Introducing DeFi Of Thrones: a review
⌛ Reading time: 8 minutes
I've been a prediction markets enthusiast for years. Since entering the crypto world, i hungrily looked for ways to somehow “predict&earn” (which could turn into “predict&lose” of course ;) ), by seizing the wide range of possibilities cryptocurrencies like Bitcoin or Ethereum give regarding security and decentralization. From my point of view, betting into something by using cryptocurrencies it is much better than betting into something with fiat money: it is faster and you can have (and feel) some freedom degree that you can't definitely have when using your debit/credit card or bank account when betting to an outcome.
The cryptocurrency world is full of examples of betting places where you can predict and bet on a given outcome: sports, eSports, politics, market movements, stocks prices....dumb questions? **:)** But it wasn't until the arrival of some DeFi projects that people really began to take a better look at these types of markets....and started participating actively on many of them.
The truth is that the DeFi awakening has brought with a bunch of possibilities to customize predictions markets. Today we can find centralized predictions markets coining their own cryptocurrency to reward predictors, we can find also other places where you predict and you are rewarded with someone else cryptocurrency ...but, undoubtedly, the most successful predictions markets out there are those predictions markets born from the bowels of the DeFi world.
Today i want to introduce you, dear reader, to one of those amazing projects which promises to change the traditional method of making predictions and betting on an outcome. But first, let's quickly see what is DeFi...so you can understand better.
Ummmm... DeFi?
Yes, it sounds like something related to science-fiction maybe? **:)** But wait...NO!, we are talking about cryptocurrencies here and, in general about crypto world. So, DeFi is the acronym for Decentralized Finances which is... “an open financial ecosystem where several small financial tools and services can be built in a decentralized way, which can even be combined, modified and integrated according to existing needs.”
In other words, DeFi is a set of tools allowing you to “decentralize your finances” based on a series of digital assets, protocols, smart contracts and dApps(Decentralized Apps) built on blockchain technology.
Fig 1. *Decentralized Finances' components (https://appinventiv.com)*
Until the arrival of cryptocurrencies and the blockchain technologies all money transactions and financial operations that were executed around the world could be considered “centralized” because everything, including the coins we use to trade, are issued, regulated and quantified by central authorities such as banks for example. That way a central organization (banks, governments) can control and regulate everything...until years ago, where the DeFi concept came into the fighting arena to help us “decentralize” our finances and the risks we face when investing, or betting even...cool, isn't?
Being Ethereum the choosen blockchain “par excellence” where people used to develop Defi applications, it is not a surprise to know that most of those applications live there. But today, this blockchain it is not the only one allowing to develop such apps, and, with time, many developers have developed new dApps or even migrated existing dApps to other blockchains like Polkadot, Binance Smart Chain and Matic, each one providing a set of tools and protocols to develop more robust and complex DeFi apps.
The DeFi world has come to stay and develop, no doubts. Many successful projects developed here have brought for many people some kind of “financial peace of mind” gaining thousands of followers worldwide, allowing a full new niche to develop inside the vast arena of crypto world. And if you want, dear reader, to start somewhere where predicting, betting, playing and learning from the hand of a DeFi tool becomes really fun and profitable, allow me to recommend you and introduce you to DeFi Of Thrones.
It's no winter yet!...No, it's DeFi Of Thrones! :)
The popular HBO series has already finished but we have now another battlefield to cover: several kingdoms will face each other in epic battles in the DeFi arena to see which one performs better during a timelapse....there can only be one winner...
DeFi Of Thrones is a newcomer in the DeFi world with a simple but at the same time, interesting concept. It aims to create a kind of gamified prediction market in which players can join a house (another DeFi or Crypto related project) and earn cryptocurrencies (token) when their house wins by outperform the another one in the market and all of this developed in a beautifully designed “fighting” environment. As you can see this is a simple but at the same time a very interesting concept since gamification, visual appealing and graphics are not the key points of other prediction tools.
Fig 2. *Every week a couple of new DeFi projects face off.(https://defiofthrones.medium.com/)*
First launched on the Ethereum network a few months ago, it has its own token called DoTx, which is an utility token used to bet on the platform. Every week a prediction (in the near future will be several) contest is launched where the contenders are DeFi projects and having previously connected your Wallet (I personally recommend MetaMask) you can buy tickets, the cost of each one is 10 DoTx. Then you can bet those tickets to one of two houses and follow their performance during the time the battle will last to see if your house will emerge victorious from this confrontation.
Fig 3. *A sneak peek to main screen of DeFi Of Thrones dApp. (https://defiofthrones.io)*
Once you has bought the tickets you will be able to buy more tickets to bet only in the original house you bet at the beginning, however if you want to betray your house and switch sides, you can always pay a “betrayal fee”, corresponding to 1% of the tickets you have already bought. :)
How rewards will be calculated?... it's simple!: from the total amount of DoTx that was bet on the losing house, a 5% will be deducted and this amount will correspond to tokens that will be “burned”(yes this is a deflationary token **:)** ), minus another 5% of DoTx that will be sent to what is known as “Throne Vault” (a kind of vault in which DoTx tokens will be accumulated to somehow reward those users who take more risks for betting earlier than others and in greater amounts) .... After deducting this general 10%, the system will calculate what percentage your bet DoTx represent of the total DoTx bet on the winning house and then you will get that same percentage of DoTx tokens but from the total tokens bet on the losing house.
Of course...you need to win to earn(the house you bet on must outperform the other house), otherwise you will loose your bet DoTx...so you need to be careful and why not, make some technical studies on markets movements predictions, watch the markets everyday, betray if you think you need to do so **:)**
New version of DeFi Of Thrones dApp will come beautifuly redesigned and full of new features. NFT's, Early Pool, Mana Pool, several wars per week, internal Chatroom and the list goes on.....
DeFi Of Thrones is going to be integrated into Polygon(former Matic) environment so people can use DoTx and bet without the need to pay high transaction fees like in Ethereum network each time they bet. So this way it will be easy for people to bet without spending too much on fees and will allow at the same time to focus in the most important part of the platform: the Wars...
NFT's will be an important part of the platform and the workflow. Team has realized that graphics designs in the platform representing some DeFi or Crypto projects can be converted into NFT collectible cards which can be awarded, sold, or hold into the system to get some extra “powers”.
Fig 4. NFT's will be one of the great revelations of this project
*and one of its greatest attractions.(https://twitter.com/defiofthrones)*
You will be able to claim your NFT by stacking LP points (points given to all users who provide liquidity in a Uniswap pool – in this case in the ETH/DoTx pool) and by participating in wars. You will have to earn a specific number of points to be able to “claim” those cards...or you can buy them on OpenSea...on way or another i think this is a very interesting concept (linking a gamified prediction market with NFT) that will bring a great degree of exposure for the project on social channels as DeFi Of Thrones is the first one of its kind into applying this concept to the real life.
So, dear reader...as you can see there is so much behind this project that can be seized to power up your prediction skills, earn, learn and all of this in a beautifuly gamified environment powered by an “almost zero fee network”....so i think its worth a try!...don't you?
Final thoughts...by now
Given the facts, i think this is a good platform for those people who already move in the Crypto world so that they can exercise their technical trading knowledge in a different way... a gamified one. A place where you can win, learn and socialize. I think it is a good place to consider to spend some quality time while having fun.
So why not to try it? I'm in...and you? :)
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Notes:
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1- No affiliate links were provided in the article. The purpose of this article is introduce you to DeFi Of Thrones dApp.
2- My words are my own so, even while i personally drop here my financial thoughts about this project, nothing i say here can or should be taken as investment advice. INVEST AWARE!
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