Cryptocurrencies had a great year in 2021. In this period, we have seen the market go from being classified as a billion-dollar economy into a trillion-dollar economy. Aside from that, cryptocurrencies are gaining visibility in the mainstream world with, for example, El Salvador's adoption of Bitcoin as the official digital currency. As a result, investors are looking for the "new Bitcoin" on the market, hoping to find a great alternative in so-called altcoins. Unfortunately, many traders value an altcoin exclusively…
From the day when two Adobe and IBM employees jokingly launched Dogecoin (DOGE) on the market, the crypto universe has witnessed the birth of a new phenomenon. Today, the meme coins niche is taking on increasingly serious traits, with a multi-billion dollar market capitalization.
In recent times we have seen the birth of many projects in the meme coin-sphere, and today we will talk about a new initiative in the sector. Shiba Lottery enters the blockchain market as a prize game using the “no loss lotteries” scheme.
Our review will introduce readers to this new project, sharing information on its various features and future developments in an impartial manner.
What is Shiba Lottery?
By mixing the “prize saving accounts” and “no loss lottery” mechanisms, Shiba Lottery aims to attract a new audience of crypto enthusiasts. Anyone holding $SLOT – the token connected to the initiative – has a chance of receiving $SHIB on a lottery-based system.
The whole process works in such a way that, even when token holders do not win, they get to keep their funds.
Furthermore, the project’s developers are currently working on a Play-to-Earn (P2E) game with NFT and Metaverse features. $SLOT holders will have an early ticket to accessing this new ecosystem.
This is a short summary of the project!
The lottery system
Each $SLOT counts as a ticket for the lottery, with equal chances of winning a prize. As an obvious consequence, the higher the number of tokens, the higher the probability of winning the lottery.
The project is based on two pools (daily and weekly), and, after selecting 13 tickets, it gives each chosen token holder a prize. The contest offers the following prizes:
- First prize: amounting to 50% of the total pool
- Second prize: amounting to 20% of the total pool
- Third prize: amounting to 10% of the total pool
- Consolation prizes: 10 prizes amounting to 1% of the total pool
Following this process, a 10% liquidity remains in the pool, and it is divided between development (5%) and buyback and burn operations (5%).
The origin of the prize money
All sales and purchases on this ecosystem come with a 10% tax, which is divided as follows:
- Daily timeframe: 2% of the transactions will go directly to the daily liquidity pool
- Weekly timeframe: the remaining 8% will go to a fund aiming to provide a sustainable return by investing in a third-party deemed as reliable by the project’s team. At the end of each week, this amount will be split among the weekly pool prize, the buyback & burn operations, and a remaining compound amount for the next week’s lottery. Following this mechanism, the weekly prize should grow in time.
The $SLOT token has a total supply equal to 1 billion samples. The project’s team will hold 8% of it, locking liquidity for 80 weeks at an unlocking weekly rate of 0,1%. A private sale operation is going to allocate roughly 2.5% of the tokens. Also, the presale phase is capped at 40% of the overall supply.
Furthermore, liquidity will be accessible through PancakeSwap (40%) or community incentives (4%) such as contests and airdrops. The team expects to keep a 20% liquidity as an ecosystem reserve, with a locking period of 6 months.
The project roadmap
The project should go fully live by June 2022, and the roadmap known to the market is the following one:
The first operations completed in 2021
November and December 2021 saw the development of the first fundamental steps to launch the project in 2022. Among the completed operations, we can mention KYC and smart contract auditing.
What to expect in Q1 2022
By March 2022, according to project’s roadmap, we should see $SLOT as a listing on a CEX platform. This should come with an important upgrade in the smart contract section of the project. Furthermore, the team will officially launch the DAO Governance.
A look at Q2 2022
The second quarter of 2022 will see the development and launch of the project’s NFT core. The P2E game mentioned above will go live, and Shiba Lottery will move its first steps into the Metaverse economy.
Shiba Lottery plans to take advantage of the massive hype on the NFT and Metaverse market. The project’s developers propose to do so by introducing incentives based on $SHIB, one of the hottest meme coins of the moment.
The initiative is still ongoing. We will keep an eye on it in order to provide news to the readers on the matter. In the meantime, anyone who is interested in learning more about Shiba Lottery can join its online communities or visit the official website.
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