Technical Grant Application - Lossless Lotto

[AbigaelDevina]

INTRODUCTION

Lossless Lotto is a lossless lottery dapp for cfx token. Build on top Flux Platform https://flux.01.finance
users will stake in Flux via Lossless Lotto smart contract. The interest from Flux will be pooled together and become daily reward. Users have chance to win this reward based on how much their staking versus total staking. User also have no loss (lossless) because they can withdraw their staking anytime.

The project will benefit conflux ecosystem, by reducing amount cfx on circulation because of staking.

TEAM
AbigaelDev:

anon but may disclose identity to grant commitee
full stack & game development with 13 years experience
4 years blockchain/smart contract experience
winner of 4 blockchain hackathons on devpost and gitcoin
member of indie game studio for 13 years
currently work on startup that use blockchain as proof of traceability
main developer of Traderbot X https://traderbotx.space

TOTAL BUDGET AND FUNDING TIER
The tasks projected to be finished within 1.5 months (30 days/6 weeks/4 hours daily)
30 days x 4 hours x 60 usd x 1 man power = 7200 usd

CURRENT FUNCTIONALITY: not started

TECHNICAL PROPOSAL

Smart contract will have functions below:

• stake cfx
• calculate chance based on amount stake
• restake into flux
• retrieve interest from flux and send to daily pool
• retrieve bonus token from flux (zo) and send to daily pool
• set daily winner based on random number
• withdraw reward for the winner from daily pool
• unstake cfx from flux and withdrawed to user wallet

Frontend to operate the functions above.

DEVELOPMENT ROADMAP

Week 1:
Researching flux smart contract
Deliverable: A basic smart contract that interact to flux (deposit, withdraw, take interest, take zo) will be available on github. It will be deployed on espace mainnet and verified, so grant comittee may test it using confluxscan.

Week 2-3:
Lossless lotto smart contract development.
Deliverable: Working smart contract for lossless lotto will be available on github. To test it grant comittee need to fork espace using hardhat.

Week 4:
Frontend development
Deliverable: Front end source code will be available on github. It will be deployed on free server like heroku/vercel

Week 5-6:
Mainnet launch and test
Deliverable: Latest source code available on github. Smart contract will be deployed in espace and frontend will be available on heroku.

MAINTENANCE CONSIDERATIONS

All smart contract will be verified in confluxscan and open sourced. Frontend code will be opensourced and deployed on our backend.

For maintenance & minor bugfix, additional budget: 4 hours/month x 60 usd = 240 usd/month = 2880 usd for one year

[0xn1c0]

Hello @AbigaelDevina
Thanks for applying fo this grant. I have some questions:

• Is there any part of the project which is NOT open source?
• Can you describe the exact deliverables you will include on each milestone?
• Are you planning on forking PoolTogether or any other project? Or do you plan to build everything from scratch?
• After the project is launched, who will be in charge of managing the project and supporting its adoption in the Conflux Community?

[AbigaelDevina]

Hi @0xn1c0 thank you for the response.

Is there any part of the project which is NOT open source?

No. All part will be open source.

Can you describe the exact deliverables you will include on each milestone?

I have edit the proposal for deliverable. The chalengge will be for grant comittee to test smart contract connected to flux finance, which not available in espace testnet. Grant comittee need to fork espace to do this (intruction will be given)

Are you planning on forking PoolTogether or any other project? Or do you plan to build everything from scratch?

It will be build from scratch

After the project is launched, who will be in charge of managing the project and supporting its adoption in the Conflux Community?

The proposal scope only to have working product available on espace. I have added some budget for maintenance and minor bugfix at the end of proposal.

To grow lossless lotto for full project/startup (dao, token, more features, growth), we may ask for growth grant later or may be doing ido.

[cers]

Why not use PoS staking instead of Flux? The returns are much better on PoS and can be withdrawn every hour but staking unstaking takes 7 days

[AbigaelDevina]

pos staking have 7 days delay and minimum 1000 cfx. maybe i should be postpone this idea, waiting for aave’s fork released on espace

[Yumingyuan]

In some special cases (borrow out all the liquidity problem), the pool liquidity may not support the whale staking users withdraw all their cfx or other tokens, how could you solve this problem.

[AbigaelDevina]

this is the risk using lending protocol for yield as prize. lending protocol (flux/aave) offset this risk by given higher reward/interest. lossless lotto just follow it. higher stake, higher chance to win, higher risk cant withdraw all, and higher prize. user must know about this risk. and if he think the risk worth the chance to win. so be it. just my opinion, cfx liquidity risk almost impossible to happen in conflux. when the interest on flux got over 50% i m sure all pos staker will move their stake there

[Yumingyuan]

But the Pos need 7 days unstaking time scope…

[KCharlemagne]

Hi @AbigaelDevina,

Nice project! Do you plan to add an user authentification?
If yes, don’t hesitate to use “Sign In with Conflux” wich is ready to use offchain authentification, with Core Space and eSpace. It’s very easy to implements, check this article :

Sign-In with Conflux

If you have any questions you can ask me on Discord KidCharlemagne#9855.

[AbigaelDevina]

Hello @thegaram @Geoff and technical grants comitee. May i have status about this proposal? Does this proposal rejected, or maybe still need to be fixed? Also does conflux foundation still have grant programme available?

Currently i have successfully build smart contract that build on top pos pool, so instead of flux.01.finance, conflux pos pool may become reward source for lossless lotto.

I also have some idea, not to make simple lotto, but add some game feature to it. But i am not sure about the idea. will the game more attractive than simple lotto.

But the most important things is: does conflux foundation will support it?

[Geoff]

Hi @AbigaelDevina thanks for following up on this! Grants are still available but unfortunately your grant application has not received the required votes to be approved. It has not been rejected but I recommend making some adjustments to attract the acquired votes.

1. I would recommend lowering the budget to be in line with Tier 1 grants.
2. There needs to be more of a plan in place for project maintenance beyond applying for a second grant. Projects ideally should be self-sustaining.
3. I agree with your point of delaying this idea until the lending protocol is deployed on eSpace - would be great to see this application include an integration with that protocol

Let me know if you have any follow up questions!

[AbigaelDevina]

I would recommend lowering the budget to be in line with Tier 1 grants.

Hello @Geoff a new budget has been proposed on this link: Technical Grant Application - Lossless Lotto 2nd Proposal (I cant edit the first post, so i made a new thread)

There needs to be more of a plan in place for project maintenance beyond applying for a second grant. Projects ideally should be self-sustaining.

We have plan to make lossless lotto part of our previous project in traderbot x. We may add some features to monetize and sustain lossless lotto project.

I agree with your point of delaying this idea until the lending protocol is deployed on eSpace - would be great to see this application include an integration with that protocol

Currently we have successfully researched reward/interest from conflux pos pool and will use this as source of reward. At the future when aave’s fork launched, we may add it so user which own less than 1000 cfx can participated in lossless lotto.