Degencanopy
Gamblers and speculators love crypto, they gonna love ReFi too. Degencanopy is an onchain gambling game with ReFi roots.
Created on 10th June 2023
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Degencanopy
Gamblers and speculators love crypto, they gonna love ReFi too. Degencanopy is an onchain gambling game with ReFi roots.
The problem Degencanopy solves
The crypto ecosystem is often seen as a giant casino by many. In some aspects, it is, and this has attracted new users (often for the wrong reasons).
With Degencanopy, we wanted to combine this somewhat shameful aspect of the ecosystem with much more transparent initiatives, such as ReFi, in a trustless and transparent manner.
Degencanopy is a game where you first need to mint a tree avatar (NFT). This tree grants you the right to participate in a lottery every week/month.
To maximize your chances of winning the lottery, you can upgrade your avatar, giving it a new appearance by watering it.
Half of the fees generated from minting and upgrading avatars are used to buy BCT tokens from the Toucan protocol (on-chain representations of carbon credits) on SushiSwap, and then offset them to effectively remove them from the market.
The other half of the fees generated is used for the lottery through a well-designed distribution mechanism. Every week/month, 20% of the remaining prize pool is up for grabs, and each player has a chance determined by their intrinsic level (the number of upgrades made on their avatar) as well as their level progression in the last period.
Lottery mechanism
- Enlist: you can enlist with any of your tree. Each tree will provide you a specific number of tickets for the lottery, according to it's height and how much he grew recently.
- Trigger Lottery: the lottery is fully decentralized so someone has to trigger it. It can only be triggered on Sunday UTC. If not triggered, the lottery continues until next week. When triggered it will designate a winner with a prace ranging randomly between 5 and 15% of the pool. The ensentive to trigger is to reveal the winner.
- Claim your winnings: Winner has 48 hours to claim his earnings. After that the next Lottery begins and he won't be able to claim his earnings anymore.
Challenges we ran into
Here are the main challenges we faced:
Integrating with DeFi: Finding a suitable DeFi project to partner with and setting up a Sushiswap route was one of the most complex aspects of the project. DeFi protocols have different functionalities, and their compatibility with our project wasn't always clear at the outset. Furthermore, Sushiswap routing can be intricate, as it requires understanding of the platform's architecture, tokens, and liquidity pool management. After some trial and error, we successfully set up the route, but it remains a work in progress.
Developing a fair lottery mechanism: Creating a lottery mechanism that was fair, transparent, and as decentralized as possible was another significant challenge. This involved careful consideration of probabilities to ensure the fairness and attractiveness of the lottery. We decided to let the player trigger the lottery, giving them the incentive of knowing if they won. However, this created new challenges in preventing manipulation and ensuring the mechanism was robust.
Designing the redemption process: Creating a mechanism for redeeming lottery winnings in a way that was secure, efficient, and user-friendly was also difficult. The process needed to be intuitive enough for users to easily understand and use, while also ensuring the security of the transactions and make sure the user can't reedeem twice.
Tracks Applied (2)