GG Game Mechanics & Jackpot
Game, Jackpot, and BTC Price information
Buy GG and either hold as GG deflates over time + earn weekly real yield or play the game
To enter the game, purchase tickets using GG and guess the BTC/USD weekly close price.
If your guess(es) match the weekly close to $0.01 USD precision, win the jackpot!
Gud Guess Price Guess Tickets
All ticket entries to guess the weekly close price are represented as transferrable NFTs to make them portable and easier to manage.
After entering your weekly close guess, you will receive a Gud Guess Ticket in the form of an NFT (tGG). This NFT functions exactly like a real world lottery ticket in that it holds the price for your guess or guesses and when the guess was made. At the weekly close, the owner of any winning tickets can claim their share of the ETH jackpot.
When is guessing cut off for the week?
Users can purchase tickets and guess the weekly close price for the current week up to Thursday 23:59:59 UTC. After this time, any subsequent tickets bought are used to guess the following weekly close price.
Linear Scaling Ticket Cost
We are aware that as the weekly close approaches, the ability to hone in on the weekly close price becomes easier and easier. Therefore, we decided to linearly scale the ticket price & jackpot share from the moment guessing opens for that week to when it closes to make it slightly more expensive as the weekly close approaches.
Ticket Price
Starts: $2
Ends: $5
Tickets are purchased with GG tokens, where the amount of tokens per ticket at any moment in time is calculated at purchase time using the Uniswap v3 oracle 5-min TWAP price.
Linear Scaling Winning Jackpot Share
In addition to linear scaling ticket cost, your share of the jackpot payout also scales linearly based on when the guess is made. Guessers entering their guess earlier in the week will earn a higher jackpot payout than guessers entering their guess near the weekly close.
Jackpot Payout:
Start of the week: 38%
At weekly close: 25%
What if there are multiple winners?
If multiple tickets guess correctly & win in a given week, the jackpot payout is split between the guessers based on when their guess was made in accordance with the linear scaling jackpot payout. A guesser that made their guess earlier in the week will receive a larger split of the jackpot payout than a guesser that made their guess later in the week.
Jackpot Share
Starts: 90000
Ends: 60000
Example: This week there are 2 jackpot winners, yay!
One winner that bought a ticket at the moment guessing was available for that particular week would have paid $2 for their ticket and have a jackpot weight of 90000.
A second winner that bought the moment before guessing cutoff ended for that weekly close would have paid $5 for their ticket and have a jackpot weight of 60000.
In the scenario above, the total winner weight is 150000, where the first winner (weight of 90000) would be entitled to 60% of the jackpot and the second winner (weight of 60000) would be entitled to 40% of the jackpot.
How is the jackpot filled & paid out?
Through a tiny trade tax (1%) and ticket sales we effectively burn a percentage of the collected GG and use the rest to convert into ETH to continue building the jackpot over time. In the first 30 days we will have a 5% trade tax to support seeding a healthy jackpot early, as well as, fueling GG burn and deflation.
At the weekly close if there are no winners:
99% is rolled over to next week's jackpot
1% is distributed to GG holders as real yield paid in ETH
When there are winners for a given week:
38% is distributed as the jackpot to all winners
2% delivered as an R&D fee
59% is rolled over to next week's jackpot
1% is distributed to GG holders as real yield paid in ETH
How do I claim the jackpot?
Owners of a winning ticket can claim their portion of the jackpot on the Gud Guess website. Any user may execute the jackpot claim process which will send ETH to the winning ticket holders.
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