we hosted an amazing AMA with Yoda on the 26th of October
And here we will put some of the best questions:
Q1. Can you please introduce yourself as well as Yoda ?
Hi all, we are a team of crypto engineers and marketers building this decentralized prediction markets product called Yoda. Right now we have 5 people in our team with 3 engineers and 1 Product and 1 BD, our mission is to make Yoda the default choice for all prediction market needs.
Yoda is a predictions market platform. Basically based on your expert knowledge you can predict the future and if your prediction is correct, you get multi-fold returns on your investment. There are 2 major products that we have – traditional prediction markets and NFT based prediction markets.
Q2. What are the advantages of Your project ?
the traditional web2 prediction markets have a high commission of around 5-8% while we operate at a much lower fee.
We will be gamifying the whole ecosystem for prediction markets. For starters, NFT prediction markets are the first of its kind prediction market which has not been created so far.
We will also be focused on creating a product that users love to predict and create features to drive high engagement.
We are a decentralized prediction market that offers the power of decentralization to its users.
Q3 please tell us about the goal you want to achieve in this year
In the immediate future we plan to launch crypto prediction markets (taking inputs from the community on the asset of their choice), the leaderboard of our users who are predicting on our markets, and rewards for continued loyalty towards the platform. We will also be exploring other sports for which we will be taking inputs from our community.
Q4. Every project has a story behind their name, Can you tell us more about the story behind this? Who are the team behind this project? can tell us their background?
When we were figuring out the name for the project, we were trying to find something which people could relate to in terms of what the project offers.
The name is inspired by the wise Yoda character who knows everything… Similarly, prediction markets will become the source of truth in the future where odds will become strong indicators of real-world events, hence the name – Yoda
And here we will put best questions from our members and Yoda fans:
Q1) I see that all the NFTs you sell are for $10. And i see Winner Reward: 2.7X of INDIA, 7.4X of AUSTRALIA. But why is the reward for the winner different? What do you rely on to give the winning percentages for each team? Will the Reward for the winner change or will it be fixed?
So the reward ratio is based on the total amount locked in reward pool and the number of NFTs minted for that team. A lower reward ratio means more users are predicting Indian team to win the world cup(hence more NFTs have been minted) while a higher reward ratio means less number of users believe Australian team to win the world cup.
At a high level, in the NFT prediction market, the model works as below –
- Users buy NFT of the teams they support or believe will win
- All the amount is stored in the reward pool.
- After the world cup ends, the holders of the winning team NFT are eligible for 60% of the reward pool while the ones holding runners-up NFT will be eligible for 30% of the reward pool.
The remaining 10% goes to the Yoda treasury which will again be used to give away rewards to the community and for further growth of the platform.
From 10%, 5% here is given to top 15 users of yoda platform during the world cup.
Q2) People are always worried about the transaction speed because they worry about their transaction going to fail. How fast and secure is @yoda_xyz platform? If the number of users spikes, will transactions on baby doge inu get congested?
Sure. We are a project which is built on Polygon. Polygon allows us to have transactions in less than a cent with much faster confirmation times. While on the security aspect – We have already got the audit from a couple of auditors. The reports are being finalized and then we will publish them for the community to view.
We will be very thorough and focused on the security aspects of the project.
Q3)While you build your project, do you take into account community feedbacks and demands?
Yes, definitely. As we go along we will be taking lot more inputs from the community. Even today we have looked at all the feedback provided by the community and made changes at a rapid pace to our product. In near future, we will also take feedback on the next set of markets that the community would like to see on the platform.
Q4) Revenue is a key factor for all projects to survive and keep the projects running. What is Yoda’ way of generating profit and revenue? What is Yoda’ revenue model?
In traditional prediction markets – the project charges a small fee on all orders which go to the treasury for funding operations. 3%. This is much lower than what traditional prediction markets in web2 space charge (5-8%). On this market, we provide all GASLESS transactions benefitting the users even further.
Initially, we also plan to take 50% of these fees (i.e. 1.5%) and add them to the reward pool of the NFT prediction market.
On NFT prediction markets, 10% of the reward pool goes to the Yoda treasure pool. This will be used to further reward our community and grow at a fast pace.
Q5) Some communities are active in the short term but eventually empty in the long term. How do you plan to make your project a lasting ecosystem?
This is a very good question. To cater to this we plan to continuously build the product so that our community is always involved. Besides that we will be taking lot of inputs from the community on the next set of items to be built. We will also be creating loyalty program within the product itself to reward our loyal users which should further improve the community engagement.
Q6) I can see that the first prediction market will start with the T20 Cricket World Cup. After this tournament, what will be the next one to be feature on your prediction market? Also, is it possible that the community can provide their opinions/suggestion on the next one?
This is a good question. We started off with cricket since the world cup was near. However for the next tournaments we will be taking community feedback to decide which sport/category to focus on. Based on that we take the next tournament and make it available to our users.
Q7) Do You have any plan to support more blochchains in the future? what are your cross chain integration plans to gain mass adoption?
We have started off with polygon but yes we have a long term objective to be available across multiple chains. This is something we will start exploring once we have created a deep product on Polygon.
Q8) How important is the community to you? and how can we collaborate or help you for the development of the project?
Community is very important to us. We will discuss and decide on the next categories and the next sports to launch with them. Continous feedback from the community will be taken and incorporated as we expand our product.
Q9) I can see that YODA : Powered by DFYN is coming soon. Can you tell us how this partnership impacts YODA’s ecosystem and growth? Are there any plans with DFYN for staking and liquidity farming after launch?
So the partnership as of now is like this – Dfyn has incubated us.
Dfyn team is one of the best teams building in DeFi space as it has been shown from their performance i.e. over $100,000,000 in TVL. We are receiving technical support and marketing guidance from the team and Dfyn team is also helping us establish partnerships with existing players. Overall it’s been great for us, and as a payback we will, in future direct some of our revenue to $DFYN community via some rewards mechanism.
Q10) where can I currently buy tokens from your project ?
Would just like to clarify on this one. We don’t have a token as of now. We are right now finalizing our token strategy. For now Dfyn is supporting us but soon in next few weeks we will decide on the token strategy and share with the community
And this was the end of our AMA with Yoda.
If you have any other questions you can ask here:
ℹ️ℹ️ Useful links ℹ️ℹ️
Website :- http://yoda.xyz/
Medium :- https://medium.com/@yodadotxyz
Twitter :- https://twitter.com/yoda_xyz