Argo Lottery Guide
The beginning of Argonauts multi-phase roadmap. Phase 1 Begins.
GM Argonauts 🔥
Argonauts Phase 1... Launch!
The Argo Lottery is coming TOMORROW AT 5AM UTC and before all the documents launch, we wanted to give you guys a full on guide on how it all works and functions.
I repeat: 17th September, 5am UTC
Before that, let’s run through what we’ve said in our previous article
This is but a small addition to our overall Argonauts ecosystem, every new feature comes with more Argonauts utility
- The lottery is Argonauts Only. If you’d like to participate, go get an Argonaut off the floor on Minted or Ebisus!
- Holding more than 1 Argonaut gives you access to discounts on tickets
- 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
- The inflow into the pool will be from lottery ticket sales and a portion of secondaries (on a monthly basis)
- The remaining xARGO from each round will continue to roll towards the next batch of winners, increasing the expected winnings
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.
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
What this means is that someone holding 10 Argonauts, they only pay:
200 * (100%- Discount ) = 200 * (100%-10%) = 180 xARGO for each ticket
So enough about Argonauts. How exactly does this work?
Well, more details will be out in our documents, but to share with everyone on the mechanics — The ARGO Lottery is a match 6 lottery game with multiple tiers of reward.
Argonauts are able to purchase lottery tickets (discounted if you hold more Argonauts) that have 6 consecutive numbers
At the time of the Lottery Draw, there will be a series of 6 consecutive winning numbers to be matched with your own tickets. From there, based on which tier of winners you belong to, you’ll receive a share of rewards from the following tiers: Match 1, Match 2, Match 3, Match 4, Match 5, Match 6
How do people win?
Now imagine you bought 2 tickets A and B
And on the day of the draw, the winning numbers are:
Your Ticket A is:
In the example above, five of the ticket’s numbers match the same drawn numbers, in the exact same order: all except the fourth one.
However, since the fourth digit does not match the drawn number consecutively, only the first three digits count as matching in order. The last two digits don’t count since they were not consecutively matched. This would win a Match 3 prize.
Your Ticket B:
Here’s an unlucky one, Ticket B. Even though the last five digits match, the first digit doesn’t match, so this ticket doesn’t win anything at all. Why?
Remember: The digits must match in order, starting from left to right. In this case, the first number isn’t matching at all and thus this ticket doesn’t win.
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
Now, what if there are 100 tickets with Match 1 then? Then the total pool allocation for Match 1 will be split to all 100 tickets equally.
Details of the split are as such:
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 🙌
Now I believe you’ll ask — why aren’t all the rewards allocated in each round? Whilst a lucky individual should be rewarded in a lottery, we believe the current split is already sizable enough (imagine being the sole winner of Match 6 — 500,000 xARGO 🤪 from the initial 1,000,000 xARGO prize pool)
Instead, the remaining prize pool will be sent to the next round for the next round of participants to win. If there are no mega winners, the prize continues to roll and Match 1 and 2 winners continue to win proportionally more rewards each round 😏
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.
However, if you are lucky enough, you can have multiple winning tickets!
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
Note: Max cap for tickets per wallet and tickets per round will be optimised and assessed going forward as we get more data and stability on the lottery
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:
- Earn it via pledging xARGO on Argo Finance or staking liquidity on our partner platforms
- Buy some ARGO and stake it on Argo Finance for xARGO
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
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
Even as Phase 2 begins, think bigger 🤔
That’s all folks! We’re excited for this launch and we’re definitely looking forward to seeing you guys win our rewards!
Smooth Sailing Argonauts! ❤️