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All users contribute their stETH tokens to a smart contract. stETH in Asymetrix protocol earns staking rewards, and the protocol balance is updated every 24 hours as regular stETH. The user's principal (initial deposit) always remains untouched and is used solely as a yield-making tool. Only the yield generated by the protocol takes part in the draw.
No. Unlike lotteries and other gambling activities, you do not spend your money to participate. The protocol is a DeFi derivative. Your tokens remain yours. As a stETH holder, you can choose to keep your tokens in your wallet and earn lower, but guaranteed rewards, or take the risk and potentially increase your APR significantly
Yes, you can withdraw your deposit anytime.
Furthermore, you can withdraw it in full (and you will still participate in the next weekly draw, based on your accumulated odds) or withdraw it partially (in this case, your odds will be recalculated immediately).
The odd costs will apply if you withdraw before the daily stETH balance rebase.
stETH balance is updated once a day (every 24 hours at 12:00 UTC around). Due to that technical feature, some cheating opportunities exist. For example, the user can earn odds in Asymetrix Protocol and withdraw deposit before the stETH balance is rebased. So the generated yield will go to the user directly, not to the Asymetrix pool. To prevent this, Asymetrix calculates the amount of earned yield by the user's deposit between the last stETH balance rebase and the actual deposit withdrawal time (as you can understand, that period can't be more than 24 hours). And that yield is deducted from the user's initial deposit when the withdrawal takes place. See how it works in practice.
* 2023-01-01 at 16:00 UTC; User enters the protocol with 10 stETH; * 2023-01-02 at 12:00 UTC; The stETH rebase (Asymetrix pool has grown); * 2023-01-03 at 12:00 UTC; The stETH rebase (Asymetrix pool has grown); * 2023-01-04 at 12:00 UTC; The stETH rebase (Asymetrix pool has grown); * 2023-01-04 at 17:00 UTC; User decides to withdraw the deposit and not to wait for the weekly draw. * 2023-01-05 at 12:00 UTC; The stETH rebase (Asymetrix pool has grown); * 2023-01-06 at 12:00 UTC; The stETH rebase (Asymetrix pool has grown); * 2023-01-07 at 12:00 UTC; Weekly draw. In the above example, User decides to quit Asymetrix before the weekly draw. But despite that, User took part in the Asymetrix pool for 3 days. All these 3 days, his deposit was generated yield, so the User will receive corresponding odds and participate in the weekly draw. Then he decided to withdraw the deposit. Asymetrix will calculate the yield generated by his deposit between 2023-01-04 at 12:00 (last stETH rebase) and 2023-01-04 at 17:00 (actual withdrawal time, 5 hours from last rebase) - 0,0000256849%. So the User can withdraw 10 ETH - 0,0000256849% (yield generated for 5 hours) = 9,9997431507 stETH. Please note that this 0,0000256849% is not a "fee". This is a yield that goes for distribution when a draw occurs. And User receives odds for those 5 hours as well. So final odds for the User in the above example will be calculated as 3 days + 5 hours. After each draw, there is a period when all users can withdraw their deposits both partially or in full without odds cost at all. That can be done within 3 hours after Asymetrix Protocol's weekly draw, this information is indicated on the website.
No need to do it manually. In case of winning, users receive relevant rewards in the form of PST tokens (PST, pool share tokens are your share in protocol and reflect your stETH balance). You will receive additional PST to your wallet automatically (your odds will also be re-calculated). You can claim your PST for stETH at a 1:1 ratio at any time without restrictions.
Yes, you can send your PST token to another wallet, and the new PST token holder can withdraw the equivalent amount of stETH deposit from the protocol.
The new holder of the PST tokens will start getting odds - picks for the current draw from the moment they receive the tokens.
For example, if User 1 has 10 stETH for half of the time of the draw and then transfers the PST to User 2, and User 2 stays in the pool for the other half of the time, the picks for this draw will be divided equally between User 1 and User 2.
So transferring the 10 stETH does not mean that 100% of the picks for the current draw will be transferred as well.
No one has access to your funds locked in the smart contract. It is entirely operated by the code audited by an independent third party.
Your principal (initial deposit) is not used to pay out draw rewards; only the yield generated from your deposit is used for rewards. And if you do not win, you only lose your potential yield. Your deposit remains untouched.
But it's important to understand that there is still the risk related to the technology itself that may cause the loss of your funds (losing your wallet, accidental losing of PST tokens, exploits/hackers attacks, etc.). Also, the ETH staking is experimental and involves some risks related to the Liquid staking provider Lido (de-pegging, etc.). Please refer to the Possible Risks article for more information.
No, the funds deposited by the users are kept in a secure contract that is separate from others. The only way to access the deposit is through the user's PST tokens, which represent their portion of the total funds in the pool. The protocol administrator is only allowed to withdraw ERC-20 tokens from the prizes distribution contract. This feature ensures that any yield generated by the pool between the two draws is kept safe in case of emergencies - such as a failure in the automated weekly distribution process due to the use of third-party services like Chainlink VFR etc.
Currently, draws take place every week (604800 seconds), and there are three winners per draw. The first reward is 50% of the yield generated in the current draw, the second place is 30%, and the third place is 20%
The total rewards of each draw depend on the yield generated by the protocol between draws. The draw schedule and the number of winners are adjustable parameters and can be changed by the governance voting.
The Asymetrix Protocol DAO could approve the charging of fees from the rewards generated in the protocol and implement buy-and-burn mechanics for ASX tokens in the future.
At that moment, no fees are taken from the protocol, and 100% of the generated yield is distributed among the users of the protocol.