What is the LAVARY?
The Lavary is a weekly lottery in which fellow Molten enthusiasts can submit tickets for a chance to win a grand prize rewarded in $LAVA.
How does it work?
- As of Friday 11 December, the Molten/Lava team will now accept transactions of 5 LAVA as a submission for a single ticket.
- To officially and legally enter the lottery, you must purchase 5 LAVA (On Uniswap) and submit/transfer the LAVA to the following address (0xa00873b2B74D84a42565dD60773618B26e133251) as a Uniswap “send” (make sure Uniswap expert mode is on in settings). This will effectively save gas by combining the purchase of the lava and the transfer of the token into the same transaction.
3. Each contestant may enter a maximum of 2 tickets per day for the duration of the lottery (10 LAVA). Contestants may also enter 2 tickets for as many days as they would like for the duration of the lottery. This means each contestant will only have a maximum of 14 lottery tickets per drawing.
4. At the end of the collection period, the MOL/LAVA team will make their selection (with verifiable, public and transparent RNG) select one chosen contestant to win 33% of the total $LAVA held in the LAVARY wallet. The wallet has an initial seed of 25 LAVA and will accumulate more as more contestants enter. The number of entries a contestant has in the prize draw is based on the number of tickets they have made in the relevant collection period.
5. All non-chosen players will have 33% of their $LAVA returned to their wallet from the LAVARY. 33% of the LAVA remaining will be used for the next game. The game then starts anew and the LAVARY will begin to accept tickets for the next collection period.
The LAVARY therefore gives contestants the opportunity to win a large prize while preserving 33% of their underlying capital.
How Winners Will Be Determined
It is important to note that the LAVARY prize is 33% of the total amount of $LAVA deposited to the LAVARY during the collection period.
To give the prize an initial boost, the development wallet fund of ~27 $LAVA will be used to kick off the initial collection period.
The remaining 33% will be used toward the next LAVARY collection period and lottery.
- 200 $LAVA is deposited to the LAVARY over the collection period
- This is added to the base amount held in the Offertory (27 $LAVA development fund)
- At the end of the collection period, the total amount held in the LAVARY stands at 227 $LAVA,
- The prize won by the winning contestant in that collection period is 74.91 $LAVA;
- 74.91 $LAVA will be returned to non-chosen contestants
- 74.91 $LAVA (lottery fund) remains in the LAVARY for the next collection period.
A Note on entry into the LAVARY
Our chosen method of lottery rules is intentionally designed to prevent whales accumulating a disproportionately high number of entries.
All ineligible contestants will be held until the end of the relevant collection period day, but will not count towards a contestant’s lottery chances.
Examples of ineligible contestants include:
- Multiple Pledges from the same wallet exceeding 10 LAVA in a single day;
- A deposit of 5 $LAVA which was not purchased on the same day as the date of deposit;
- A deposit of more or less than exactly 5 $LAVA (Prior to 6% tax burn).
The LAVARY will initially be operated manually, on a trial basis.
The process of collections, rebates, deposit verifications and payouts will thereafter be automated via smart contracts (contingent on a successful trial).
We look forward to welcoming your entries and wish you the best of luck in receiving the Grand Prize!