Announcing LotTHO Lottery, starting with a $100K guaranteed prize pool!
In a previous article, we introduced LotTHO Launchpad, our brand new multichain lottery-style launchpad that will be inaugurated soon with our first project partner (more info about this to come soon!).
Introducing LotTHO Launchpad, our brand new Launchpad model!
Discover LotTHO, our brand new Launchpad model! Users will have the opportunity to earn massive allocations with only……
Today we’re introducing LotTHO Lottery, a simple and fun way to experience an adrenaline rush and potentially win big money every week! Also BIG, is the fact that we will launch our first lottery with a $100K GUARANTEED PRIZE POOL! 🤩
A new product that will bring a lot of value for our token holders!
Built on our core principle (Token Holders First!), our new lottery system will distribute the most part of its income to the participants while increasing the value of the THO token.
ℹ️ Note: Our first lotteries will occur on the Avalanche network. There is a tutorial you can follow at the end of the article to know how to buy tickets.
By storing THO used by users to purchase tickets into the Thorus Treasury, while the lottery will distribute DAI tokens to the winners (note: this is for the first lottery and it may change with the next ones)!
- THO used for the lottery are removed from the circulating supply, creating more scarcity
- Buying lottery tickets requires THO and this creates buying pressure + swap fees for the protocol
- If the amount of purchased tickets using THO exceeds the minimum prize pool, THO’s price will go up, and so will its backing price
- Thanks to the prizes being paid out in DAI for this first lottery, the THO tokens don’t get sold by the winners!
- For the next lotteries, even though the prize pool is composed of THO token, the balance for the Thorus Treasury will still be net positive as the platform will earn fees from the lottery itself and all the token swaps, supporting the THO backing price!
More interesting features will be added soon to our current lottery system!
How it works 😎
The Thorus App users can buy an unlimited number of tickets with THO token (of the Avalanche network) to get one or several chances to win a Lottery Winning Ticket. During each purchase, tickets are randomly generated.
The unit price of a ticket for this very first lottery will be 20 THO (approximately $5 worth at the time of writing). It will be displayed on the user interface once the lottery is launched.
Every ticket has a chance to win regardless of which wallet purchased each ticket. So a user who buys multiple tickets could even win several prizes for the same lottery! 🍀
After a full week from the day the lottery started, the winning tickets are randomly chosen via a verifiably random method, and the DAI prizes can then be claimed by the winners on the Results section!
How is the prize pool determined:
For the first lottery, Thorus guarantees a minimum prize pool of $100,000, using DAI from its Treasury.
From this measure, two scenarios are then possible:
👉 If the value of purchased lottery tickets exceeds this threshold (at THO backing price), Thorus will use 60% of the exceeding funds to increase each winning prize proportionally, 20% will go to the next lottery’s prize pool, and the remaining 20% will go to the Treasury to bolster the Thorus ecosystem.
👉 If the value of purchased lottery tickets doesn’t exceed this threshold (at THO backing price), the Treasury will cover the difference for the guaranteed DAI prize pool of up to $100K worth.
Until $100K (at THO backing price) purchased tickets is reached, all the raised THO tokens are going towards Thorus Treasury and STATIK Reserve.
Depending on the success of the first lottery, the following will be tuned in several areas: payout medium ratio, stable bond offerings, and Treasury guarantees.
Funding prize with Treasury assets such as DAI token is provisory to support the price of THO. After that, we will be balancing THO and Treasury strength to ensure a growing Treasury and THO price through optimizing payouts and bonds.
Who wins what?
There will be multiple winners!
- 1 Single Lucky Winner that will win the Grand Prize (60%) 🤑
- 1 Winner that will win 20% of the Prize Pool
- 1 Winner that will win 10% of the Prize Pool
- 10 more Winners that will each win 1% of the Prize Pool!
Wen first lottery ser? 🔥
Lottery’s contract and user interface are ready, and its audit is ongoing. It should be back any day now.
The first lottery will occur Wednesday, February 16th – pending final audit.
How to buy tickets 🛒
In this tutorial, we assume you already have:
- Some THO tokens to buy the tickets (see how to buy THO here)
- Some AVAX tokens to pay the transaction fees (see how to get your first AVAX here)
- A wallet connected to Avalanche Network (see our tutorial here)
Ready? Let’s go!
1- Go to the LotTHO section of Thorus App (1).
2- Connect your wallet (2).
3- Click on the “Buy Tickets” tab (3).
4- Type the amount of tickets you want to purchase (4).
5- Click “Buy Tickets” (5) and confirm the transaction with your wallet.
6- After a full week from the day the lottery started, click on the “Results” tab (close to the “Buy Tickets” tab) to see if you have won! If so, congrats! The DAI prize will be sent directly to the wallet address used to purchase the winning ticket! 😊
⭐️ Keep in mind that you are allowed to buy as many tickets as you wish (and therefore you can win multiple prizes!), with each subsequent purchase increasing your odds of receiving a winning ticket. Each cycle will run during 7 days, which means you can diversify your ticket purchases over multiple days! ⭐️
Let’s get this game started! 🎲
Want to know how the winners are randomly chosen?
Even though it is a bit complicated to explain simply how the winners are randomly chosen, we will try to offer some clarity about this important subject.
1- So, people start buying tickets. First buyer gets ticket #1, second buyer gets ticket #2, third gets #3 and so on.
2- As more tickets are being bought, existing tickets numbers get constantly mixed by a random algorithm. So at the end of the round (after 7 days), buy order will not be relevant as ticket numbers already got randomized (they will not be chronologically ordered) via a Solidity function described below.
For example there are 1000 Tickets bought and someone buys 1 ticket. This ticket gets a random number of let’s say #347 by the contract. Therefore the ticket of the person who had the number #347 now gets the number #1001.
3- We then choose a block in the future. It could be from 10 to 30 blocks after the lottery round has closed. Let’s say we chose 10 blocks away.
A hash attached to a block is a random number in hexadecimal numeral system. Being a big number, we convert that in the decimal numeral system, via the Solidity function described below.
4- After that, we divide that number from module by the total number of purchased tickets. This will give us a number which is from 1 to the exact number of purchased tickets.
Depending on the hash it chooses let’s say ticket number 93 to be the first winner. So ticket number 94 will be the second winner and so on.
Note that hash numbers are completely random generated.
5- The block of the winning hash is being chosen by block.number (when the lottery ends) + 10 (which means 10 blocks after the lottery ended).
Thorus is an all in one cross-chain DeFi Platform with an adaptable treasury system, and a token holder first approach. All protocol functions are designed to reinforce this mentality. Each feature is part of an ecosystem that continually drives value back to the THO token, benefiting holders and stakers above all.
The project also aims to be amongst the first AMM’s with Protocol Owned Liquidity (POL).
If you have any questions or thoughts, please join us on our social networks!