Lottery
The Lottery Reimagined
Let's face it, traditional lotteries are outdated. Buy LotX once and stay eligible for all future lotteries for as long as you hold and get paid in RevShare income while you wait. The more people that play the lottery, the bigger the jackpots and the more RevShare income you earn. So tell your friends!
How To Win
Lottery Tickets
Each $50 spent on LotX tokens grants you one X lottery ticket. The more you invest in USD, the more tickets and better winning odds you get. Winners are selected transparently and fairly through our smart contract, utilizing Chainlink VRF for verifiable randomness. Learn more about Chainlink VRF.
Fairness
We use USD for ticket measurement and not tokens to ensure fairness. This way, everyone's chance of winning remains consistent, regardless of when they buy LotX. For example, if one person buys 1 ETH worth of LotX early, and it later values at 10 ETH, and another buys 1 ETH worth of LotX later, both have equal chances in the X Lottery.
Odds of Winning
Calculating your odds is straightforward:
Formula: (Your Tickets / Total Tickets) x 100 = Your Winning Percentage
Example: If you have 50 tickets out of 7800, your calculation is (50/7800) x 100, giving you a 0.64% chance to win, or odds of 1 in 156.
Lottery Logic
Our smart contract randomly sets each lottery's parameters within predefined ranges:
Duration: Between 4 and 24 hours.
Jackpot: Between 20% and 50% of the total Lottery Pool.
As the countdown concludes, a lucky LotX holder wins the X lottery. Immediately after, a new countdown for the next draw begins.
Prize
Transaction taxes accumulate in the Lottery Pool. More volume? Bigger Jackpot! If the Jackpot is unclaimed by the winner for 48 hours it rolls over into the next Lottery. Claiming Your Winnings Choose between ETH or LotX tokens.
Benefits of claiming in LotX:
Increase your chance of winning future lotteries.
Increase your RevShare income.
Bypass LotX transaction taxes.
Contribute a 1% fee to the MegaLottery pool.
Exploit Prevention
In order to prevent lottery exploiters from buying just before the lottery ends we have implemented this unique feature:
Dynamic Sell Tax
Initial Sell Tax: When you first purchase LotX tokens, the sell tax starts at a higher rate.
Decreasing Over Time: This tax rate decreases gradually the longer you hold your tokens.
Final Sell Tax: Eventually, it reaches a lower threshold, minimizing your tax burden when you decide to sell.
This deters players from buying big just before the Lottery ends to win and sell their LotX tokens immediately after.
Rewarding Loyalty
As an added benefit dynamic sell tax rewards loyalty by taxing jeets and mercenaries at higher rates and loyal holders pay low taxes. Allowing for more RevShare rewards and bigger lotteries.
Sell Tax Gamification
The lottery is a game and this protects the fairness of the lottery and adds some rules everyone must play by. It's fun! and it's easy to meme 😂
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