prediction markets

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What are binary options?
Binary options are bets on the outcome of the certain event.
What type of binary options does Genshiro support?
Genshiro supports price-related binary options. Specifically there are two types of events users can bet on:
- Will the price of an asset be above certain price by a certain cutoff time? Yes or No
- Will the price of an asset be inside a certain price range by a certain cutoff time? Yes or No
What assets do binary options support?
Currently users can make bets on BTC price.
What is the price feed?
Genshiro uses its own oracle which feeds a medianized price to the blockchain. Medianizer requires at least 3 distinct price sources. Oracle feeds new price to the blockchain every block.
What asset is used to place bets?
Currently Genshiro supports only native GENS tokens for making bets. In future if we see interest from the community, we will consider adding various ecosystem assets, e.g. KSM or other parachain tokens.
What are common bet parameters?
The offset which determines the time interval during which bets are accepted.
The duration which determines the cutoff time at which the outcome is determined.
What time periods are supported?
Currently we support short term options only. All times are encoded in blocks in the blockchain given the 12 second parachain block time.
What are associated fees?
- Users pay transaction fees to place a bet.
- Users pay a penalty fee of 20% of their bid if they want to opt out before the betting period ends.
Winners pay a protocol fee of 20% on their profit when they claim their rewards.
Penalty and protocol fees are funnelled into the Genshiro treasury. Later on we will introduce GENS supply recycling by the means of burning received GENS tokens or buying and burning GENS tokens with other token proceeds.