Prediction function FAQ

Frequently Asked Questions

Is there a time limit for collecting bonuses?

No, you can collect your winnings at any time afterwards.

How are the odds calculated?

Odds for the Price Up pool = Total value of both pools ÷ Value of the Up pool

Price down pool payout = total value of both pools ÷ value of the down pool

For example, if there are 15 wKEY/EKEY bets on the price down side of a round and the total prize pool is 150 wKEY/EKEY, the payout for the price down pool is (150/15) = 10x.

Total payout = Odds × Position position × (1 - Vault rate) In the above case, if the round results in a decline, if you enter 2 wKEY/EKEY into the decline, you will win (2*10) × (1-0.05) = 19 wKEY/EKEY. Your profit will be 17 wKEY/EKEY(19 - 2).

The vault fee is currently set at 5%: this rate is subject to change, which will be announced on EtherKEY's official social media channels. 3% of the vault fee is used to repurchase and destroy EKEY tokens.

What is the cost of participation?

5% of the total pool each round goes into the vault, of which 3% is used to repurchase and destroy EKEY every Monday.

Where does the price information for the prediction feature come from?

EtherKEY has two sources of price information used to feed the price. Both sources of information have their role in the prediction market:

API3 Predictor

Used to determine the lock price and end price for each forecast round. It is updated every 20 seconds.

Our prediction contracts use the API3 Predictor feed to set the price used to confirm whether a user has won or not.

Used to display the "API3" chart information on the interface. Cryptocurrency Used for real-time price updates on the EtherKEY Prediction Market interface.

Used for the "TradingView" chart information display on the interface.

Since we use two different sources of price information, there may be a slight difference between the real-time price updates from Binance and the prices from the API3 prediction machine, but this difference is not significant.

Why do the results of rounds change even after the end of the round?

Sometimes, at the end of a forecast, the final result may be different from the final result shown when the round was in progress. If you see "down" displayed at the end of the round, it may also reverse to "up" a few seconds later.

This is because we use the API3 prophecy machine feed to determine the final result of a round. The time interval between the end of one round and the start of the next is 30 seconds, but the prophecy machine refreshes every 20 seconds. During this short period of time, the prophecy machine may send price updates while triggering the next round of on-chain transactions being generated. This may result in a "reversal" of the previous round's results.

About betting

What happens if no one bets on the counterparty?

If only one party has bets in a round, if that party loses, the lost money will be sent to the treasury.

For example, User A bets "up" and no one else bets "down". If User A loses and no user who bet on the opposing side can pay it a bonus, the funds will be sent to the team treasury address.

What happens if the lock price and the close price are identical?

It is very rare that the lock price is exactly the same as the close price, which means that no one wins and all funds wagered are sent to the team vault for EKEY buyback destruction.

Can I modify or delete my bets?

No. You cannot. Once you have placed a bet, you cannot change its direction, nor can you add or delete your bets. Because positions will be locked after a bet is placed, please make sure you are 100% satisfied with the direction of your bet before confirming it.

Market Suspensions

What does a market pause mean?

The market is suspended when conditions exist that affect the reliability of the contract. A market pause means that no bets can be placed on any round.

What causes the EtherKEY Prediction Market to pause?

The Prediction Market will pause under several conditions:

1. The Prediction Contract is unable to obtain a price from the API3 Prediction Machine because the Prediction Machine has not posted a price at the end of the round.

2. The prediction contract cannot perform an operation (end a round or get a price from the prognosticator) because tx is stuck in the memory pool for more than 15 blocks. When does the market resume after suspension? The administrator will perform a manual recovery, after which the prediction market will resume. What happens to the positions I have bet on if the market is suspended? If the market pauses while you have live bets, your funds will be refunded and collected in the same way as you would normally collect a bonus. To receive the refunded funds, you will need to pay some gas fees. We cannot compensate you for the gas fee, so please keep this small risk in mind before participating.