Everyone puts their LOOKS, NFTs and ETH in. But only one victor can emerge.
If you’re a fan of onchain gaming, and you’ve enjoyed YOLO so far, you’re going to love what’s up next.
Since Thursday, 1,000+ of you have YOLO’d for over 1,000 ETH in total winnings. That’s pretty insane for just a couple of days, and we love the enthusiasm!
As a result, over 42 ETH has been generated in net fees, of which 50% was used to buy back LOOKS directly from the market.
Here’s the transaction to prove it.
🍯 What is YOLO?
It’s a game involving a big pile of NFTs, ETH and LOOKS. You — and other players — can add to it every round.
At the end of the round, a truly random number is generated to determine the winner. Winner, singular. This isn’t Raffles. There is no second place.
Evidently, the bigger the value of your contribution, the better your odds of taking it all home.
🧮 Quick Maths
Let’s suppose that LOOKS trades at $0.6, ETH trades at $1,900 and the BAYC floor is 31 ETH.
Our three participants, Alice, Bob and Carol, add the following to the pot:
- Alice: a BAYC and 10,000 LOOKS
- Bob:10 ETH and 100,000 LOOKS
- Carol: 100 ETH
First off, it doesn’t matter how rare the BAYC is. In this initial version, YOLO doesn't take traits into account. Alice’s ape could have blue beams firing out of his eyes, gold fur and a crown on his head, or he could be boring AF. No matter what, he’ll be valued at the collection’s floor price of 31 ETH. Meanwhile, her LOOKS contribution is worth ~3.16 ETH (based on the numbers above).
Alice’s total? 34.16 ETH.
10 ETH, plus ~31.58 ETH.
Bob’s contribution is worth 41.58 ETH.
Easy one. Carol is playing with 100 ETH.
If we add these three numbers together, we get the total pot value (175.74 ETH). To calculate the likelihood of each player winning, we divide their contribution by this figure and multiply it by 100:
- Alice has a ~19.4% chance of winning the round
- Bob has a ~23.7% chance of winning the round
- Carol has a ~56.9% chance of winning the round
🏆 Claiming the Prize
The winner takes it all — in the previous example, they’d go home with 110,000 LOOKS, 110 ETH and the BAYC.
Important to note is that we take a 5% fee (in ETH) on the total value every round. That amounts to ~8.79 ETH for Alice, Bob and Carol’s game. Since there’s already 110 ETH in the pot, we just subtract it from that amount.
If there isn’t enough ETH to cover it (e.g., if a round consists only of NFT and/or LOOKS contributions), the winner will need to pay the fee to withdraw their winnings.
What if I’m the only player?
That’d be a little boring, wouldn’t it? If nobody else shows up, you can reclaim your contribution (of course, you’ll need to pay a gas fee to do so).
🔬 Has YOLO's Contract Been Audited?
Oh yes. Check out the Peckshield audit here.