FAQ

1. What is the meaning of the project name and logo of Better?

Better is a homophonic with the word bettor and at the same time better refers to the project's pursuit of innovation and transcendence. The logo comes from Spock's gesture in the famous science fiction movie Star Trek, it is also known as "Spock-hand", which means "Live long and prosper".

2. Why does the project have the value of predicting the future, and how is it different from traditional gambling?

The prediction market can predict the future, hedge the future, and even inspire the future. Traditional gambling is just a purely mathematical game, which has no guiding significance to real life. While in the prediction market, the party who predicts correctly will be rewarded. This incentive mechanism will encourage participants to conduct research and collect information that helps predict the future. Compared to traditional gambling, the black-box operation is avoided through smart contracts. In addition, even if your prediction is wrong, you will not lose your assets and you can get liquidity mining rewards.

3. Why is there no loss if I choose the wrong prediction?

Simply because the prediction prize of the project does not come from the principal of all participants but from the revenue obtained from the deposited funds of all participants in the underlying lending and yield aggregator protocol. The winning party will share the prize, while the party with the wrong prediction also has the right to withdraw all of their assets at any time, although they cannot participate in prize sharing.

4. Why is it said that the project of Better is much more user-friendly?

When users participate in predicted events, the only thing they need to do is to deposit their assets, and then they can automatically obtain tickets that are necessary for betting. In the prediction process, users no longer need to gain profits by trading their own prediction result tokens like in other prediction markets. On the contrary, the prizes will be directly distributed to the users with correct predictions at the end of the events, users only need to simply claim them.

5. How do users who predict correctly share the prize pools? What actions do users have to take in order to increase their participation gains?

User prizes will be distributed according to the proportion of tickets held by users at the end of the predicted events. Tickets for different predicted events are independent and do not affect each other. The number of tickets is proportional to the value of assets and the time frame the user deposited their assets. Before a predicted event ends, the tickets from the user will continue increasing as the deposit time increases. After the user completes his prediction, the newly obtained tickets will automatically be voted to the selected results. In addition, we have also designed an early bird incentive multiplier. Under the same conditions, the earlier the user participates in a prediction event, the more valid tickets he or she will get during the period of time. At the end of the event, the platform will automatically allocate the prizes to all users who made the correct prediction, and all these tickets for certain events will be cleared.

6. Can users change the prediction choice during the process of an event?

Before the prediction events’ deadline, users can change their choices as they please. Every time a user makes a prediction, all tickets (including the currently obtained tickets and subsequent new ones) will be automatically voted for the new prediction outcome.

However, due to the existence of the early bird incentive multiplier, the earlier you participate in a prediction, the larger the early bird incentive multiplier would be, the more the number of valid tickets will you obtain and a larger amount of prize will be awarded to you if your prediction is correct. If you change your choice, the early bird incentive multiplier will be updated, which may cause the final number of your valid tickets to decrease.

7. How does the project solve the lack of liquidity in the prediction markets?

The biggest problem with existing prediction platforms is the lack of liquidity in the long-tail market. Our solution lies within mechanism innovation. Taking Auger as an example, each user will hold a variety of result tokens with different predicted outcomes, these tokens can be traded. Users have to sell the wrong outcome tokens and keep or buy more correct ones. After the correct outcome of the predicted event has been revealed, the correct outcome tokens will be profitable and the wrong tokens will ultimately be worthless. However, liquidity problems are faced when transactions are involved. In particular, there may be a depletion of liquidity in an outcome token close to the time when the outcome of the predicted event is revealed. Even if the prediction of someone is correct, he or she may not benefit too much due to insufficient liquidity. While on our Better platform, there is no need for users to trade the result tokens, but directly use the tickets they hold to bet and win the prizes, without having to consider any transaction liquidity issues.

8. What are the predicted events content and source? Should they only be long-term predicted events?

Prediction events are varied and can include not only cryptocurrency price predictions, sports games, etc., but also entertainment gossip, social news, and other prediction events. All prediction events will come from the Better community. Prediction events can be either long-term or short-term events.

9. Since the prize for each predicted event comes from the underlying lending and yields aggregator income, the short-term income of these strategies are generally not marvelous. How can we support short-term predicted events while ensuring relatively high returns?

Each predicted event has its prize pool, but the prize does not only come from the income generated by users who have participated in a specific predicted event but comes from the platform's total revenue pool according to certain distribution weights. Better will also conduct liquidity mining to reward users with the platform governance token BET. At the same time, each predicted event will support third parties to provide prize sponsorships, which can further increase user revenue.

10. What is the profit model of the project? Is there a buy-back or profit-sharing mechanism?

The income from deposited assets in the underlying loan or yield aggregator protocol will go into the total prize pool of the platform. 3% of the assets in the prize pool will be used to buy back Better’s governance token BET. 7% will be transferred to the pool of the next period, and the remaining 90% will be distributed to all users who correctly predicted events.

11. What are the next update plans for the project?

Better's goal is to become the largest blockchain prediction market, including multiple data indicators such as TVL, circulating market cap and the number of active users. Better expects to achieve "predictability of everything" and will be deployed in multiple chains. We aim to further expand prediction market application scenarios and continue improving user experience of Defi products.