$ICX Lossless Lottery
Development: Staking, Gambling, Gaming
The Staking Lossless Lottery is a fun saving game built on the ICON Blockchain, where nobody loses their initial bets. With Proof-of-Stake, interests are generated by locking-up digital assets and participating in consensus. Participants buy tickets by locking $ICX tokens in a smart contract deployed on the ICON blockchain. The locked-up tokens then generate interests through staking. Each week, a random draw is organized, and a lucky winner wins the whole pot of generated interests, but none of the initial bets from other participants. Thus, at any time, it is possible for participants to leave the lottery and redeem their tickets for the $ICX face value.
For the ones reading this post who are not yet familiar with the Staking Lossless Lottery, you may find the links below helpful:
About 1 month ago, we released the first version of the Staking Lossless Lottery Dapp, which can be accessed on https://lottery.stakin.com/. These 2 months have been the opportunity to measure the performance of the Dapp and gather feedbacks for future enhancements. We believe this Dapp can integrate with the larger ICON Ecosystem, for example with NFT projects such as Project Nebula, and with future stablecoin related projects such as Balanced DAO and OMM.
During this initial first month, the Dapp generated the below KPIs:
- 305 unique participants
- 751 transactions
- $ICX 8,356 in rewards across 6 draws (including $ICX 7,800 in sponsored rewards so far)
- $ICX 50,000+ in value locked in smart-contract
- 3rd rank in StateOfTheDapps in ICON category, 4th on DappReview, 4th on Dapp.com
The Dapp generated some media attention:
- Large spike in Twitter volume correlated with the Dapp launch and launch giveaway campaign, which attracted 1,141 participants
- Publications by niche media:
** Dapp.com: 2 Lucky Draws with No Loss, Get Your Crypto Treats Now!
** Finyear: Stakin lance une application blockchain décentralisée de loterie sans perte en capital
Our view is that the ICON Network now has a solid blockchain lossless lottery MVP that can be further enhanced and improved in order to prepare for the future and compete with existing solutions on other blockchain networks. We would like to keep iterating on this great product which can then integrate with larger ecosystem projects such as Balanced DAO and OMM, and offer stablecoin lotteries based on lending interest.
During this first month, Stakin has gathered multiple feedback from the community of early lottery joiners. The company is planning to use these feedback to release the ICON Lossless Lottery v2 Dapp. Below are the key features and projects that will be developed thanks to the grant.
In order to attract a larger number of participants, the prize structure will be modified. Instead of having 1 random winner winning the whole amount of rewards, there will now be 3 winners per week, including 1 large prize winner and 2 small fixed value prizes. This increases the overall % chance of winning at least some ICX in the lottery.
Sponsorship with NFTs, IRC-2 and IRC-3 tokens
The goal is to improve the sponsorship functionality of the smart contract which already supports sponsoring rewards with native $ICX tokens. With an improved sponsorship, we envision that it will be possible to add NFTs such as Nebula planets to the prize, or IRC-2 tokens such as TAPs, for example, bringing the Dapp closer to other community initiatives. It will also make the experience funnier for all and give a chance for sponsors to increase their audience and use the Dapp as a marketing channel.
Better Data Display and analytics
Many users are asking for more data to be available immediately from the UI. We would like to improve the UI and include information such as the number of tickets in circulation, total value locked in smart-contract, number of tickets in withdrawal state, position in withdrawal queue, and winning probability % as the primary data while buying.
In order to increase the number of users, we will organize 3 giveaways in the next 3 months, offering items such as ICON Swag, NFTs, and ICX tokens. We believe giveaways are a solid and efficient way to increase awareness, community, and attract new users.
The goal of this grant application is to finance the v2 of the ICON Lossless Lottery Dapp as well as the marketing activities. We estimate that we will need 4 months to complete these phase 2 developments.
- Month 1 (most likely December 2020): Design improvements for better data display, Giveaway #1: Christmas giveaway
- Month 2: Smart-contract modifications to include IRC-2 and IRC-3 sponsorship features and smaller prizes, front-end development for better data display, Giveaway #2: Lunar New Year’s giveaway
- Month 3: Testing and improvements
- Month 4: Launch of the v2, Marketing of the v2 of the Dapp, Giveaway #3: v2 Relaunch, reward sponsoring
Funding Amount Requested
We estimate that we will need $11,000 to successfully complete this project.
- 1 Full-stack developer: $3,000
- 1 Smart-contract developer: $4,000
- 1 Designer: $1,000
- Giveaways and reward sponsoring: $3,000
Total funding requested: $11,000 (4 months x $2,750)
Official team name