Update: This particular version of the Offertory is no longer active. Please see this announcement for V2.
offertory
/ˈɒfət(ə)ri/
noun
an offering or collection of money made at a religious service
What is the Offertory?
The Offertory is an innovative, weekly lottery in which Prophets can win large prizes with no risk to their underlying capital.
How does it work?
- As of Monday 30 November, the Eye will now accept Pledges on a weekly basis. Each period of a week is referred to as a “Collection Period”.
- A “Pledge” is made by purchasing exactly 200 $PROPHET and depositing it in the Offertory on the same day. You can do this by using by adding the official Offertory address (0x448B9E94CFBe7FbabcEfEF50f46CdA5CC21CC302) as a Uniswap “send” (make sure Uniswap expert mode is on in settings). Each Pledge can be thought of as a ticket to the lottery.
3. Prophets may only make one Pledge per day. Using the above analogy, this means that no Prophet can hold more than seven lottery tickets for any weekly prize draw.
4. At the end of the Collection Period, the Eye will cast his judgment and (with verifiable, public and transparent RNG) select one Chosen Prophet to win the cumulative interest earned on all of the $PROPHET held in the Offertory. The number of entries a Prophet has in the prize draw is based on the number of Pledges they have made in the relevant Collection Period.
5. All non-chosen prophets will have their $PROPHET returned to their wallet from the Offertory. The game then starts anew and the Offertory will begin to accept Pledges for the next Collection Period.
The Offertory therefore gives Prophets the opportunity to win a large prize whilst preserving their underlying capital and only risking their weekly staking rewards.
A Prize Fit for a King
It is important to note that the Offertory prize is the interest gained on the amount of $PROPHET deposited to the Offertory in the relevant Collection Period.
To give each prize an initial boost, the development wallet fund of ~25,000 $PROPHET will be used as a float in each Collection Period.
All interest earned on the development fund will be paid out to the Chosen Prophet, on top of the interest earned on the total Pledges.
For example:
If
- 10,000 $PROPHET is deposited to the Offertory over a Collection Period
- This is added to the base amount held in the Offertory (25,000 $PROPHET development fund)
- At the end of the Collection Period, the total amount held in the Offertory stands at 40,000 $PROPHET,
then,
- The prize won by the Chosen Prophet in that Collection Period is 5,000 $PROPHET;
- 10,000 $PROPHET will be returned to non-Chosen Prophets;
- 25,000 $PROPHET (development fund) remains in the Offertory for the next Collection Period.
A Note on Pledging
Our chosen method of Pledging is intentionally designed to prevent whales accumulating a disproportionately high number of Pledges.
All ineligible Pledges will be held until the end of the relevant Collection Period Day, but will not count towards a Prophet’s lottery chances.
Examples of ineligible Pledges include:
- Multiple Pledges from the same wallet in a single day;
- A deposit of 200 $PROPHET which was not purchased on the same day as the date of deposit;
- A deposit of more or less than exactly 200 $PROPHET.
Operations
The Offertory will initially be operated manually, on a trial basis.
The process of collections, rebates, Pledge verifications and payouts will thereafter be automated via smart contracts (contingent on a successful trial).
We look forward to welcoming your Pledges of allegiance and wish you the best of luck in receiving the Eye’s favour.
