This week marks the official launch of My-Chance, the world’s first global prize bond protocol. My-Chance.io is an Avalanche native decentralized application that leverages new technology while retaining the essence of traditional no-loss lottery systems and replaces physical certificates with collectable NFTs. The innovative non-custodial protocol aims to complement existing DeFi mechanisms and bring entertainment value, through gamification and collectible art, to the sector. The values of responsible collective action are expressed through the ability of the dApp to raise funds for social and environmental causes at no cost to its participants. The use of liquidity mechanisms (Aave), bolstered by over-collateralization, allows the collective of participants to create prizes through saving and to support causes that benefit all stakeholders in society while doing so.
How it works
The prize bond protocol rewards its community of savers with prizes distributed by lottery on a weekly basis using the integration of an external verifiably random function (VRF). Stablecoin Prize Bond NFT’s USDT, USDC AND Dai.e participate together in the same weekly and special quarterly lottery draws and can be minted by making a deposit of $10 or any multiple thereof. Each unit of $10 is equal to 10 entries in each and every draw for the duration of the bond’s existence. Currently, the application supports an Avax Prize Bond system and a Link.e Prize Bond system that run separately.
By providing a cost-free solution to support social and environmental causes and fusing it with collectible art the protocol creates a new paradigm in the decentralized networking sector called Decentralized Social Enterprise (DSE). DSE recognizes sustainable development as a progression in an ethos that balances our technological achievements against the weight of outdated modes of thought. Decentralised applications have started revolutionizing the financial sector, and now My-Chance brings a means of furthering the impact of this technological innovation beyond just finance.
Burn Baby Burn!
There are many unique features to the application, including the encouragement of Burning NFTs. When an NFT is minted, it becomes the exclusive method for redeeming the deposit associated with its creation transaction. Essentially the value of the deposit is locked into the Prize Bond NFT, and to withdraw your deposit, you need to burn the corresponding NFT. This introduces a new archetype to the NFT sector called ‘price foundation’, which represents a tangible asset that can be traded or sold on the open market without ever losing its principal value.
(USDT Prize Bond as seen in Core portfolio app)
The first collection of Prize Bond NFTs pays homage to events such as the first great crypto revolution and the technological advancements that have led us to the present-day . The underlying vision behind these compositions is to celebrate humanity’s achievements as a collective network of interconnected individuals and events.
The protocol utilizes state-of-the-art technologies such as Gnosis safe and Chainlink VRF, enabling provably fair draws, improved oversight for funds raised in support of communities and ecosystems. Deployed on the energy-efficient Avalanche network, the dApp is designed to make a net-positive impact on our environment by dedicating resources to ensure carbon-negative operation.
The platform’s mission is to leverage the power of collective action and promote DeFi as a force for positive change in social and environmental domains. By focusing on the great things we can achieve together, the platform aims to make DeFi a tool for restorative progress in all spheres of influence. The protocol harnesses the power of collective action and delivers it with exciting aesthetics to motivate and inspire. Technological progress has made it possible to access and participate in financial products that align with our values, and My-Chance is a means of accepting this invitation. Following the official launch of the protocol, the next steps include integrating governance mechanisms and building a strong community.
If you are interested in maximizing the potential return of your savings or the impact of your saving, you can join the collective at my-chance.io. The application is accessible to anyone with an internet connection that is happy to form connections with like-minded individuals who share a vision of a better world.
Person Name: Eoin Spillane
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Finance Tailored journalist was involved in the writing and production of this article.