FAQ Related to Pool
Q: What is the prize pool?
A: Prize Pool is an exciting feature offered by DEFED, allowing users to participate in asset exchanges with uncertain prices. It enables users to potentially sell specified assets at high prices or buy them at low prices under certain conditions. The Prize Pool supports the addition of underlying assets and base assets, and after expiration, it settles counterparty assets proportionally among all participants.
Q: Why am I unable to Bid?
A: Possible reasons include: - The Target ppToken balance in the account does not meet the minimum single Bid limit. - The current time is outside the In Bidding timeframe. - Not meeting the conditions to participate in that Pool (not in the Whitelist, etc.).
Q: What does available balance of ppToken mean?
A: The ppToken balance includes two states: available, which can be used for Bidding or conversion, and frozen, which must wait for the corresponding Bid to enter the settlement or refund process before the freeze can be released. Details: After using ppToken for a Bid, the smart contract does not immediately deduct the balance. Instead, it freezes that portion of the balance based on your signature results, which becomes unavailable but still exists in your account. When the In Bidding stage of the Pool ends, the smart contract will determine if the Pool is valid based on the set limiting conditions. When the Pool is deemed valid, the smart contract enters the settlement phase, deducts the Bid ppToken based on the signature results, and issues the converted ppToken. At this point, the frozen state ends, and the converted ppToken is added to the available balance.
Q: How can I check the current stage of the Pool?
A: We provide two ways to check the current stage of the Pool: - On the Pool List page, check the Pool's Status. - On the Pool Details page, view the current stage of the Pool and the countdown to the stage's end. When the Pool has completed settlement, "Settlement Completed" will be displayed, and there will be no countdown.
Q: How can I view the Target ppTokens of the current Pool?
A: We offer three ways to view the Target ppTokens of the current Pool: - On the Pool List page, check the Bidding Tokens of the Pool; icons representing Target ppTokens will be displayed. - On the Pool List page, click Rules. In the popup, you can view Target ppTokens. - On the Pool Details page, you can view the icons and symbols of the Target ppTokens for the current pool.
Q: Can I participate in the Prize Pool without DEFE?
A: You need to hold at least one of the Pool-supported assets, and it must be greater than the minimum Bid amount to participate.
Q: What is the Type of a Pool?
A: DEFED Pools currently have two types: Exchange and Lucky. Users can exchange assets in Exchange Pools or draw lucky rewards in Lucky Pools. If a Pool has both Exchange and Lucky types, users can exchange assets and participate in lucky draws simultaneously.
Q: Does a larger Bid amount in Exchange & Lucky Pool increase the chances of winning?
A: The Bid amount only affects the quantity of exchanged assets. In the current rules, the probability of winning is equal for each Bid account.
Q: How can I acquire ppToken?
A: Use the "Manage My $pp" function to convert your own tokens into ppToken. You can also convert available ppToken back into tokens.
Q: Is there a fee for converting tokens to ppToken?
A: Currently, there is no fee for converting DEFE to ppDEFE, USDT to ppUSDT, USDC to ppUSDC, or ETH to ppETH.
Q: What is the exchange ratio between Token and ppToken?
A: The exchange ratio between Token and ppToken is 1:1.
Q: When does the settlement phase start?
A: The settlement phase will begin at a pre-set time; typically, this time is 48 hours after the start of bidding. If you want to check the start time of a Pool Settlement phase, you can click on Rules on the Pool List page.
Q: Can I directly convert DEFE into ppUSDT?
A: No, conversion between Token and ppToken is only possible within the same asset. ppToken represents the mapped asset within the Prize Pool account, and therefore, conversion cannot occur between different assets. If conversion between different assets is needed, it must be done through an Exchange Pool that supports those assets.
Q: How can I find out the rewards for the current Period?
A: You can check the Rules page, where the Base Amount is the rewards contributed by the creator for the current Period.
Q: How can I find out the Luck rewards for the current Period?
A: Luck rewards are not disclosed until the winning results are announced.
Q: How do I claim Luck rewards after winning?
A: No manual action is required; Luck rewards will be automatically credited to your pp account.
Q: How can I withdraw the assets I have exchanged?
A: Use the Convert function to exchange ppToken for Token, and then withdraw from DEFED.
Q: Are there any conditions for participating in the Prize Pool?
A: You need to have at least one DEFED account and possess the ppToken supported by that Pool. The available balance of this ppToken must be greater than the Minimum Bid Amount for the User.
Return to the overview of the Prize Pool
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