We are excited to announce the successful deployment of the Lucky8 token and the lottery contract on Ethereum mainnet!
Starting now, you can trade $888 on Uniswap to get prepared for the first lottery taking place on Friday December 22nd 3pm UTC!
We intentionally set a 2-day gap between the token launch and the actual first lottery draw, so everyone has some time to migrate their tokens, fully understand the tokenomics and understand how the lottery works.
To migrate your tokens, bond them, and mint lottery tickets for the first lottery draw, go to lucky8.money
The $888 token
$888 is Lucky8’s token that comes with a natively implemented 10% buy- and sell tax. The earnings resulting from the buy- and sell taxes are split as follows:
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40% Lottery Prize Pot (converted to USDC)
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40% Protocol-Owned-Liquidity
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20% Bonding Rewards
The two main utilities of $888 are lottery participation, and protocol governance:
Lotteries: By bonding $888 tokens, lottery participation is granted. This allows everyone with bonded $888 to mint one lottery ticket per bonded $888. Additionally, whoever remains bonded, receives auto-compounded yield in the form of$888.
Governance: Lucky8 is a fully decentralized DAO. This means that all smart contracts are owned by the DAO contract including the LP tokens of the Uniswap pair. Everyone who owns bonded $888, can vote on governance proposals, and propose protocol upgrades if certain requirements are met.
The Lottery
The protocol is defined by so called epochs. Epochs are time periods of 24 hours, and at the end of every epoch, one lottery draw takes place. Hence, once per day one lottery draw happens.
During a lottery draw, three winning tickets are randomly picked via Chainlink VRF. Per lottery draw, 10% of the entire USDC pool is distributed, and 10% of all the accrued bonding rewards are distributed.
To participate in a lottery, people have to mint their lottery tickets for every new lottery draw, yet they can remain bonded throughout epochs.
The No-Loss Lottery
By combining traditional lottery dynamics with game theory and DeFi native incentive schemes inspired by Empty Set Dollar, we are aiming to build the first no-loss lottery. The explanation of this term is the fact that people can participate in the lottery, and either be one of the lucky winners. Yet, even if they don’t win the prize pot, they still receive bonding rewards increasing their pro-rata share of tokens bonded, as well as their odds of winning for the next lottery.
To understand how the token migration works, please read the Migration Tutorial.
Join our community
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Visit our website: lucky8.money
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Follow Lucky8 on Twitter
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Become a community member on Discord