Binary Options, Price-action SCRT Prediction Market

ghost commented 1 year ago

Project Description

Binary Options, Price-Action SCRT prediction market.

Forecast is the first decentralized price-action predictions marketplace on Cosmos built-in Cosmwasm deployable on any Cosmwasm L1 ( Juno, Osmosis, Secret, Huahua, etc. ). The prediction market is governed by Czar DAO. The Pancake swap prediction market on BNB heavily inspires this prediction market. Our code is open source for users to verify the contracts and logic.

As a way to align interests and product market fit, we want to give the SCRT grant wallet 33% of fees generated from the SCRT predictions market. This way the grant will pay for itself with sufficient usage and time. In this way, the project can be a source of funding for future development efforts by the SCRT network. On JUNO in 4 weeks we've seen around 23k JUNO played in the markets, w/ the current industry standard of 3% volume fees that's ~700 JUNO in total fees. We expect, that as usage continues to grow and in a network with stronger usage such as SCRT, we can expect these metrics to be much higher.

With the SCRT Network's privacy packages, we can use sSCRT to play the rounds and give users privacy on their activity on the network.

Why someone might want to use sSCRT over SCRT?

Keeps usage of a price-action prediction market hidden
Any strategies used by the user can be kept as a trade secret
Mempool encryption means that the game theory of betting in the last block is enhanced

Users will still be able to see the size of the pot, and the size of each side, but not who bet where.

Project Links

Forecast JUNO Version

EVM Inspiration

Pancake Predictions

PRDT Finance

Team

We are a small, focused team of two developers at DeliverDAO. We are both ex-terra devs and native cosmwasm, full-stack developers.

Request / Grant Usage

Grant Timeline Total Estimate: ~4-6 weeks

Cosmwasm contract updates (~1-2 weeks) Indexer Updates (~1-2 weeks) UI Updates (~1-2 weeks)

Milestones

Start 5k
Testnet 5k
Mainnet 5k
100k SCRT played 5k (success metric)

Finish: Delivery of Forecast on SCRT Network for SCRT binary options.

Amendments: 2 milestones to 4, with one success metric more description on the scrt network privacy usage

Orageux101 commented 1 year ago

It's been pretty cool seeing this product launch on JUNO and it's clear the value the community has seen in your team! I imagine you would be looking to make SCRT binary options but using sSCRT.

That way people can buy options and acquire winnings without having to doxx their participation.

SecretSaturn commented 1 year ago

I like this prop. Since you are ex-terra devs, you might be eligible for the terra dev fund for your funding :). If you don't get funded either way, feel free to go the community pool on secret with this one.

ertemann commented 1 year ago

@professionallyatortoise Did you ever consider that because of the Privacy design on Secret you could do way more than just binary options on price?

I think the millionaires problem already perfectly shows how Users can bet on the binary comparison of 2 data points that are unknown to the public.

It would be a perfect way to take bets regarding ownership of certain assets, outcome of sport and other events and way more.

Id see people in market chat bet who has more of a certain token and prove it via a platform like this that supports permits and the limited data that it reveals.

YonatanE22 commented 1 year ago

Hi @professionallyatortoise , thank you for applying for a grant.Please reach out via TG - @Yonatan_SCRTLabs

scrtlabs / Grants