E-gaming is gaining in popularity. Off-chain, they already did well. Now they are finding their way on-chain. For this, you need fast and cheap transactions. That’s where WINR Protocol makes its entry.
So, we will take a closer look at WINR Protocol in this beginner’s guide.
Source: Twitter
What Is WINR Protocol?
WINR protocol offers transparent payouts. It hides nothing and offers instant payouts to winners. This contrasts with many Web 2 games. They promise prices, but oftentimes these are never distributed. As a result, this allows the protocol to offer a completely decentralized on-chain casino. The WINR team built its protocol on Arbitrum. There are three parties that profit from this:
- Developers – They can build their own games. For this, they can use the WINR SDK (software development kit). This allows for a 1-second finality. If the DAO approves your game, you can plug it into their deep Liquidity Pool. This allows for instant payouts. Winners receive the vWINR token, and you earn a commission.
- Users – You play, and everything settles instantly in vWINR tokens. All incentives are transparent. Oracles draw random numbers. There’s no manipulation.
- Liquidity Providers or Investors – Liquidity is mathematically protected. The house can’t start malicious activities with the available funds.
WinR Protocol Use Case
Here are some use cases for the protocol:
- Sports betting platforms.
- On-chain casinos – JustBet is already live. 0xsportsbet and DegensBet are launching soon.
- On-chain gaming betting platforms.
- Betting and rewarding mechanisms in the on-chain games.
Source: WINR website
How Does WINR Protocol Work?
For starters, WINR Protocol has a dual token economy. Their native token is WINR. All rewards come as vWINR. This is a vested token. The vesting period is 180 days. After this, you can convert vWINR into WINR. However, you can also use shorter vesting periods. The shortest period is 15 days. When you redeem your vWINR in less than 180 days, the protocol will burn part of it.
For example, for a 15-day vesting period, the conversion rate is 1:0.5. However, you can also stake both tokens. There’s also a WINR Liquidity Pool with the WLP token. This is a liquid token for liquidity providers that has a USD value.
Furthermore, there’s a bribe system. Users play games that connect to the WLP. They receive rewards in vWINR on each transaction. That’s regardless of the outcome. A small part also goes to the protocol. These are the Bribes. The WINR token is deflationary, so holders can use it for:
- There’s a weekly buyback and burn mechanism.
- Vesting vWINR for less than 180 days also results in burning tokens.
- Unstaking has a 0.5% burn fee.
So, to recap, WinR protocol can:
- Develop an on-chain game.
- Present it to the WINR DAO.
- Plug the game into the WINR Protocol.
- Users get WINR token rewards.
- As a dev, you share in the revenue.
- Become part of their growing ecosystem.
The picture below shows an overview of how the WINR Protocol works.
Source: WINR Docs
Is WINR Protocol Legit?
WINR Protocol appears to be legit. However, it’s still a protocol in its early stages. One of the promising features is their transparency. Results are immediate and pay-outs are instant. The team also offers extensive docs which explain how the protocol works. These are good features.
The team also has active social media. Twitter and their blog see regular updates. For instance, their Twitter account currently has 10.3K followers.
On the other hand, there’s no information on the team. Their website or documents offers nothing in this respect. Having said that, a DAO governs the protocol. So, in theory, every token holder can decide the protocol’s future and direction.
To recap this part, the protocol seems legit. The team puts out extensive docs and an active blog channel. These are signs that they are in it for the long run. If they want to do a runner or rug, why put so much effort into it? Still, it’s always best to do your own research or DYOR. The picture below shows their current actions and two upcoming games.
Conclusion
We looked at the WINR Protocol and answered three popular questions. These are, what is it, how does it work, and is it legit? Keep an eye out for Part 2 of this beginners guide.
The current price of the WINR token is $0.0441. It has a market cap of $4 million. There’s a max supply of 1 billion tokens. The total supply is 125 million tokens. Out of these, 92 million tokens currently circulate.
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