Inspiration
As a professional sport trader for many years, I have face many issues with withdrawals and odds disadvantages through my career. That's why understanding how bookmakers manipulate odds is one of the reason this project is very important to give users freedom and transparency while gambling.
What it does
deBet365 is a decentralised platform that aims to solve various problems faced by traditional centralised betting companies. It addresses issues such as centralisation, lengthy withdrawal verification processes, government bans, KYC requirements, and high fees for players. The platform introduces a cutting-edge concept called Size Rebalancing to fix liquidity provider problems and eliminate liquidation risks.
The Size Rebalancing algorithm calculates the maximum stake that can be placed on a specific choice in a game. It considers the available funds in the reserves, subtracts pending balances for that choice, and adjusts it based on a threshold value. The algorithm also takes into account the ratio of previous bets made on all choices. If the ratio exceeds a certain threshold, it allows for a larger maximum stake. This ensures that funds are distributed evenly among the different choices, promoting fairness and preventing a single choice from dominating the betting pool.
How we built it
We have used Chainlink Functions to retrieve off-chain data(odds) and an on-chain rebalancing algorithm in our smart contracts. The dApp is using nextJS for the front-end, nodeJS and Express for the server and Foundry for the smart contracts (high test coverage).
Challenges we ran into
Building the size rebalancing algorithm on-chain and retrieving odds in a decimal way to smart contracts.
Accomplishments that we're proud of
Using Chainlink Functions from end to end until the on-chain application.
What we learned
How to use Chainlink Functions and how to build an algorithm to have a rebalancing size.
What's next for deBet365
We aim to ship this application live and look for funding as it is a long term vision project. We also want to integrate options in deBet365 as this is our main goal.
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