metadata: {"type": "project", "title": "Formula One Betting Perps ", "website": "https://timesthree.io", "createdAt": 1695767410682, "credentials": {}, "description": "Formula One Betting Perps: Pre, During and Post race markets with up to 5x leverage. \n\n**Overview**\n\nMuch like in financial markets, where investors can control a large position with a relatively small amount of money, leveraged Formula One betting permits punters to place bets larger than their actual deposit. Applying the mechanics of leverage trading to the realm of Formula One introduces a new experience that can amplify returns (as well as losses) making for heighten excitement, making every overtake, pit stop decision, and weather change even more crucial. The heightened stakes of leveraged better can make watching the race an even more nail-biting experience.\n\nBeyond this there are a handful of other benefits that introducing leverage betting options to Formula 1:\n\n1. **Strategic Depth**: Leveraged betting introduces a new layer of strategy for seasoned bettors. It's not just about predicting the winner but also about determining how confident one is in their prediction and leveraging their bets accordingly.\n2. **Accessibility**: For fans with limited funds but a strong belief in a particular race outcome, leverage allows them to potentially capitalize on their knowledge without a significant initial outlay.\n3. **Diversification**: Leveraged betting can enable fans to spread out and diversify their bets across multiple outcomes, potentially mitigating risks and increasing their chances of a successful return.\n4. **Feeling of Expertise**: Formula One enthusiasts often spend considerable time studying drivers, teams, tracks, and various other factors. Leveraged betting can be a way for them to put their extensive knowledge to the test, feeling that they're leveraging their expertise to potentially reap greater rewards.\n\n**User Experience in F1 Betting: A Three-Phase Journey**\n\n**1. Pre-Race Betting:**\n\n- Prior to the race kickoff, participants can opt to take long or short stances using tokens representing each race driver.\n- Every driver is assigned an initial token price, determined by the oracle. This price is established when the token is minted.\n- F1 Perps employs an algorithm that converts this various data points into odds, that is then presented as a token price.\n- Bettors have the opportunity to leverage this token price by up to 5x, but only if there's adequate liquidity for that specific race, ensured by liquidity providers.\n\n**2. Live-Race Betting:**\n\n- As the formation lap begins, the live-race betting market becomes active, allowing bettors to trade driver tokens similarly to a Decentralized Exchange (DEX). This market remains open for the duration of the race.\n- Throughout the race, continuous updates are integrated into the betting odds. As drivers overtake, this reflects the token price and the leverage position.\n- If there is a liquidation engine outlines w\n- It's worth noting that within this market, bettors can't execute leverage-to-leverage trades with peers. They can only initiate new positions that don't mirror another trader's leveraged stance.\n\n**3. Post-Race Settlement:**\n\n- Once the race concludes, the betting market is closed to new positions.\n- Tokens corresponding to winning positions are valued at $1, while those tied to losing positions drop to $0. Those holding winning tokens can claim their returns at this juncture.\n\nThis revised structure provides clarity on the sequential journey of a bettor in the F1 betting market.\n\n---\n\n**Oracle Design for On-chain Leverage in Formula One Betting**\n\n- Our oracle system sources data from an API, which consolidates data from eminent sports data providers, ensuring high-quality insights into the world of Formula One racing.\n- By collating existing odds and real-time in-race analytics, the oracle employs an advanced algorithm to determine the initial pricing of a driver's token.\n- It's noteworthy that the domain of Formula One analytics is enriched by collaborations with tech giants such as AWS, Cognizant, and Lenovo. Furthermore, reputable names in the crypto sector, including Kraken, OKX, Binance, ByBit, and Tezos, have sponsored Formula One teams, further solidifying the reliability of our data sources.\n- Leveraging API3's Airnode, a decentralized oracle, we ensure a seamless bridge between on-chain smart contracts and these off-chain data providers. This compatibility extends to diverse data sources pertinent to Formula One.\n- As a race unfolds and various events transpire, our oracle remains dynamic, adjusting and reflecting these changes in the token's price. The system is designed to employ event-trigger mechanisms for on-chain data updates. For instance, a driver's overtaking can act as a trigger, prompting the oracle to update the relevant data on-chain. Such triggers span a multitude of variables in the betting spectrum, assuring bettors of timely adjustments to their stakes. This real-time update feature provides an enhanced betting experience compared to traditional Web2 platforms that may offer inconsistent updates.\n\n---\n\n**Oracle design: Enabling secure on-chain leverage** \n\n- The oracle is going to be reading an API performing off-chain computation that takes into account various sources of data from prestigious sports data API providers. This calculation will take in variety of already existing odds, alongside utilize in-race analytics, to an algorithm that determines the starting price of the drivers token.\n- Analytics around Formula one is rich, with well known technology organizations such as AWS, Cognizant and Lenvo. Alongside this Kraken, OKX, Binance, ByBit and Tezoz are all well known sponsors of Formula one teams. This means there is ample data providers serving high quality data points via APIs.\n- API3's Airnode is a decentralized oracle solution designed to offer a direct connection between on-chain smart contracts and off-chain data providers. It can be used to connect to various data sources, including APIs serving Formula One betting odds or surrounding data.\n- As the race progresses and events occur within the race, the oracle will update reguluary reflecting in the price of the token. This design can utilize a trigger mechanism to deliver the data on-chain. For example, if a driver overtakes a trigger can deliver this on-chain via the oracle. Likewise, these triggers can be applied to a range of variables across the betting experience to ensure the bettors have timely updates to their positions. It is worth noting this experience will be much better compared to Web2 betting odds that are spontaneously updated."}
name: Formula One Betting Perps 