PancakeSwap Launches Prediction BETA
CAKE holders and PancakeSwap users alike, today we are super excited to share the Prediction BETA with you! 🔮
What is Prediction?
Prediction is very simple in essence. You basically need to predict if the price of BNBUSDT will be higher or lower than it was when the “LIVE” phase starts.
If you enter an “UP” position, and the BNBUSDT “CLOSED PRICE” is higher than the “Locked Price” at the end of the 5 minute LIVE phase, you WIN! And if it’s lower, you lose!
If you enter a “DOWN” position, and the BNBUSDT “CLOSED PRICE” is higher than the “Locked Price” at the end of the 5 minute LIVE phase, you LOSE! If it’s lower, you win.
How does it work?
There are three phases:
Phase 1 — Next
During this phase you can enter positions (up or down) depending on what you predict will happen at the end of the 100 blocks (5 minutes) that the round is live.
Phase 2 — Live
During this phase, the locked price is set and you can watch the live market movements on the BNBUSDT pair. At the end of the Live phase, the closed price will be set and the results will be determined based on whether the closed price was higher or lower than the locked price. If you won, you will be able to claim your winnings!
Phase 3 — Expired
This phase is after a round has concluded and is only for visual reference.
What are the fees?
3% of each round’s total pot will go to the Pancake treasury, which will be used to buyback and burn CAKE every Monday.
Are there any important things I should know?
Once you enter a position, you can NOT change the direction, add to, or remove the position. It is locked in, so make sure you are 100% happy with your position direction before confirming.
Collecting your winnings
When you collect winnings, they might not appear in your wallet’s transaction logs as usual.
This is because they use a different type of transaction: Internal transactions.
Enter your wallet address on BscScan, then check the “Internal Txns” tab to confirm that they’ve arrived.
In the event that only one side of a round has positions entered, which then loses, the losing funds will be sent to the treasury. An example of this would be User A enters an UP position, no one else enters a DOWN position. User A then loses, and there are no opposing positions for the winnings to be paid out to.
In the very rare occurrence that the Locked Price is exactly the same (down to 8 decimals) as the CLOSED PRICE, no one wins, and all funds entered into positions will be sent to the treasury.
What’re you using for a price feed?
PancakeSwap uses two sources for our price feeds. They each have their own purpose within the prediction market:
Used for Locked Price and Closed Price of each prediction market round. This updates in intervals of 5 minutes and is used to determine the winning position side.
We chose to integrate ChainLink’s oracle for the following reasons:
- High-Quality Data
- Secure Node Operators
- Decentralized Network
- Economy of Scale
In addition to the above, the ChainLink team also went above and beyond to accommodate our testing requests and requirements.
Used for real-time price updates on the PancakeSwap prediction market interface.
Due to the fact that we’re using two different price feeds, the real-time price updates from Binance and the ChainLink Oracle price may differ by a small amount. They will, however, not vary significantly.
What should I expect during the BETA?
We have tested it ourselves for the past 2 weeks and the community team has been playing with it for a few days now, but we are still expecting that there might be some bumps and hiccups, but let’s see. After all, it is a BETA.
The goal of the BETA stage is to help test the product on all sides, this means everything from the underlying smart contracts, user experience etc.
I still have so many questions!
🆘 For any other questions about PancakeSwap Prediction, check our in-depth FAQ and Troubleshooting guide.
🐛 If you encounter any bugs at all, please feel free to let us know on Telegram at https://t.me/PancakeSwap
⚠️ Beware of scammers posing as admins. Never provide your private keys/phrases to anyone, ever.