We The Designated Survivor
“Hope you are doing well! We have completed the fixes for the issues you found in the report!”
The message was delivered with excitement as we await audit approval. Our team worked hard on upgrading the smart contracts and integrating them into the platform. Meanwhile, the UBET community eagerly anticipates the next round of feature enhancements.
The journey to having an on-chain sportsbook isn’t easy, which is why we are the most on-chain web3 sportsbook out there. We initially launched the sports betting DEX. We then made changes to our smart contracts to enhance our AMM, offering better slippage (better odds). Now, we have updated once again to optimize gas fees, improve push settlements, and structure revenue sharing for liquidity provision.
Although gas fees on EVM-base Layer 2 chains are relatively low for a single transaction, they become burdensome when creating hundreds of markets a day and frequently updating their odds. Optimizing gas fees reduces this burden, allowing more events, prop bets, and odds updates.
Push settlement was a feature that our community asked to improve for a while. It wasn’t obvious at first, but we found a nice solution and managed to update it in this round of upgrades.
Liquidity provision is the heart of DEFI. For a sportsbook where anyone can be the house, we are finally making this a reality! Until now, our focus was on acquiring bettors and enhancing their experience. We are now taking steps to support liquidity providers. To open up liquidity provision, we are validating and live testing liquidity pool dynamics, including impermanent gain and loss, and fine-tuning parameters in the price oracle and AMMs.
In total, we have undergone three smart contract audits, addressing every valuable point. Each batch of upgrades felt natural as we solved problems that appeared in order of severity.
One of the challenges in building an on-chain product is that we cannot continuously integrate and deploy. Thus, we continuously examine which features need to be included in the next batch of smart contract updates while product market fit priorities keep changing over time.
As a startup, it is not easy to afford three audits, and yet, we have done it. Audits are costly and add friction to the process. Many dApps avoid audits or get them once. However, DeFI apps involve financial transactions, and a single error can cause significant damage. While audits do not guarantee to prevent this, they can reduce the chance.
We probably have two more smart contract updates planned this year. What does it mean? We are making progress! UBET Sport is steadily and constantly moving forward in the `SportiFi = Sports + DEFI` space.
Ask your crypto friends, how many projects survived from the last bear market.
We The Designated Survivor.
References
Audit V3: https://ubetsports.io/s/UbetAuditReport6-12-24-v3.pdf
UBET SPORTS Reference:
Website: http://ubetsports.io/
Twitter: https://twitter.com/UBET__SPORTS
Telegram: https://t.me/Ubetsports
