The team behind BarnBridge has released a spin-off product called Bond.Bet. Through the platform, holders of BarnBridge’s BOND token can participate in no-loss lotteries and slots, as well as tokenized sports betting.
It's alive! 🥳🥳🥳
Special shout out to @p_bendus @viacheslavrybak @Dmytrodutka @PoolTogether_ & @LimeChainHQ for getting this done. And shout out to @Bogdan_Gee & @CasianLacatusu for making sure it all worked properly.
— Bond.Bet 🏆 (@bond_bet) March 10, 2021
Gambling for DeFi Yield
In cooperation with PoolTogether, Bond.Bet will conduct weekly no-loss lotteries. This will launch DeFi yield farming pools that reward depositors with lottery tickets through which they can win a share of the pool’s weekly yield. Depositors can withdraw their deposit at any time, not risking a loss in case they don’t win in the lottery. Bond.Bet also plans to release a no-loss slots game later on in the same fashion.
Another planned feature is a sportsbook where punters can tokenize their bets and sell them on the secondary market, similar to prediction market tokens. This can also be used to enable decentralized futures contracts cryptocurrencies or futures on the Ethereum gas price.
Risk Management for DeFi
Tokenized gambling complements BarnBridge’s ambitions to create an efficient risk market for DeFi investments. On their platform, the risks associated with DeFi are distributed in senior and junior tranches for each pool.
Holders of senior tokens enjoy a stable return rate, while the holders of junior tokens are liable for any damage events but can receive a higher return rate to compensate for the taken risk. This makes BarnBridge an alternative model for managing DeFi risks, compared to insurance protocols such as Nexus Mutual and Cover.