It offers simple bets with two pools for each bet. Examples for bets are:
BTC > 50 000 USD end of 2022 ? YES NO
France will be the FIFA22 world champ ? YES NO
Macron will be re-elected president in 2022? YES NO
How to bid ?
Arenafriends establishes two pools for each vote. The YES pool and the NO pool. One of them will win at the given deadline. Users can place the amount they wish to bid into one of the two pools.
When the result is being declared official: no more bids can be placed.
The winning pool will receive it all - the original amount in the winning pool plus the amounts remaining in the losing pool. At the time of the officially declared result the values from each side are being transferred proportionally to Arenafriends tokens and paid out pro-rata.So if your bid was 4% of the total winning pool then you get that back - your 4% of the winning pool - plus you get 4% of what remained in the losing pool !
The win is paid out in Arenafriend token, while bets can be placed into the YES and NO pool via different tokens, e.g. AVAX, MATIC, TIME, MIM, USDC, USDT, DAI, Shiba Inu and many more - see the accepted token list.
Note: Today, bidding is the only way to obtain the Arenafriends Token
Once bidding closes 5% of the losing pool are being contributed to all Arenafriends holders that stake in Bonitos through the means of a central public treasury. You can obtain Bonitos through staking and unstaking Arenafriends token. Therefore: Holding on to Arenafriends token by staking Bonitos can generate you nice profits ! And the more people bid the more Arenafriends token you can get.
We will establish swap pools on Uniswap for the Arenafriends token when there is enough liquidity.