefy.

If you deposit via Moonpot then you still earn daily interest, but also have the possibility of a huge lottery win every single week.

Over a calendar year that means guaranteed interest on your assets, and 52 lotteries where you could win big. Really big. It’s up to you which strategy you prefer.

If in doubt then why not split your assets across both platforms? There’s no minimum deposit.

How will this benefit Beefy and BIFI holders?

Moonpot.com is fully powered by Beefy.Finance. That means all deposits into Moonpot will add TVL and revenue to Beefy.

The more CAKE in the CAKE Moonpot, the more CAKE on Beefy.

Beyond that, Moonpot will be providing 25% of the entire supply of $POTS tokens to Beefy and its users:

  1. 22.5% of the supply (2,250,000 tokens) will be reserved to be used as Launchpool boosts on BSC vaults
  2. 2.5% of the supply (250,000 tokens) will be vested directly into the Beefy Treasury

That’s right, Moonpot has its own token $POTS which acts as both a governance token and revenue sharing mechanism. The token will be generated on August 2.

By holding $POTS and staking it in Ziggy’s Pot, their governance pool, you will receive a proportional amount of Moonpot’s revenue. Like with BIFI Maxi, these rewards will be in $POTS that come from open-market purchases, creating buying pressure on the token itself.

$POTS is also a fair and equitable way of distributing voting power in the platform. The more $POTS you have, the more voting power you have. The reason behind this is simple.

Token holders will be concerned with the health and success of Moonpot due to the reward mechanism mentioned above. Users with larger amounts will have more of a stake in the platform and its longevity.

OK, I want in. What shall I do now?

The first CAKE Moonpot lottery will go live on Monday Jul 19. So have some CAKE ready to deposit when it is launched.

We have a few more surprises in store for everyone before then, so follow Moonpot at twitter.com/moonpotdotcom to stay up to date with every announcement.

You can also be one of the first people to join the conversation in the Moonpot Telegram t.me/moonpotdotcom.

You’ll already find a few familiar Beefy faces in the chat.

Join the Cowmoonity

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Moonpot x Beefy Finance was originally published in Beefy Finance on Medium, where people are continuing the conversation by highlighting and responding to this story.

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