Prediction Market Module

r2moon commented 3 years ago

Project Description

The Prediction Market Module is a fun and simple decentralized prediction market. Predict whether SCRT's price will rise or fall – guess correctly to win!

It's easy to take part:

Predict if the price of SCRT will be higher or lower than it was when the “LIVE” phase starts.
If you enter an “UP” position, and the SCRT “Closed Price” is higher than the “Locked Price” at the end of the 5 minute LIVE phase, you WIN! And if it’s lower, you lose.
If you enter a “DOWN” position, and the SCRT “Closed Price” is higher than the “Locked Price” at the end of the 5 minute LIVE phase, you LOSE! If it’s lower, you win.

Modeled after PancakeSwap:

prediction

Link: https://pancakeswap.finance/prediction

Problem / Solution

Currently, there is no prediction market part of the Secret Network ecosystem. In particular, SecretSwap can benefit from a gamified prediction market tracking SNIP-20 assets that encourages users to regularly participate based on their conviction on market conditions. The solution is a PancakeSwap style prediction market that empowers users to engage with a predictions market.

Go-to-market Plan

This prediction market can be advertised by Secret Network & SecretSwap via twitter, newsletter, discord, telegram, podcasts, etc. to raise awareness around this new feature. Because the prediction market will be tracking SNIP-20 assets, there will be increased usage on SecretSwap because of the prediction market. Ultimately, more SecretSwap usage will help increase demand for SEFI.

Value Capture

Increase in SCRT gas usage, increase in demand for SEFI, increase in awareness and adoption for SecretSwap. Additional value for any asset being tracked on the SecretSwap Prediction Market.

Team Members

Ryuhei matsuda

Team Experience

https://www.linkedin.com/in/ryuhei-matsuda/

Team Code Repos

https://github.com/ryuheimat

Development Roadmap

Milestone 1. Prediction Market Secret Contracts on testnet - 2 weeks (July 12 - July 25)

Write smart contracts and unit tests.
Deploy on testnet

Milestone2. Extensive testing & code audit - 1 week (July 26 - August 1)

Milestone3. Front-end integration - 1 week (August 2 - August 9)

Front-end creation and testnet integration
Do beta test
Deploy contracts on mainnet and integrate to frontend

Grant request

7,500 SCRT at the completion of milestone 1
7,500 SCRT at the completion of milestone 3

cankisagun commented 3 years ago

Can we also add SEFI price predictions to this proposal (bet in SEFI and rewards in SEFI) and burn 1% of the rewards pool?

r2moon commented 3 years ago

Can we also add SEFI price predictions to this proposal (bet in SEFI and rewards in SEFI) and burn 1% of the rewards pool?

That's a great idea. We will add SEFI price prediction. So we will add SCRT and SEFI prediction at the initial launch, then will add other popular SNIP-20 tokens based on community proposals.

scrtlabs / Grants