Platform Utility & User Engagement
How to Use the Platform
Buying $BOB Tokens
Exchange: Purchase $BOB tokens on a supported exchange.
Transfer to Wallet: Transfer $BOB tokens to a compatible cryptocurrency wallet (e.g., MetaMask).
Connecting Wallet to Platform
Access Platform: Visit the Book of Bets dApp website.
Connect Wallet: Click on "Connect Wallet" and follow the instructions to connect your cryptocurrency wallet.
Authorize Transactions: Ensure your wallet is authorized to interact with the platform.
Placing Bets
Select a Pool: Choose the pool and token you want to bet on.
Enter Bet Amount: Specify the amount of $BOB tokens you want to bet.
Confirm Bet: Review and confirm your bet. The $BOB tokens will be deducted from your wallet and added to the betting pool.
Betting Pool and Distribution
Example:
Pool (Coin A): One wallet bets 1 ETH, and ten wallets bet 0.1 ETH each (total 2 ETH).
Pool (Coin B): Total of 3 ETH bet by multiple wallets.
If Coin B loses:
The total amount of 5 ETH (minus a 4% fee) is ready in the pool to be claimed by the winners.
Distribution is proportional, meaning the person who bet 1 ETH will receive a larger share compared to those who bet 0.1 ETH each.
Fair Betting Mechanism
Equal Opportunities: Bets placed early have the same value as those placed just before the pool closes.
Result Determination: Results are based on the percentage rise of the coins after 24 hours.
Fair Competition: Tokens are aligned based on similar MC/LP ratios to ensure fair chances of winning.
Betting Pool Duration
Pool Duration: Pools will stay open for 4 hours for placing bets. Multiple pools will run at all times to provide continuous betting opportunities.
Pool Result Duration: The results of each pool will be determined 24 hours after the pool closes.
Pool Rewards: After the pool is finished, the winners can claim their rewards.
Tax Allocation and Leaderboard Function
4% Betting Tax:
2% to Burn Mechanism: This makes the $BOB token deflationary by reducing the total supply.
2% to Treasury: This portion is allocated to the leaderboard rewards.
Leaderboard Rewards:
The top 10 participants on the leaderboard will receive rewards on a weekly basis.
These rewards come from the treasury allocation.
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