LoTerra app review

LoTerra

LoTerra app review

Blockhain:

Terra Terra

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Open Dapp

Camille A. Hanard

Last updated: Jun 25, 2022

What is LoTerra

LoTerra is a decentralized gambling ecosystem built on the Terra blockchain running the basis of self-executing smart contracts where the terms of the agreement between the Player and the Lottery are implemented in the code.

The platform is managed by a DAO, where native LOTA token holders govern the games through a system of votes. DAO receives a share of winners' earnings on all games in the ecosystem.

LoTerra has several games each with its own set of rules and reward system, namely LoTerra Lottery, Rapido, Spacewager, and Dogether. 

How does LoTerra work

To play the LoTerra Lottery, the user needs to buy a participation ticket for 1 UST (Terra’s stablecoin) containing six characters. All the funds provided by users are locked in the pot. Every 24 hours, LoTerra generates a random combination of numbers using their own oracle Terrand. Whenever the gaming round ends, the smart contract automatically unlocks 80% of the pot for the winners and leaves 20% for the next draw. 

Users with six matching numbers in the ticket win 50% of the unlocked jackpot, if there are only five matching numbers the users win 39%, 7% for four matching numbers, and 2% - for three matching numbers, for just one matching number the users receive 1% of the pot. However, the matching numbers have to be in the right index (order), they should be matched in the same boxes. All these percentages can be voted on and modified by LOTA holders through a DAO.

LoTerra Lottery is now in the process of migration to V2 and thus temporarily unavailable.

Rapido is a lottery with fixed winnings, up to $50,000 with each round repeating in the interval of five minutes. In this game, gamblers will need to make up a combination of numbers, select the number of draws, and choose a multiplier between 1 UST, 2 UST, or 5 UST. The winnings will be fixed and depend on the multiplier. The higher the multiplier, the higher the win. The cost will depend on the number of draws and multipliers. In case at least one number matches at the end of the round, it is a win. However, the matching numbers should be in the right index (sequence) and should be matched in the same boxes.

In Spacewager, users can predict whether the price of LUNA/UST will be higher or lower vs the price set during the “Live” phase, which lasts five minutes. If choosing the "UP" position, and the LUNA/UST turns out to be higher than the “Locked Price” at the end of the live phase, it is a win, and vice versa. If the user chooses the "DOWN" position, and the locked price turns out to be lower at the end of the live phase, it is a win.  

Dogether is LoTerra’s non-loss lottery. To play, a user can deposit their UST into a pool of the Anchor Protocol, named Anchor's Prize Pool. Then, LoTerra’s smart contract generates yield from UST on Anchor Protocol, which is utilized to automatically purchase the Lottery tickets. Users can then use these tickets to play in the LoTerra Lottery. However, whenever the user stakes its UST on Dogether, there will be an unbonding period of 7–10 days.

Users can also stake their LOTA tokens to earn protocol rewards and access voting power, as well as stake LP tokens (obtained from Terraswap) to earn LOTA tokens. 

How to use LoTerra

As the first step in the LoTerra app, it is required to connect a wallet. The only wallet LoTerra supports is the TerraStation wallet. Before starting playing, the user needs to have some UST (Terra’s stablecoin) in its wallet.

To play in the LoTerra Lottery, the user needs to choose the Lottery section, choose the number combination and click on ‘Add to bag’, then click ‘Buy ticket’ and confirm the purchase in the wallet. Once confirmed, this combination is eligible for the next lottery draw. In case of a winning combination, the reward will be automatically transferred to the user’s wallet.

To play Rapido, the user needs to navigate to the corresponding section. Before starting a game, since each round lasts five minutes, it is recommended to check how much time is left before the following round in the timer. User needs to type four numbers from 1 to 16 in the boxes and tick one star from 1 to 8. Once the number combination is completed, the user needs to choose the multiplier between 1UST, 2UST, or 5UST and the number of draws and press the ‘Enter to win’ button. Once the round is completed, the list of winners is published on the same page. 

