Argo Lottery Guide

The beginning of Argonauts multi-phase roadmap. Phase 1 Begins.

Quick Recap

This is but a small addition to our overall Argonauts ecosystem, every new feature comes with more Argonauts utility

  1. The lottery is Argonauts Only. If you’d like to participate, go get an Argonaut off the floor on Minted or Ebisus!
  2. Holding more than 1 Argonaut gives you access to discounts on tickets
  3. The initial pool is bootstrapped by us, for the Argonauts. We’re committing an initial prize pot of 1,000,000 xARGO into the pool
  4. The inflow into the pool will be from lottery ticket sales and a portion of secondaries (on a monthly basis)
  5. The remaining xARGO from each round will continue to roll towards the next batch of winners, increasing the expected winnings

Burn

Mhmmm. 1% of of every round will be sent to our instant unstake mechanism. That means 75% of the xARGO is burned and while 25% is redistributed proportionally to xARGO pledgers.

Argonauts Discounts

Each Lottery ticket costs 200 xARGO. However, holding more than 1 Argonaut entitles you to a series of discounts, shown in the table below. Just note that the Argonauts have to be held in the wallet purchasing the ticket for it to count

Discount Table

ARGO Lottery

So enough about Argonauts. How exactly does this work?

How do people win?

Now imagine you bought 2 tickets A and B

Winning numbers
Ticket A
Ticket B

How are the rewards split?

For each tier, a percentage of the entire prize pool will be allocated as total winnings. Now, considering that getting more consecutive matches are increasingly improbable, the percentage split for each higher tier is exponentially more, meaning that a user with Match 6 is in for a MEGA windfall

Prize Bracket and Split

If there are no winners, where do the remaining rewards go?

Firstly, by probability, there will likely be winners. Every ticket has a 1 in 10 chance of winning Match 1 🙌

Can 1 ticket belong to more than 1 winning tranche?

No. If your ticket is a Match 2 winner, that ticket won’t be winning rewards from the Match 1 pool.

Lottery Details

Now that we’re done with the mechanics, let’s go into the details of the lottery for a recap on all that is important.

Lottery and Tickets

Cost of ticket: 200 xARGO
Max # of tickets per wallet: 20
Max # of tickets per round: 500
Duration of each lottery cycle: 44 hours

How To Get xARGO

For the farmers, you guys are xARGO whales by now, but for those of you that don’t have xARGO, there are two ways:

  1. Earn it via pledging xARGO on Argo Finance or staking liquidity on our partner platforms
  2. Buy some ARGO and stake it on Argo Finance for xARGO
Argo Finance Governance Page

Prizes

Initial prize pool funding: 1,000,000 xARGO
Flow into prize pool every cycle: 10% of all royalties (injected monthly via ARGO buybacks) + all ticket sales

Discounts

Discount Table

Up Next: Argonauts Phase 2

Not to be pedantic but to say again — this is but a small addition to our overall Argonauts ecosystem, every new feature comes with more Argonauts utility

Connect with us, Argonauts.

We are building a family here at Argo. Join our socials, keep up with our latest news, and chat with us, we look forward to answering any doubts and questions.

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