[DAO Discussion] - Would wMEMO holders consider gambling them?

1. General Discussion
#1

Hi there!
I’m Romuald, CEO of BetSwirl.
We’d like to share a proposition and get the community’s voice, feedback and opinions.

Background

Titano.finance and Sphere.finance decided to use BetSwirl’s games to add another gaming utility to their token, but most importantly a revenue stream used to boost their burning routine, so far:

  • 15M $TITANO burned (~47K$) - from the 3rd of June to the 20th.
  • 1.4M $SPHERE burned (~8K$) - from the 14th of June to the 20th.

Moreover, BetSwirl just announced its deployment on Avalanche…

Opportunity

By allowing $wMEMO’s holders to bet with $wMEMO on BetSwirl’s games, that’d generate revenue in $wMEMO from the games house edge, to:

  • Boost TIME staking rewards with $MEMO (by unwrapping $wMEMO)
  • Airdrop $wMEMO to current holders
  • Your idea?

$wMEMO betting flow diagram

Capture d’écran 2022-06-20 à 15.07.52
Capture d’écran 2022-06-20 à 15.07.521538×1138 70.9 KB

The rates are indicative here, we just did the same proposition than our other partners, it needs to be discussed.

Requirements

Wonderland to deposit an amount on the bankroll, being owner of it: deposit, withdraw, risk rate, house edge harvesting, min bet amount, Chainlink VRF v2 subscription owner, Chainlink Keepers to automate the house edge harvest.

That might sounds over simplified but we’d like to get your general opinion about “enabling gambling wMEMO” and “utility for Wonderland”.

Thank you in advance,
Best regards,
Romuald, and BetSwirl’s team.

#2

For me personal gambling is a welcome idea. It’s an opportunity for us to make passive income based on individual risk levels.The team should consider it as well as seek the opinion of other community members.

#Mythoughts

1 Like
#3

Audit status and amount required for this?

#4

Couldbe a nice interesting novel way to burn some wMEMO

1 Like
#5

We’ve been audited, and another audit is under assessment by Certik.
With a bankroll of 10k$ worth of wMEMO, the max payout (bet amount + profit) at a 2% risk (based on our simulation there’s unlikely of bankrupt at this risk), would be 200$ per bet, which means a revenue for Wonderland of 3.5$ worth of wMEMO (considering 50% house edge for Wonderland).

#6

This is a major conflict of interest and doesn’t make sense given we have a stake in Betswap, a leading competitor (with plans to have a casino/sports betting platform). Why not do the same thing with Betswap since we already own a sizable stake? Helping a competitor doesn’t make much sense when we hold so much Betswap.

2 Likes
#7

Isn’t gambling on crypto prices enough? :rofl:

3 Likes