🤑What Is $ILP?

$ILP is an index of the current pools: $USDT, $ETH, $WBTC and $IBET.

To mint $ILP, users will be able to deposit $USDT, $ETH, $WBTC and $IBET, which is then used as the house fund for winners and losses. Once minted, $ILP is automatically staked and can be burnt to redeem back to their underlying currency at any time.

By increasing liquidity for our games, $ILP enables larger bet sizes and more users to participate.

Holders of $ILP become the house and receive the house percentage.

However, since liquidity providers assume the risk and rewards, their position value can fluctuate depending on the pool size.

For instance, if the $ILP pool size is $900,000 and a user A deposits $100,000, bringing the total to $1,000,000, their position value will be $90,000 for a loss of $10,000 if the pool size drops back $900,000 after their deposit (i.e. bettors have won more than lost).

However, if the pool size increases to $1,100,000, their position value will be $110,000 for an unrealized profit of $10,000.

Fees for deposit and withdrawals range from 0.1% to 1% and are reduced based on the VIP level of the user. The more $sIBET, $bIBET, or $esIBET a user has, the higher their VIP level.