Bounce Lottery (User Guide)
At Bounce Finance, we’re always looking to innovate — hence our new two auction types. In reality, lotteries and auctions are two different things and are used in different situations.
In crypto, we mix them together in our smart contract machine. Now we are happy to introduce Bounce Lottery and Bounce NFT Lottery on Ethereum and Binance Smart Chain.
Mechanism:
In a lottery auction, the creator will put his/her tokens into the lottery pool with a fixed price he is willing to auction off his tokens. Participants will put the amount of tokens required for one ticket and enter into the draw.
At the end of the pool, smart contract will randomly select winners from the participants and decide winners. The pool creator will claim the money back from the sale, while winners will claim his swapped tokens from the pool.
Lottery auction does not have permanent losses for participants. If a participant is not selected as a winner, he will take his principle back from the pool.
The lottery auction is built for mass uses. The maximum number of participants that can enter into a draw is 60,000 people and the solution is gas-friendly so that it costs very little to enter into the draw.
By having smart contract make random selection and execution, we ensure fairness and integrity of the game.
Lottery Auction (ERC20/ BEP20)
Pool creation:
A pool creator needs to setup his Lottery pool to initiate a Bounce lottery auction. Here are steps:
- Visit https://app.bounce.finance/ and select Token sale (default page is you are a new user)
- On the right up corner, click create auction button and there will be a pop up:
3. Select Lottery pool and you will be directed to create a lottery pool page, which consists of contract information and pool settings.
4. Enter token contract address (You can get it from etherscan), then token symbol and token decimals will be auto-filled.
5. In the pool settings you need to decide the following parameters:
- From (your token) to (token you want to get from auction)
- Lottery tickets: the amount of tokens you want to put in one ticket. (If you put one token in one ticket, a winner will receive one token)
- Price: the price of a ticket. This is not the price of one token. (If you put 5 tokens per ticket, then a ticket is worth 5 tokens’ worth)
- Number of winners: the amount of winners you want to have from the draw. This is also the number of winning tickets.
- Max participants allowed : maximum number of people you want to be in the draw.
- Pool name: your customized name for your auction (Maximum 30 letters)
- Lottery running time: how long do you want your auction be? (Not to long, not too short)
6. After you fill everything, click Launch and your metamask will be pulled up. You need to interact with metamask two times:
- Step one: You need to approve spending limit and click confirm
- Step two: open you Metamask activity again and you will see an unapproved contract interaction. click it and confirm
7. Your Lottery pool is successfully created
8. Come back when pool is closed and claim your swapped tokens or claim back your original principle.
Participants:
- Visit https://app.bounce.finance/pools/lottery
- Find the lottery pool you want to participate
- Click the pool and you will taken to the pool page
4. Double check the following information before making a bid:
- Token contract address
- Token and ticket size
- Ticket price (Calculate yourself to make sure the price is reasonable
5.You can see the number of winners and number of participants already in the draw.
6. If everything is correct, click go button and interact with metamask
7. Once you finish your transaction, you will be in the draw
8. Wait until pool time runs out, you can visit pool page to check your result. If you are the winner, click claim your tokens and you can get your winning tokens. If you are not selected as the winner, click claim my token back and you will get your principle back.
NFT Lottery Auction
Pool creation:
A pool creator needs to setup his Lottery pool to initiate a Bounce lottery auction. Here are steps:
- Visit https://app.bounce.finance/ and select NFT Auction House
- On the right up corner, click create auction button and there will be a pop up:
3. Select NFT Lottery pool and you will be directed to create a NFT lottery pool page, which consists of contract information and pool settings.
4. Enter token contract address (You can get it from etherscan) and token ID
You can request from the sender of your NFT for the information.
5. In the pool settings you need to decide the following parameters:
- NFT Price: how much you want to sell your NFT for
- Max participants allowed : maximum number of people you want to be in the draw.
- Pool name: your customized name for your auction (Maximum 30 letters)
- Lottery running time: how long do you want your auction be? (Not to long, not too short)
6. After you fill everything, click Launch and your metamask will be pulled up. You need to interact with metamask two times:
- Step one: You need to approve spending limit and click confirm
- Step two: open you Metamask activity again and you will see an unapproved contract interaction. click it and confirm
7. Your Lottery pool is successfully created
8. Come back when pool is closed and claim your swapped tokens or claim back your original principle.
Participants:
- Visit https://app.bounce.finance/pools/lottery-nft
- Find the lottery pool you want to participate
- Click the pool and you will taken to the pool page
4. Double check the following information before making a bid:
- Token contract address
- Token ID
- Ticket price (Calculate yourself to make sure the price is reasonable)
5.You can see the number of winners and number of participants already in the draw.
6. If everything is correct, click go button and interact with metamask.
7. Come back and check your result when the pool is closed.
Good luck!
