Lumenswap launches first round of its lottery!
Lumenswap is a decentralized exchange handling the swapping and trading of digital assets. It is built on the Stellar blockchain and allows users to seamlessly spot trade through its exchange.
Users get the chance to create their own trading pairs and trade on a distributed network apart from the already available trading pairs. It also has an order limit feature that allows for the proper execution of trades.
Lumenswap also has a swap service that gives users the best rates on assets such as the ETH, LSP (Lumenswap token), USDC, USDT, USDS, PEN, and DOGET. As it is based on a decentralized model on Stellar all of its public Stellar networks are available on Lumenswap.
Using Horizon, users can compare the prices of different crypto assets and find the best rate for any specific trade based on its liquidity. To offer users better accessibility, Lumenswap also offers support for a variety of wallets such as Albedo, Rabet, and Freighter apart from private keys.
Lumenswap’s lottery system
Lumenswap also has a lottery that functions on a distributed network with immutable records. Through the utility of blockchain technology, Lumenswap is looking to create a transparent and fair lottery system that would be accessible to anyone around the world.
Although the lottery model has a lot of similarities to traditional lotteries, having a set timeframe and a ticket for participation; the prize of the lottery would be pegged to its equivalent value in XLM. The ticket too would be digital and the winner would be chosen through a decentralized mechanism.
As the lottery is based on a fair model, winners are chosen on the basis of the longest matching substring of a ticket hash and ledger. This ledger/block number would be specified at the start of every round and once ledger completion is done, the process of selecting a winner would begin.
Participation and prizes
In order to participate in the lottery users just need to transfer their LSP to an address either manually or through their interface. The transaction hash would then serve the purpose of their ticket ID.
To make the lottery open for everyone, Lumenswap sets the prices of the lottery at an affordable rate. For each round of 21lottery, the prices would be announced in an article called the ‘Round Introduction’.
The first round of the lottery is currently open (22 October 2021 to 22 November 2021) and would take place between ledgers 37922526 and 38405815. The price for one ticket is currently set at 1 LSP.
Users can buy as many tickets as they to increase their chances of winning the lottery.
The winner for the first round of the lottery will receive XLM equivalent to the value of a Tesla Model S ($100k).
As mentioned earlier, Lumenswap has an open and transparent platform with a user-friendly interface. It offers scalability and low fees as it is built on Stellar. The lottery system on Lumenswap also provides users to participate in a lottery that is transparent and unique in its workings. To make the lottery inclusive, the prices of the lottery tickets have been kept very low.
Lumenswap is one of the first DeFi protocols based on the Stellar blockchain and intends to bring a high scalability and low fees structure to the crypto space.
For more information on Lumenswap please check out their official website.
Disclaimer: This is a paid post and should not be treated as news/advice.