Beracana
  • Overview
    • About Beracana
    • Why Lend on Beracana
    • Why Borrow/Leverage on Beracana
    • CANA Token
    • How Beracana Works
      • Lending/Supplying
      • Borrowing/Leveraging
      • Strategy
      • Health Factor
      • Liquidation
  • Guide
    • Getting Started
    • Lending/Deposit Assets to Receive canaHONEY
    • Withdrawing Lent Assets
    • Opening a Position
    • Closing a Position
    • View Your Position
    • Rewards
    • Interest Rate Model / Utilization
    • Add/Remove Extra Collateral
    • Liquidated Positions
  • FAQs
    • Frequently Asked Questions
  • Double Chance Lotteries
    • Introduction
    • Overview
      • Primary Lottery Mechanics
      • Second Chance Lottery Mechanics
    • Security and Decentralization
    • Conclusion
  • Contract Addresses
    • Addresses
  • Tokenomics
    • Introduction
  • Twitter
  • Discord
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  • Participation:
  • Winner Selection:
  • Rewards Distribution:
  1. Double Chance Lotteries
  2. Overview

Primary Lottery Mechanics

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Last updated 6 months ago

Participation:

  • Entry Requirements: Users must have 10 USDC to participate.

  • Approval Process: Users need to approve the lottery contract to access their USDC.

  • Lottery Entry: After approval, users click the "Enter with 10 USDC" button. This sends 10 USDC to the lottery contract, increasing the number of participants in the lottery.

Winner Selection:

  • ChainLink VRF Integration: Once the final participant enters the lottery, the ChainLink VRF (Verifiable Random Function) is triggered to select the winner randomly.

  • Settlement: The settleLottery() function is automatically called by an in-house bot. This function finalizes the lottery and transfers the winnings to the winner's wallet. - Manual Settlement: If the bot fails to execute the settlement, any user can manually settle the lottery by invoking the settleLottery() function through the smart contract interface on PolygonScan.

Rewards Distribution:

  • Winners: The selected winner receives the total prize in USDC.

  • Losers: Participants who do not win are minted loserUSDC tokens, which are non-transferable and can only be used for entry into the Second Chance Lottery.