IBY — what happens in the background and why do we DeFi?
Decentralized finance is one of the best things that happened in the last decade. At least if you ask us. Why? Because it’s awesome, innovative, composable, liberating, equalizing, removing barriers, curing cancers.
Joking aside, we believe that DeFi is a liberation movement equal to 1968 student protests across the world times 100. High-level finance is finally taken from the elite’s hands and given to the people, reimagined and reinvented from the ground up. Instead of suits and loafers, it’s time for regular people like us to reinvent what it can’t or can’t do. And that’s why we are here. IBY will become the most straightforward entry to DeFi for the uninitiated.
But enough of DeFi propaganda 🤣 we are here to talk about IBY. We don’t want to make it complicated, but we believe that everyone needs to be aware of what’s happening in the background. So listen up! Here is the whole background story, well, at least the first step of the story.
I bet you is a protocol that allows personal betting and challenges. What happens in the front is very simple: someone agitates you enough to call them out and challenge them to a bet. Let’s say your friend Mate Misho thinks Khabib will come back from retirement in 2021, and you know that’s not true, but he’s so annoying you decide to silence him and call him out. To make it interesting, you decide to use iBetYou. You prepare the bet and lock 30 USDC (the equivalent of 10 beers, you gonna drink them together either way) and send it to him. You select your other friend Mislav to be your judge. He accepts the bet and locks his own 30 USDC, and chooses Eugene to be his judge. The bet is on, the tokens are locked. And here is where the magic happens.
When the bet is active, the stake is exchanged for maUSDC on Quickswap and held in the contract for the bet duration. The nature of maTokens is very similar to AAVE aTokens — they increase in value as the time goes. Mechanic is explained in this tweet storm from Nick Mudgen. Nick was instrumental in unlocking our brain chakra’s and solved our problem of creating yield in a gas effective way for the first phase of IBY, and he probably doesn’t even know it 🤣 . Nick FTW. Btw we are huge fans of aavegotchi if you haven’t noticed. And Polygon
Back to bets. It’s new years eve, the clock just stroke midnight. The bet is done! I won! The judges cast their vote and assign the victory to me. I am Victorious! The payout contract is initiated, the first thing that happens is the contract calls for the mint function to create a beautiful, handcrafted NFT. This becomes the certificate of my victory, the attestation to my greatness. I have won the bet on 1.1.2022 at 00:01, receiving 60 USDC as a consequence. The bet was: Khabib Nurmagamedov will come back from retirement in 2021 to fight again. The bet was initiated on 26th of March 2021 at 19:47 local time; judges were: Mislav, Dino. The winner of the bet and the person who was right was ME! Personally, this is much more valuable than any old money. I will use it DAILY as a reminder I was right, and he was wrong! Mate, you don’t know shit about UFC!
What happens in the background, the maTokens are converted back to USDC and to due value increasing nature of ma Tokens, we now have 70 USDC. The winner receives 60 USDC (his original stake + Misho’s stake). The rest is split between the judges, governance token holders (IBY DAO)and IBY treasury.
And that’s all, folks! At least for the first version. This is how I Bet You works now. Today! Go and challenge someone!
The future is bright and full of promises. We are currently working on many things, but one of the primary ones will be to add more options to create yield for the locked bets. Ideally, we will have multiple options that you as a user will choose depending on your bet, duration of the bet, the assets you staked in the bet, the network you are on (of course, we will be multi-chain).
Important links 👇
🌎 Website: https://ibetyou.xyz
📱 Twitter: https://twitter.com/ibetyouxyz
📢 Telegram group: https://t.me/IBYXYZ
🔔 Telegram announcements: https://t.me/IBYAnnouncements
✨ Telegram marketing: https://t.me/IBYBeyound
📚 Medium: https://medium.com/@ibetyouxyz