Introducing the Provably Fair RLB Lottery: Win Prizes by Staking RLB
Stake RLB to experience our new and exciting feature: frequent lotteries where 20% of Rollbit's casino profits are shared as prizes!
How to Enter the RLB Lottery
To enter the lottery to be in for a chance of being one of 100 winners and a shot at the jackpot, you'll need to stake RLB before Bitcoin block where the winners are announced. Your RLB balance is shown at the top left-hand side of the screen.
A staking fee of 0.20% is applied for each entry, although it isn't taken from your RLB balance until the round is over. You can unstake at any time and the fee will not be applicable if you unstake your RLB tokens.
Half of the RLB generated from staking fees will be burned and permanently removed from the supply. The other half of the RLB generated from the staking fees will be distributed to staked Rollbots at the start of each month. The result is that there will be a deflationary supply for the Rollbit Coin (RLB), which can you read more about in our RLB whitepaper.
Staking RLB
Head over to the Lottery page and enter the number of RLB tokens you want to stake. Staking more RLB gives you a higher chance of winning a prize in the lottery. When staking RLB, the probability of winning a prize will be shown along with the amount of tokens that will be deducted as part of the staking fee.
The video above shows that with 4,269.57 RLB staked, the chances of winning a prize are ~3.79%. Also, the staking fee is 8.54 RLB. So from this single entry, 4.77 RLB will be burned and permanently removed from the supply while another 4.77 RLB will accrue to staked Rollbots.
Note that as more RLB is staked, the probability shown above will fall. The total number of RLB tokens staked is shown beneath the Bitcoin block countdown on the right-hand side.
You can check the stakes of other players by going to the 'Current Stakes' tab, view your winnings from 'My Prizes' and find information about past rounds under the 'Previous Lotteries' tab.
Using Lottery Multipliers
The amount of RLB staked can be multiplied based on your rank, previous lottery wager and the rarity of ear trait of the Rollbot linked to your profile. The multipliers give you a greater chance of winning a prize in the lottery, but burns more RLB.
On the lottery page, you'll see the available multipliers below 'Stake' button. Note that once you use the lottery multipliers, the amount you stake will become locked (meaning you cannot unstake your RLB or stake more until the round is over).
Three multipliers can be used to leverage your staked RLB:
- Rank multiplier: this depends on your Rollbit account rank. Those with higher ranks (Gold, Platinum, etc.) will be able to apply higher multipliers as compared to lower ranked accounts.
- Wager multiplier: this multiplier is for the amount you wagered since the last time using this multiplier.
- Rollbot multiplier: the rarer the ear trait of the Rollbot linked to your profile, the higher this multiplier will be.
The stats at the bottom right show how much RLB you've staked, the total multiplier used, your total stake and the staking fee. Note that when using multipliers, you'll pay the staking fee for the total stake.
For instance, in the example above we staked just over 11,000 RLB. Without using any multipliers, the staking fee would be ~22 RLB. However, because all of these multipliers were stacked, the effective stake is 48,333 RLB and the staking fee is calculated as 0.20% of this figure (i.e., 96.67 RLB). Therefore, the more that multipliers are used by lottery participants, the greater the burn rate of RLB.
Also, the use of multipliers also increases the RLB yield for staked Rollbots. Since half of the staking fee is redistributed to staked Rollbots, if more RLB is staked through the use of multipliers, then Rollbots will yield a greater number of RLB after each round. Staked Rollbots with rarer eye traits will be entitled to a higher share of the RLB in each round.
Unstaking RLB
You can unstake RLB at any time prior to the winners being announced (if you're not using any multipliers). For instance, for the lottery round shown by the image above, you'll be able to unstake RLB up until block #711,930 is added to the Bitcoin blockchain.
The video below shows how to unstake RLB. The staking fee is only charged from your RLB balance once the winners are revealed (i.e., at the moment the last Bitcoin block for a lottery round is mined). So you can unstake RLB any time up until this point at no cost.
Lottery Results
Each lottery round will last 100 Bitcoin blocks. Since block times can vary significantly depending on several factors (such as Bitcoin's hashrate and mining difficulty), you can expect each round of the lottery to last somewhere between 15-20 hours.
Once 100 blocks have passed since the start of a round, the results will be revealed starting with the lowest prizes:
After all 100 of the lottery winners have been revealed, the jackpot will be rolled:
On December 29th, some changes were introduced to the lottery jackpot. The hit rate was increased to 10% in each round, so that the jackpot will be won more frequently. Secondly, the prize is now fractionalised, meaning a random amount between 2% to 100% of the jackpot is paid out to the winner. For example, if the jackpot is $1 million, then if there's a winner they'd win anywhere between $20,000 and $1 million.
Once the jackpot has been rolled, a new round then automatically begins. You'll receive the tokens you staked (minus the staking fee) and you can stake RLB again to enter the next round. Entries will be valid up until the Bitcoin block where the winners are announced. You can also unstake at any time up until then, providing no multipliers are used.
The winners of the previous lottery round are shown at the bottom of the lottery page.
The RLB lottery is provably fair, meaning you can verify for yourself that Rollbit cannot decide or influence the results. You can also add your own form of randomness to your entries by typing a custom seed when staking RLB, as shown below.
Join Rollbit's lottery now by staking RLB tokens for a chance to win a prize from our profit sharing pool!
If you have any feedback or questions about the lottery, please reach out to us on Discord or via Twitter.
-The Rollbit team