We are excited to announce the official launch of the Offertory decentralized lottery game which integrates Chainlink’s VRF Oracles to ensure on-chain verifiable randomness.
This game is an automated version of our Offertory Game which we first hosted manually as validation for a practical application of Prophet’s passive yield generation mechanisms.
This allowed us to generate trading volume via a decentralized and near no-loss lottery (winners earn the interest generated by the prize pool while losers receive all of their deposit back — less fees).
At the same time, 1% of tokens per transaction are burned which introduces scarcity as well as a growing price floor.
In conjunction, this ecosystem allows for a boost in trade volume, and buy-pressure, which can be leveraged into partnerships with other DeFi projects (see below for more details).
Play Now For A Chance To Win 1,400 PROPHET
The official app of the Offertory is now LIVE and you can enter here for a chance to win part of the ~1,400 PROPHET prize pool + accrued interest.
3 Winners for the first game will be selected on January 15 at 20:00 UTC. Everyone will be able to buy 2 tickets a day (200 PROPHET each) until then.
Here are the rules of the game:
- The prize pool is initially seeded with 1,400 PROPHET from our DAO treasury
- Participants may buy up to 2 tickets a day (directly from the UI). Each ticket costs 200 PROPHET
- There is a 7 day collection period (max 14 tickets per wallet)
- The prize pool will continue grow via PROPHET’s passive yield generation mechanism
- At the end of the collection period, 3 entries will be randomly selected via Chainlink’s RNG oracle (it’s possible for the same wallet to win multiple times).
- 1st place wins 60%, 2nd place wins 25%, 3rd place wins 15% of the total prize pool
- Once the winners have been drawn, everyone can claim all of their PROPHET back less fees (Note: everyone has 3 days to claim their tokens otherwise they’ll be used as prizes for the next lottery)
Note: Whoever calls the “Announce winners” function will receive 50 PROPHET as a reward since it’s a high gas transaction.
Offertory Contract Audit
Our strategic partners at Trinity helped us get the Offertory contract audited through Genji Sakamoto, the chief architect of Swipe.
The audit found a few issues, including a possible re-entrancy vulnerability, which has been fixed.
In addition, War on Rugs also looked over the contract and implemented several suggestions to improve security.
Read the full Offertory audit report here
What’s Next For Prophet?
Creating the Offertory dApp is a huge milestone in our roadmap because it gives an actual use case to the RFI-inspired passive yield generation. Many many clones and forks have launched with this feature yet few of them have actually created incentives to generate volume and make the protocol useful.
We will continue hosting iterations of the Offertory and optimize the game settings in a way that generates healthy volume and buy-pressure for the protocol.
After that, we will focus our efforts on partnerships, which will involve hosting lotteries for other projects (where their community have to buy PROPHET to enter), like what we’re planning to do for Trinity.
Simultaneously, we will explore integrating NFTs into the lotteries which can be an attractive partnership opportunity for many project communities.
In addition, we are also planning to set up a farming pool through Value DeFi’s FaaS platform. The devs are working on integration right now and we will update everyone shortly.