To stake UST in Anchor protocol via Dogether, users need to navigate to the Dogether section and choose the number of UST to be deposited, the two lower boxes will display the prediction on the number of Lottery tickets to be accumulated per week and per year based on the user's investments. As the final step, the user needs to click the ‘Pool’ button and confirm the transaction in the wallet.

To predict the LUNA/UST price, it is necessary to navigate to the Spacewager section and check how much time is left before the next round in the timer.  In the ‘Next’ section there will be a green ‘Enter UP’ button and a pink ‘Enter DOWN’ button. If the user wishes to predict a rise in price, ‘Enter UP’ should be clicked on, then the amount of UST to be committed for a prediction should be entered, and the transaction confirmed in the wallet. The result of the round will display with either UP colored in green, or DOWN colored in pink. The process of ‘Enter Down’ is the same. In case the user wishes to predict the price drop, ‘Enter DOWN’ should be clicked on and the remaining process is similar to the one above. 

The LOTA Token 

LOTA is the governance token of LoTerra with a total supply of 1,939,548.765705 which are allocated in the following manner: 70% - public sale, 15% - DAO funds, and 15% - team development. 

LOTA holders are owners of the LoTerra ecosystem and their goal is to make sure that the platform runs smoothly. By staking LOTA tokens, users earn staking rewards and can access the governance power through the DAO, where they can vote on important decisions such as the frequency of drawings, rewards distribution, total jackpot reward percentage, prices of lottery tickets, and so forth.

Currently, LOTA DAO earns 20% from the winner's winnings on the Lottery, 20% of winnings of the Dogether no-loss lotteries, 5% on each ticket sold from Rapido, and 5% on every finished prediction on Spacewager; 1.5% to 5% on every sale on the LoTerra-developed Curio NFT marketplace. 

How to buy LoTerra LOTA token 

LOTA tokens can be purchased on Terraswap and Loop Finance decentralized exchanges. 

Disclaimer

To understand if LoTerra is a good investment and try to make a LOTA price prediction, you need to do your own research on the project.

All the data for research is available on the project page on our website: check out the technical features of the project in this review, try to use the app, see if the information about the team is available and the team is open for communication, and using the project dashboard and the LOTA price chart, assess the project usage rates as well as the token price movement and the number of its holders.

Is Loterra safe

All LoTerra games are in the Beta stage and the team warns that any potential risks and losses will be their own responsibility. LoTerra also informs that its Dogether game is currently under audit and recommends using this game at its own discretion and risk.   All LoTerra contracts are open source and can be reviewed by the community. There is no public information about the LoTerra team.

What’s next

According to LoTerra’s roadmap in 2022, it is planned to update the LoTerra Lottery contract and migrate it on V2 with a further plan on V3 in Q3 of 2022, introduce a number of new games namely Waffles Raffles, ScoobyDAO, Pinata, and NFT Puzzle.

Partners

LoTerra partners with Anchor Protocol and runs a joint pool in the Dogether game and Terraswap for LP staking opportunities. No other official partnerships have been announced recently.

Curio is the LoTerra's project, which is an interactive NFT Marketplace, where users can sell art pieces by placing an auction with a duration from ten minutes to six months. A 5% tax is charged on each public sale which will go to LoTerra DAO. Users can also set a private auction and set charity options. To buy the desired NFT, users are required to place a bid. Each bid must be at least 5% higher than the previous bid).

Whenever a user interacts with Curio (places bids, wins auctions, creates auctions, etc.) they will be rewarded with Curio tokens, SITY. These tokens can be used as an entry fee to take part in private auctions. 

Altered Protocol is the LoTerra project applying a novel concept of minting elastic stable coins named ALTE, which is rebased every 24 hours. A more detailed mechanics of the protocol can be found here.

Links

https://docs.loterra.io/

 

 

 

 

Basic info

  • Token LOTA
  • Audited yes
  • DAO yes
  • Yield farming yes
  • Team private
  • Hacks no

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