The Divvy.bet Story and where are we headed?
The human desire to wager predates recorded history, in fact, it’s one of first forms of contracts between two individuals. It’s an age-old practice steeped in human interaction that has evolved into a behemoth industry with a global value exceeding $1 Trillion. Today, it finds itself largely dominated by conglomerates seeking maximal profit extraction, leaving few beneficiaries in its wake. Divvy.bet emerges as a beacon of change amidst this landscape, spurred by the DeFi revolution, our goal is to disrupt this antiquated model with an on-chain betting protocol where anyone can BE THE HOUSE.
Our journey began with a vision to revolutionize the gambling industry by leveraging the blockchain technologies to reimagine how people bet via permissionless and noncustodial wagering. Central to our mission was the realization that for blockchain technology to truly permeate mainstream adoption, user experience must be paramount. Recognizing the shortfall in user-friendly interfaces within the early DeFi dApps, we made it our mandate to bridge this gap and create a consumer application that’s superior to existing web2 offerings. Solana stood out as the natural choice with its robust and efficient infrastructure, empowering us to build a seamless dApp UX that’s both intuitive and beautiful.
Launched in March 2023, the alpha version of Divvy.bet enables frictionless on-chain wagering on a myriad of major sporting events via three main pre-match bet types (moneyline, handicap, and total score). To date, Divvy.bet has processed over $4.2 million in betting volume across more than 33,000 wagers – a testament to the demand for permissionless wagering.
As trailblazers in the field, we seized upon the potential of integrating NFT technology into our product suite, culminating in the introduction of the DVY House Pass, Champions Series, and the March Madness Bracket Challenge. These integrations are more than just collectibles; they unlock a new paradigm for user rewards and provide an avenue for wagers to live beyond the confines of the Divvy.bet ecosystem.
As we transition towards Divvy.bet’s beta version, our unwavering commitment remains anchored in reshaping the gambling landscape, introducing a wider range of betting options, mirroring the variety found on web2 platforms such as - props, parlays, futures, web3 degen games, predictions and much more. Central to this evolution is the $DVY token. As the native token, $DVY is meticulously designed with utilities aimed at unlocking the full potential of the ecosystem, empowering users to gain an edge.
Join us and BE THE HOUSE as we rewrite the rules of the game. Together we’ll redefine the way people bet, and pave the way for the future of wagering.
What is Divvy.bet?
Divvy.bet is a revolutionary sportsbetting protocol, redefining the way people bet, with a web3 approach. Through blockchain technologies, we eliminate traditional barriers like lengthy sign-ups, pre-funding requirements, and slow withdrawals while adding transparency to authenticate each transaction. Divvy.bet’s permissionless, non-custodial platform allows users to experience on-chain wagering directly from their wallet with guaranteed payouts and instant settlement.
What separates Divvy.bet from the competition is the DeFi engine that empowers anyone to Be The House, providing direct exposure to the protocol’s sportsbook P&L. This creates a new asset class for the LP, with an avenue for increased diversification and an opportunity for users of all risk profiles to experience the thrill of the thriving gambling industry.
The Team
Loso | Founder & CEO
Twitter | Discord: @losouno
With over a decade of startup experience, Loso has a proven track record of taking products from ideation to production. In his previous role as the Head of Finance and Product Lead, he leveraged his expertise in DeFi and product experience to develop a proprietary asset management product that seamlessly integrated DeFi yields into a user-friendly web2 interface early users exposure to DeFi yields without having to go through all the intricacies of onboarding to web3.
Kdevdivvy | CTO
Discord: @kasky53
With over a decade of experience as an engineer, he dove into the world of blockchain in 2021 and quickly became a crypto and DeFi enthusiast making significant contributions to a number of Solana projects including Marinade and SaberDAO. His technical prowess extends to development architecture and smart contract design that make Divvy.bet possible.
Mdevdivvy | Senior Full Stack Dev
Discord: @0xbamboo
With 8+ years of experience in full stack development and work done in both the web2 and web3 spaces, playing an important role in projects such as Parasol Finance and Player2.
Anton | Creative Director
Discord: @godawfulbastard
An award winning creative director with 8+ years of experience in branding, advertising, design and related fields. His involvement in the sphere of contemporary art & design enabled him to adopt a conceptual approach to B2C communication, focusing on storytelling to bridge the gap between people & brands. His past clients include Coke and Bayern Munich.
