BaseBet Market
Bet on base for fun.
Demo
About
Why are you participating for Based Africa? First, among all the L2 networks, Base stands out infrastructure wise and Base has made it clear builders are welcome. This has been a great motivation for us to build and scale on Base. Secondly, the betting ecosystem offchain is huge and millions of dollars worth of transactions are done globally on a daily basis and we have decided to bring this onchain. However, we decided to have a focus especially at this early stage of our project and eventually scale. To do this, we are tapping into the liquidity in the meme tokens niche of defi within the Base ecosystem. Meme tokens are fun, volatile and comes with a lot culture and this makes them intresting. They also come with good volume of transactions.
How it's made
What challenges are you focusing on? Today in Africa, betting has become a culture regarless of class and this is noticeable about tokens onchain. This has created a big market opportunity However, betting on chain is complicated and somehow technical for an average user. There is also the problem of fragmentation from different token communities. Tokens are created nwo and then but they eventually fizzle out. How does your submission address this challenge? We are building a platform where people can comfortably bet on the price movement of their favorite tokens on Base. Base Bet Market user interface is simple to understand and betting can be done just with 2-3 clicks. This makes it easy to onboard so many new users on chain to the bet market. Our platform automatically creates new pools that players can join every five minutes while settlement price is executed with oracle data from Chainlink. Players can see the latest price of the asset they want to bet through the intergrated price chart data from TradingView as well as Chainlink. Through our platform, we will be collaborating with different tokens building on Base and giving their tokens more exposure to traders and bettors. As at team, we understand the importance of of project sustainability and that is why we charge 5% from each pool payout so as to be able to cover our expenses. Challenges we ran into We experienced some challenges integrating Chainlink automation for the betting price settlement.