Prime Pick: Sports Prediction on Hive Introduced by Genesis League Sports
Hello sports fans and welcome to my blog! Genesis League Sports (GLS), an affiliate of @splinterlands and headed by Splinterlands co-founder @aggroed, is introducing, Prime Pick on the GLS Platform.
PrimePick is an automated sports prediction market that utilizes two tokens:
POWER - players will burn POWER tokens to buy prediction shares of game results. After the game, each winning prediction shares will earn 1 GLX.
GLX is the governance token of the Genesis League Sports ecosystem. It's similar to SPS in Splinterlands and is traded on hive-engine.
Prices in the system will not be fixed. They will move dynamically depending on demand. The more people backing one side, the higher its share price goes. This market maker model removes the need for traditional fixed odds and instead lets the community’s sentiment directly shape the market.
There’s an equilibrium mechanism that manages the ratio between POWER supply and GLX rewards to keep things balanced. The goal (pun, lol) is to maintain about a 100:1 burn-to-reward ratio (though this could still change before launch). This means the system can automatically raise or lower the cost of POWER depending on how much is being used or held in circulation.
Every bit of POWER that’s used gets permanently burned. This makes the token deflationary, helping preserve its value over time and aligning long-term growth with the overall success of the platform.
Players of Arcade Colony games are familiar with this dual token system. It is similar to other Arcade Colony games like Moon Karts which uses FUEL and COLONY while Stakehouse Den uses HOTSAUCE and COLONY. The system so far:
- Players buy packs/NFT cards.
- Players stake the cards to earn FUEL or HOTSAUCE tokens. These tokens are soulbound and cannot be traded on hive-engine.
- Players burn FUEL and HOTSAUCE tokens to play Moon Karts or Stakehouse Den.
I guess the same system will be applied in Prime Pick where players will need to stake cards to earn POWER which will be the currency to buy prediction shares of game results. Although I don't understand the part where POWER token becomes deflationary. It's something new in the system since in the other games, there was no cap for FUEL and HOTSAUCE tokens.
Genesis League Sports
Genesis League Sports is a sports themed gaming ecosystem on the Hive Blockchain. The first game it released was Genesis League Goals, a collectible, soccer trading card game similar to Splinterlands. Players can use those cards to play and earn GLX tokens.
DAO Proposal
At the moment, Prime Pick is requesting 50M GLX tokens for 5 years from the GLS DAO (@gls.dao) to support rewards for Prime Pick players. You may read the proposal in this post. At the time of this writing, the votes looks positive:
Possible Benefit to the Hive Blockchain
Sports prediction on Hive is new and unique. There's no game similar to this on Hive and probably not much in other blockchains as well. It's an opportunity to leverage on results of real world sports and capitalize on the Hive blockchain to earn on the prediction of their outcomes. If successful, this could bring in new players and users. It will benefit not just Genesis League but the wider Hive blockchain as well.
Further Reading