Zeta | Marketing Lead
Twitter | Discord: @1zeta
A University of Arizona graduate with a background in Sports Marketing and Management. Transitioning to the web3 space, he’s played a key role as the marketing lead for two NFT projects (Arties and Guardians), generating over $1.5m in revenue.
The Jupiter Ecosystem and Divvy.bet
The gambling industry is undergoing a period of explosive growth with experts predicting the global market to reach $1.4 trillion by 2030. Driven by factors such as increasing legalization, the burgeoning middle class, and widespread internet access, Divvy.bet is positioned to capitalize on the momentum and become the premier destination for online gambling by offering some of the most competitive odds in the market, coupled with a world-class user experience.
Our platform is strategically built for mass adoption, serving as a gateway for normies to experience the transformative capabilities of the Solana ecosystem. Any token supported on the Divvy.bet platform instantly expands its utility, as users can seamlessly utilize them for betting or providing house liquidity. As part of our commitment to collaboration with the Jupiter ecosystem, we have integrated $JUP, which has rapidly emerged as one of the most popular tokens for betting. Here are a few other synergies that we foresee in future collaboration:
- Automatic listing for LFG Launchpad projects: All projects going through the LFG launchpad should be instantly usable at Divvy.bet, creating immediate utility and new use cases for those tokens.
- Trading engine integration: Enables users to wager seamlessly in their preferred token by leveraging Jupiter’s efficient trading capabilities to secure the best prices without ever having to leave the dApp.
- Predictions market data: Our upcoming release of a predictions-style betting feature will allow bettors to wager on the price movements of tokens. We see immense potential in partnering with Jupiter to extract on-chain trading data, helping users gauge overall market sentiment and empower them with crucial information to make informed decisions.
By partnering with Jupiter, we can unlock a world of possibilities for both platforms and the entire Solana ecosystem. This collaboration fosters a frictionless user experience, expands the utility of Solana tokens, and empowers users to make smarter bets and trades. We’re excited to explore a data partnership with Jupiter to elevate the entire experience for users across both platforms.
Partners and Supporters
The inception of Divvy.bet took place during the Solana SZN Hackathon, where our project garnered recognition and support, leading to grants from the Solana Foundation and a successful pre-seed funding round from leading VCs within the ecosystem. Their investments underscore the importance of our concept and highlight Solana’s pivotal role in enabling groundbreaking initiatives like ours.
In the past year, we’ve forged impactful partnerships with prominent communities such as BONK, Catalina Whales, and Magic Eden for our March Madness Bracket Challenge. These collaborations not only brought the excitement of the tournament to their respective communities, but also expanded our reach and engagement across diverse audiences.
Currently, we’re thrilled to be collaborating with Asset Dash on developing ‘Learn-to-Earn’ courses, aimed at extending the reach and awareness of Divvy.bet to millions of users within their platform. Looking ahead, we aim to attract ambassadors via athletes and poker players to reach the traditional web2 users and educate them on the benefits of web3 and how Divvy.bet is poised to revolutionize the future of betting. These collaborative efforts underscore our commitment to fostering community engagement and driving meaningful impact within the Solana ecosystem.
Synergies between Divvy.bet and Jupiter community
Divvy.bet and the Jupiter community share a common goal: a vision of a decentralized future that empowers users while fostering a vibrant community via DAO activities. Here’s how we envision synergies between Divvy.bet and Jupiter users:
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Enhanced $JUP utility: With $JUP already supported on Divvy.bet, holders have the added utility to bet on their favorite teams or be the house via liquidity provisions. We want to go beyond that by proposing an innovative staking mechanism that’ll allow $JUP holders to contribute liquidity to the Divvy.bet house pool while retaining their voting rights in the Jupiter DAO. This dual functionality not only enhances the utility of $JUP but unlocks a new opportunity for holders to earn a yield that channels back to increased voting power within the Jupiter DAO.
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Learning from Jupiter DAO’s success: The organizational structure and functionality of the Jupiter DAO have been exemplary, serving as a model for effective decentralized governance. Through our partnership, we aspire to glean insights and best practices from the Jupiter DAO team, with the aim of implementing similar governance mechanisms within the Divvy.bet ecosystem. By mirroring the success of the Jupiter DAO, we can further enhance community participation, transparency, and decision-making processes within Divvy.bet.
Wen token?
Q2 2024
What does it mean if Divvy.bet were to succeed?
