It has been long anticipated that prediction markets, especially sports betting, are an open opportunity to build a protocol around it by a talented team. The decentralized nature of blockchain technology tends to dissuade oppressive global regulation towards sports betting platforms where these platforms flee to the countries with less regulative convergence toward it. Although these overseas betting platforms can get rid of regulators, the people who would be users to utilize their application might not be free of that regulation because of the country they reside. When the capacities of blockchain are being used through smart contracts, any person can use these emerging sports betting venues without the care of regulation through their pseudo-anonymous Web 3 wallets.
CronoSports is not only a decentralized betting application that pseudo-anonymous users can bet on; it is also a zero-loss betting platform. A user who bets with their funds on CronoSports doesn’t have a capital downside. They never lose money, although they would have the upside of winning if the outcome they wagered occurs.
Although it sounds too good to be true, the zero-loss mechanism is relatively straightforward and legit. DeFi pools frictionlessly enable it. The betting participants fund a bet’s smart contract. The value pooled together on that smart contract is delegated to a DeFi pool. It yields farm tokens for a couple of days, and the rewards collected from that yield are distributed to the winning betting participants. People who made the wrong prediction get their initial funds back while missing the benefits from the results. In other words, the betters don’t risk their money in the first place; they only risk the possibility of earning the amount of money that is collectively generated from yield pools.
For example, let’s say you want to bet with $100 USDC using the zero-loss bet platform. The outcome you have chosen would have a rate of 1.25x, meaning if you predicted the correct outcome, you will get +$25 as a total of $125 will be back to your wallet. Although if your prediction were wrong, you would get your $100 back with zero loss whatsoever. So you might ask: who is paying me $25 while preserving me to bear the downside? The answer is, as you were investing $100 into that smart contract pool, the other people’s funds were also invested there, and they were reinvested into an MMFinance pool in the case of CronoSports, locked there for a couple of days, and an additional amount of generated on top of the total pooled amount. If there were a $50,000 total amount invested in a match contract, 4-5 days of locking that total amount could generate $2000 in yields, and that amount would be distributed to the winners of the betting contract meanwhile the other people who lost the bet get their funds distributed back to them.
Homepage & Dashboard
Quite a lot of information is packed on the home/dashboard page on the CronoSports zero loss betting platform. On the top right corner, the user can connect their wallets to interact with the smart contracts through the CronoSports interface. Besides the connected wallet address, users can choose the network they want to operate on, although the CronoSports is only active on Cronos Chain at the moment. Deactivated networks can be seen when the network tab is toggled on: Binance Chain, Avalanche, Polygon. Network selection tab signals that the team of CronoSports has a long-term vision to make their application multi-chain.
Mentioning the long term horizons of what team wants to build around CronoSports, a demonstration can also be seen on the left side of the page where the different sports branches are there: Soccer, Tennis, Volley, UFC, Chess, Water Polo, Esports, Cycling, Golf, and Poker. While the platform is being developed, the matches that can be placed a bet on will be from Soccer dominantly due to the branch’s frequency of matches, as the team stated somewhere in their documentation.
In the popular matches section, three separate matches can be seen at the time of writing this article. Two of them are Soccer games, and one is a UFC encounter. It should be noted that Crypto.com is heavily involved with the UFC scene as Crypto.org Chain is a side chain to Cronos Chain; there could be sponsorship possibilities in the future.
The Active Bets section is also at the bottom-right of the homepage/dashboard, where users can see the live matches they participated in.
Match Details & Betting Page
Clicking on match details on the right side as a match is featured there, a user can also navigate to the game they are interested in by navigating to them at the bottom of the homepage on the Popular Matches section.
The match details page is remarkably dense. Let’s unpack that: Total value bet is the number of tokens that have been put in the betting contract that will be delegated to a liquidity pool of MMFinance to generate yield, so a zero-loss bet function is possible.
A period bar is placed in the middle of the page with three frames: Betting, locked, and claiming periods. Betting period is a time frame for betters to place their bets while investing their tokens in the contract. Locked period is a time frame for pooled funds to be used in a liquidity pool to generate reserves for bet winners to be funded. Claiming period is when the winners and losers can claim their funds back, winners with the additional premium amount they have won by successfully predicting the outcome, while losers get their exact amount of funds they have invested in with zero loss.
Pool Information, Amount & Details
Navigating to the Pool Information section, details about the pool invested in for the yield can be seen. Also, the funding token and the selected pool’s APY are displayed. Player Number, which is the total amount of betters who interacted with the betting contract, is stated. Last but not least, the contract address is shared for those who would like to check the contract details from the source.
There are many betting options on CronoSports, which is surprising given that the platform is very new; the team is moving towards building an intricate outlet from day one.
For Soccer, the betting options can be put in order as
- Match’s outcome,
- Goal/No Goal,
- Accurate score.
The betting options for a UFC encounter can be put in order as Winner, KO, Final Bell, Over/Under, Round, and Method.
Staking and Revenue Sharing: GambleFi – The Parent Project
CronoSports is a SaaS(Software as a Service) that allows users to interact with smart contracts through an easy-to-use interface instead of being a DeFi platform.
The parent project of this SaaS is a project called GambleFi DAO. This DAO has its token and governance mechanism, building a betting ecosystem while creating its economy through rebasing currency Betify, its bonding mechanism, and booster boxes. We will not go into these in detail in this article, but the staking and revenue sharing mechanism of GambleFi is worth mentioning as they are introduced on the navigation bar of CronoSports.
The staking mechanism of Betify is plain. The Betify tokens minted or bought at the market can be locked on GambleFi’s smart contract to generate yield. The yield is coming from bond sales of the GambleFi that is earning from rebasing rewards.
When Betify is staked, an equal amount of Betslip is exchanged to replace Betify tokens for a later claim. These Betslip tokens can be wrapped into becoming WBetslip to lock in the revenue share pool for a pre-disclosed time frame where a part of the monthly treasury earnings of GambleFi is being distributed to the contributors of the pool.
In this case, the staked Betify tokens generate revenue through bonds; meanwhile, the corresponding amount of Betslips tokens taken in exchange for staked Betify tokens generate an additional income by becoming Wrapped Betslip Tokens via the revenue-sharing pool.
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