How Better works？

How Better works?

1）The fund invested by users in the prediction market will be hosted by a smart contract and deposited in a third-party lending/aggregator protocol such as Compound or Yearn.

2) The yield generated by the third-party lending protocol is used as the overall prize pool of the prediction market, and the prize allocation weight between different prediction events is decided by the Better governance token holders.

3) The user bets a certain event, the side with the correct prediction will be distributed the prize approximately in proportion to the staked funds, and the side with the wrong prediction can get back their principal normally without any principal loss.

4) The results of predicted events are provided by a third-party reliable oracle, and if there is a controversy, it will be resolved by a vote of the Better governance token holders.

5) The new prediction events are created by the voting of Better governance tokens holders.

6) The product will be deployed on multiple chains, including public chains such as Ethereum, BSC, Heco, and OKExChain.

7) 3% of each prize pool will be used to buy back Better governance tokens, which will be voted by community DAO.

8) 7% of each prize pool will be put into the next prize pool and will not be allocated in the current period.

How to operate?

👉 The user stakes funds to obtain deposit equity certificates (i.e. LP token). LP token will automatically produce tickets corresponding to each prediction market, without the need for users to operate manually. Tickets = "Value of staked funds * Staked time", similar to the Defi mining mechanism. However, by the end of the prediction event, the tickets for that event will be automatically cleared.

👉 When users bet on an event using tickets, all tickets are automatically used in each prediction. The results of the bets can be changed before the prediction deadline, but not after the deadline.

👉 After the prediction result is announced, if the prediction is correct, the prize will be divided according to the proportion of tickets invested; if the prediction is wrong, the prize will not be awarded, but no principal will be lost.

👉 When the user withdraws, the funds staked are withdrawn by using the LP token, which is a certificate of deposit interest.