🪙Team Tokens

Team tokens are an ERC-1155 Standard token, where each 1155 represents a different event. If the team wins, you redeem this ERC1155 token for winnings.

Each team/player in an event has a Team Token. Team Tokens are ERC1155 tokens that are minted as each bet is made. A user has to pay a gas fee to make each bet. Separate from the gas fee, there is a ~1% fee for each bet. In practice, bettors receive 1 Team Token for every 1.01 unit (USDT or Roots) bet. All of this 1% USDT fee is distributed to people who bet before you. No rent is extracted by the protocol.

Team Tokens cannot be redeemed for units that were bet before the event ends. When an event starts, each Team Token has a finalized odds. This depends on how many units were bet on one team versus all the other teams. (For more info, See Parimutuel Wagering.)

If at the event start, 500 units were bet on Team A, 1000 units on Team B, and 2000 units on Team C: At the end of the event:

• If Team A wins: 1 Team A Token could be redeemed for 7 USDT (500/3500) (+600 odds);

• If Team B wins: 1 Team B Token could be redeemed for 3.5 USDT (1000/3500) (+250 odds); and

• If Team wins: 1 Team C Token could be redeemed for 1.75 USDT (2000/3500) (-133 odds).

Team Tokens can be bought and sold during the event on a secondary market. When the event concludes whoever is holding the Team Token will be able to redeem it.