Divvy’s success symbolizes a monumental shift in the fabric of the gambling industry. It signifies the triumph of innovation and determination as a small, dedicated team disrupting a behemoth through the transformative power of blockchain technologies via Solana. Our achievement extends beyond mere disruption; it heralds the dawn of mass adoption, as we seamlessly transition web2 users into the boundless realm of web3, unlocking possibilities previously unimaginable on traditional platforms.
At its core, Divvy.bet’s success is a resounding validation of blockchain’s enduring relevance and readiness for mainstream adoption. It underscores the irrefutable demand for decentralized, transparent solutions, reaffirming our collective belief in a future shaped by trust, autonomy, and integrity.
Ultimately, Divvy.bet’s triumph isn’t just about reshaping an industry; it’s about reshaping paradigms and catalyzing a movement towards a more equitable, inclusive digital landscape. Our journey exemplifies the limitless potential of technology to empower individuals and revolutionize established norms. With Divvy.bet’s success, we embark on a transformative journey towards a future where decentralized principles reign supreme, and the power truly resides in the hands of the people.
What obstacles and challenges did we face?
Since our inception, Divvy.bet has been steadfast in our commitment to building a fully on-chain betting protocol that redefines the traditional model, while embodying the ethos and core principles of web3. Despite numerous offers from white-label casino software providers, we remained resolute in our vision to offer a true web3 experience. However, this journey hasn’t been without its challenges.
Building everything from scratch posed its own set of obstacles, particularly in delivering a consumer product that outperforms our web2 counterparts. Our primary challenge lay in implementing a fully non-custodial solution for both house liquidity providers and bettors. This necessitated multiple iterations to ensure our smart contracts not only tracked wagers and settlements on-chain but also executed frictionless settlements directly to users’ wallets.
With the House Pool concept, efficient utilization of liquidity with proper risk management was paramount. Countless hours were dedicated to developing algorithms to minimize locked liquidity while ensuring guaranteed payouts. We incorporated logic to automatically rebalance odds based on on-chain volume, fostering a balanced book. Additionally, we instituted a maximum risk per match and implemented a house pool locking mechanism to safeguard against potential manipulation.
Despite these challenges, our unwavering dedication to innovation and decentralization propels us forward, driving us to overcome obstacles and deliver a revolutionary betting experience that epitomizes the principles of web3.
Advice for other teams launching a token in web3
Launching a token is one of the best acquisition strategies in web3 but it’s vital to approach it with a clear strategy and purpose. Start by interrogating the necessity of your token and whether it’s able to solve a real problem or enhance the user experience in a meaningful way. Tokens are more than gimmicks for user acquisition, they should offer tangible value and utility that resonates with your community.
Innovate fearlessly. While crypto may seem like a copycat industry, true success comes to those willing to pioneer new ideas and take calculated risks. Don’t be afraid to challenge the status quo and become an industry leader by daring to do something radical.
Prioritize healthy tokenomics. Sustainable and fair tokenomics with robust value accrual mechanisms are the bedrock of a successful token project. Above all, launch a token with integrity and purpose. It should embody the ethos of your project and serve as a beacon for community building and incentivization.
What’s something most tokens get wrong and how are we avoiding the pitfalls?
Launching a token without an underlying product is a common pitfall that often leads to overpromising and under delivering. Misaligned incentives through token emissions and the risk of supply depletion for future growth are significant concerns. Moreover, many tokens lack utility, merely languishing in wallets without serving a purpose.
At Divvy.bet, we see $DVY tokens as an integral part of our ecosystem and therefore, we’ve prioritized building a robust underlying foundation capable of supporting $DVY to ensure that the token has real utility from day one. Our tokenomics strategy diverges from industry norms, focusing on sustainability and community engagement. Rather than implementing a deflationary token burning mechanism, we’ve introduced a recycle mechanism that facilitates seamless token flow within our ecosystem. This approach ensures tokens are continuously utilized and circulating, contributing to a sustainable rewards mechanism and fostering long-term community growth.
Furthermore, our emissions mechanism is intricately aligned to platform activity; increased activity results in more tokens being released, aligning rewards with ecosystem utilization. Lastly, a percentage of Divvy.bet profits will be routed to $DVY stakers, providing holders with a passive income stream and incentivizing long-term participation and reaping the benefits alongside the success of the Divvy.bet protocol.
By addressing these common pitfalls and prioritizing sustainability, utility, and community engagement, we are confident in our ability to build a token ecosystem that thrives and delivers lasting value to our users.
Appendix/About
Website: https://divvy.bet/
dApp: https://app.divvy.bet/
Twitter: https://twitter.com/DivvyBet
Discord: Divvy.bet
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