What Is Prime Pick?
Prime Pick will be the first Sports prediction market on the Hive Blockchain. The Prime Pick app will be hosted on the Sports gaming platform known as Genesis League Sports or GLS for short. GLS is built on the Hive Blockchain.
What we know about Prime Pick
As stated above we know Prime Pick will be a Sports prediction market. Meaning we guess the outcome of sporting events and earn rewards for doing so. The app being hosted on GLS means it will utilize the GLX token. The GLX token is the governance token for GLS and by extension all apps hosted on the GLS platform. How does the reward system work? Powered by a dual-token system — POWER (fuel token) and GLX (reward token). Players burn POWER to buy prediction shares on game outcomes. We here at the @rentmoney blog are excited about this. @rentmoney has been known to place a prediction or two using WEB2 applications on Sports bets. We can't wait to do so on the Hive Blockchain. Not only that but it very much sounds like a very different model of predicting than offered by WEB2. Straight predicting using one form of asset is how WEB2 does things. Sounds like WEB3 reached in its bag of innovation to provide a new dual-token predicting system. Lets look at the planned mechanics.
Mechanics
- Burn Power -> Buy Shares
- Win = Receive GLX (1 per Share)
- Prices move with demand
- Burn rate auto-adjusts (25-500 Power: 1 GLX)
- 1% fee funds maintenance and reserves
- Capacity limits ensure payout solvency
Rentmoney's Notes
Looking at the mechanics I can see some very positive things. Prices moving with demand meaning odd adjustment moves in real-time. This is essential in such a market. For those who might not be familiar with such prediction markets. This means that you can log in, go to the prediction market and the "cost" of placing a prediction on hour one might not be the same on hour two. This is because the system adjusts for placed predictions. If one side is heavily favored adjustments need to be made to keep things sustainable and fair to each side of the coin. Burn Power for Shares seems straight forward. Win 1 GLX per Share also seems straight forward. The maintenance fee of 1% is more than reasonable. Capacity limits ensure payout solvency; that's an important one. Essentially what this means is Prime Pick has set a min and max amount any given participant can bet to ensure predictions can be rewarded without draining the rewards pool. Limits within such markets are very much needed. If not you could have one very large bet hit a massive underdog win which could cause strain on the whole system. Over-all I like what I'm seeing so far. Looks like they prepared for sustainability. Of course I say all this as an onlooker deciphering the information in-front of me. Prime Pick hasn't hit markets just yet.
Prime Pick FAQs (Source)
Q: What determines share prices?
A: Prices rise when more users buy a given outcome and fall when demand decreases.
Q: Why might I get fewer or more shares than quoted?
A: Shares are calculated at execution time (10–30 seconds after burn). Market movement during that window changes the price.
Q: What happens to burned POWER?
A: It’s permanently removed from circulation, creating a deflationary effect.
Q: How much can the burn rate vary?
A: Between 25 POWER : 1 GLX (minimum) and 500 POWER : 1 GLX (maximum), with a target of 100 : 1.
Q: ** Can I sell shares before the match ends?**
A: No. Shares are held until market resolution.
Q: What ensures the system can always pay winners?
A: Only 72 % of the total GLX reward pool is ever at risk, leaving reserves for all payouts.
How to get ready? I won't suggest what someone else should do but I can tell you what I have done so far. I signed up for a Genesis League Sports account as that is where Prime Pick will be hosted. I have been keeping a close eye on the GLX market as its 1 of the 2 tokens needed in the dual-token system. I haven't made any moves yet to purchase a large amount of GLX. I mostly just been reporting in my posts what I see. However I do already hold some thousands worth and am right now in real-time about to purchase some more. To do that we will be headed to and login to TribalDex (powered by Hive-Engine). We use the secure login app known as Hive Keychain to do that. First we check the trade market. The highest Bid is at 0.001074 Hive per GLX. There is about 35 Hive worth of BIDS at the 0.001000+ range. The price and liquidity slowly drop after that until we reach 0.000201 which has a 100 Hive Token order (full disclosure: the 100 Hive bid is mine). I don't imagine that bid will fill as there is someone possibly multiple someones I been playing touch and go with in that market. Seems as my bid(s) managed to help increase the overall Bid offers. I been thinking about running it up like I did in some of my previous posts where market bots kept instantly over-bidding me. I'm content with sitting on the sidelines for now. We can make a bid higher than that and see what happens but we could also purchase directly from the ASK wall. Lets look at the numbers and then decide. 0.001498 per GLX is the lowest trade market ask price at current time. There isn't many GLX offered at the mentioned trade value of 0.001498. In-fact there isn't much GLX on the trade market at all. A good sign for those holding the GLX token.
Luckily we here at the @rentmoney blog know there are multiple ways to trade for the GLX token. The trade market is just one of those ways. We also have the option to use the SWAP markets. Lets go take a look to see the Hive:GLX trade value when SWAPPING. If we were to place a BID order at par with the current max bid and it were to fill we would get 931 GLX for each Hive Token traded. If we were to use the SWAP feature we would get 698.19 per SWAPPED Hive. If we were to trade directly with the ASK orders in the trade market we would get 501 GLX per Hive Token. So as you can see the three options yield different outcomes. Its not guaranteed for your BID to fill. The ASK side has limited amount of GLX offered for trade and is the most expensive. The SWAP feature will yield you the most amount of GLX per Hive Token for an instant trade. Rentmoney intends on using the SWAP feature in the near future but as I type this in-real time I decided that I am going to play a little in the open market. The new high bid for the GLX token is now 0.00108 Hive per GLX Token. Just a small 10,000 GLX order but enough to get my beak wet as the saying goes. I'll review the market again in some hours to see the outcome. I'll very likely do some SWAPS or place some more orders in the near future as I want more GLX. That about sums up what I been doing to get ready for Prime Pick. The short version: I'm paying attention to markets and creating small BID orders. Fully intended and getting ready to purchase GLX through SWAPS. The above spacer image in this post are property of Prime Pick/ GLS. The below two screenshots are property of Tribaldex.
No financial advice has been given in this post. To create a GLS account click anywhere on this highlighted link. Thanks for visiting us here at the @rentmoney blog. Your time and attention are appreciated. Our posting scheduled went a little out of sync and we here at the @rentmoney blog like consistency so we will be adjusting the timing of our posts to be posted some hours earlier as they were originally planned to be posted. This means we won't have a post created for tomorrow as we don't want to post twice within a 24hr period. Upcoming content: undisclosed and undecided. Do you have something you would like us to post about. Fire away with your suggestions in the comment section. We look forward to reading them. See you at our next post!
TribalDex images source and homepage: https://tribaldex.com
This post has been shared on Reddit by @rentmoney through the HivePosh initiative.
Are you going to share some predictions with us? I would be curious about that!
That is going to be part of the fun.
Ahaan a separate market for sports prediction, that's amazing, it's a gift for sports lovers like you and me. It wish you good luck for your participation in the upcoming market.
Good luck to you as well.
On standby and observing!
Cheers,
!PIZZA
$PIZZA slices delivered:
@rentmoney(1/10) tipped @zusi78
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The deflationary effect is a key to make the circulation more stable
!BBH
I hope I will get a lot of correct predictions