COLLECTIVE VAULT
PLANET INVERSE will unveil a new and exciting prediction platform. COLLECTIVE VAULT, a protocol that allows users to pool their XIV and earn rewards by speculating on the movement of selected assets, has been many months in the making.
This platform allows users to test their price prediction skills against each other and earn XIV rewards up to several times their initial staked amount. As its launch draws near, we are truly excited to reveal what we have been working on for our community.
HOW DOES THE PROTOCOL WORK
Users choose among three options to stake their XIV. These options include the ‘Solo Win’ vault, ‘Shared Win’ vault, and the ‘User Vs. User’ vault. The user then selects a short list of coins (including BTC, ETH, and BNB) that they wish to track. Finally, the user enters their ‘24hr Prediction Price’.
Once the ‘Interval Window’ (a period during which the user may secure their place in the vault) closes, a 24hr countdown timer begins. At the end of this 24hr tracking period, the user or users whose predicted price is closest to the final price of the selected asset will be awarded XIV tokens from the pooled XIV.
USER OPTIONS
The platform includes three scenarios wherein users may speculate on the final price of several popular assets. These options include SOLO WIN, SHARED WIN, and USER Vs. USER.
SOLO WIN: This is a ‘winner take all’ vault. Individual users contribute a specified amount of XIV into their chosen tracking vault. The user then enters a predicted future asset price tracked by the vault (i.e., BTC, ETH, BNB). 24hrs later, at the end of the tracking period, the protocol will disburse all the pooled XIV (minus protocol fees) to the single user whose predicted price is closest to the final price.
SHARED WIN: The ‘Shared Win’ vault splits the vault rewards among the top 50% of the users in the vault. Users each contribute a specified amount of XIV into their chosen tracking vault. The user then enters a predicted future price of the asset tracked by the vault (i.e., BTC, ETH, BNB). 24hrs later, the protocol will disburse equal rewards from the pooled XIV (minus protocol fees) to half of the users whose predicted price is closest to the final price of the asset being tracked in the vault.
USER Vs. USER: In this vault, only two users are allowed in before the start of the tracking period. Once inside the vault, each user contributes a specified amount of XIV and enters a predicted future price of the asset tracked by the vault. 24hrs later, the protocol will disburse the entirety of the pooled XIV (minus protocol fees) to the single user whose predicted price is closest to the final price of the asset being tracked.
INTERVAL WINDOW
The INTERVAL WINDOW is the period that the tracking vault is open, allowing users to enter their predicted prices and wager their XIV. Initially, the Interval Window will be set to one hour to allow enough users to enter each vault. However, as the platform grows in popularity, the Interval Window will get progressively shorter.
XIV TOKEN
XIV is the sole token used for wagering in the designated tracking vaults. Once the user connects their web3 wallet (i.e., MetaMask) to the platform, the user must allow the protocol to access the XIV in their wallet to stake.
THE LAUNCH OF COLLECTIVE VAULT
PLANET INVERSE looks forward to unveiling a decentralized protocol like no other in the crypto space. COLLECTIVE VAULT allows individual users to compete against each other by predicting the future prices of certain selected coins. Users may share XIV rewards amongst each other or may opt for a winner-take-all option.
With the launch of COLLECTIVE VAULT, a new and exciting era of decentralized prediction market protocols is upon us! Our aim is for this platform to foster community growth and cohesion, allowing users to compete and collaborate with each other.
The PLANET INVERSE Team
Click here to receive our contact information https://linktr.ee/planetinverse
Originally published at https://medium.com on September 13, 2022.
