Umbrella network will host a token sale on Bounce Certified on Feb 9th, 2021 in the format of Bounce original lottery sale (A fair auction type). This article explains the Umbrella Network lottery sale step-by-step.
Umbrella Network will auction off 400 NFTs. Each NFT holder will be airdropped 5000 UMB tokens by the Umbrella team after the lottery. This means that auction winners will not only get Umbrella NFTs, but also UMB tokens.
Umbrella Network will airdrop 5000 UMB tokens when the clock greets the Year of the Bull (Cow)!
Time: UTC 2:00PM Feb 9th, 2021
Lottery Sale time length: 1 hour
Number of Lottery pools: Two Pools
Lottery Pool One — Umbrella Community
Participant: needs to be whitelisted
Winning Probability: There will be a max of X participants allowed from a preselected pool by Umbrella Network to reward their early community members. 250 very lucky winners will be selected during the drawing of the lottery by the smart contract.
Lottery Pool Two — Bounce Community
Participant: open to BOT holders (0.3 BOT or 30AUCTION) and Bounce KYC user
Winning probability: There will be a max of 1000 participants allowed to enter into the draw and smart contract will randomly select 150 winners.
1) The lottery pool will open for 1 hour and qualified participants can enter into the draw during this time window. The access will close if participants reach the maximum number allowed.
2) The time of entry does not affect the probability of winning. The random selection is fair and equal for every participant.
3) All participants can check the results when the lottery is finished. Winners claim their nfts while losers claim their principle back.
4)The cost of lottery is the gas fee consumption for entering and withdrawing for lottery for all participants.
5)Once you enter the lottery, you cannot withdraw your fund until the lottery ends.
What is Bounce lottery Auction?
In a lottery auction, participants buy lottery tickets for a fixed amount (the principle amount) to enter into the draw. The fixed token price and principle amount are set by the pool creator. At the end of the running time of the lottery pool, the winners are selected randomly by a smart contract and their principle amount is automatically swapped for the auctioned tokens.
The pool creator claims the money raised from the sale, while winners can claim their swapped tokens from the pool.The lottery auction does not have permanent losses for non-winning participants. Participants that are not selected as a winner, can claim their principle back from the pool.