BitSwing Campaign #1: Conclusion
Just a week ago we spotlighted the first dApp built using Band Protocol’s decentralized oracle which provided a secure, reliable real-world financial data feed to decentralized applications.
We spotlighted BitSwing to showcase how smart contracts can consume time-sensitive data and use Band Protocol’s decentralized oracle to perform logics within one transaction!
Instantly, BitSwing’s reception among the blockchain community was highly positive with its intuitive user experience and fun factor for non-traders and traders alike.
BitSwing Usage & Statistics
Over the course of a week, BitSwing has netted over 52,000 individual transactions from 283 unique addresses.
The Binary Option smart contracts have gained 145 ETH during the week — accruing value of 52.8 ETH in the price dataset. This 52.8 ETH is representative of the data query revenue and will be distributed among data providers and Dataset token stakers.
Doing a simple financial projection, assuming using a rate of 52.8 ETH in weekly revenue, the price dataset is on track to net 2,745 ETH per year in accrued value. If one assumes a yield of 5% for stakers, the dataset would be valued at 54,900 ETH or $10,000,000+ USD at ETH’s current valuation — from one single dApp alone.
Trading Competition and Lucky Draw
From September 11th, 2019 at 12 PM UTC to September 17th, 2019 at 12 PM UTC, every user had a chance to earn tickets to a lucky draw by winning 3 consecutive predictions — for a total prize pool of 50 BNB and Band T-shirts.
We have seen overwhelming interest from the community, with the top player collecting 77 tickets. Probabilistically, it would take 1,155 predictions to earn that many tickets! The top player used only 998 transactions — beating the chance by a considerable margin. Still, that would take almost 20 hours of play time. Kudos to 0x960C62B9024d643fBb8059093c68f02647D1df83 for playing BitSwing to such extent.
With such commitments, we decide to reward dedicated players even more. Therefore top 5 players were chosen for 1 BNB airdrop + T-shirt. Plus, they will be rewarded an additional of 100 BAND tokens. The remaining 45 players are chosen randomly from the ticket pool (players with more tickets have more chance).
Result of the lottery draw
Winning players must go to https://BitSwing.io, click on the “Claim Reward” button, and follow the instructions to claim the reward. The players must claim reward before September 21st, 12 PM UTC. Band Protocol team will contact the winners for the airdrop arrangement soon after.
In Summary
Developers are now empowered to build dApps with superior UX without onboarding any unnecessary systematic risk for the users.
We’d like to thank everyone who participated in this exciting campaign.
Due to popular demand, we are also thrilled to announce that BitSwing will be released onto the Mainnet, scheduled on September 30th. Stay tuned as there will be more campaign to reward our loyal users.
The upcoming month will be huge for Band Protocol, stay tuned in our community channels for our airdrop campaigns as well as a community ambassador program.
Official Telegram Channels
🌎 Announcements: https://t.me/bandprotocolann
🌎 English: https://t.me/bandprotocol
🇨🇳 Chinese: https://t.me/bandprotocolCN
🇰🇷 Korean: https://t.me/bandprotocolKR
🇻🇳 Vietnamese: https://t.me/bandprotocolVN
- Paul Nattapatsiri, CPO at Band Protocol
About Band Protocol
Band Protocol is a data governance framework for Web3.0 applications operating as an open-source standard for the decentralized management of data. Band Protocol connects smart contracts with trusted off-chain information, provided through community-curated oracle data providers. Blockchains are enabled to connect with any web API, with DApps able to request and use data that has assured integrity through dPoS economic incentives, with one simple function call. Developers using Band Protocol will be able to easily build and manage off-chain oracles, reputation scores, identity management systems and much more.
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