Token Rewards & eBit Sweepstakes
What are the Sweepstakes, how do they work, and why should I join them?
eBit Sweepstakes: A Community-Driven Reward System
eBit Sweepstakes is a dynamic reward mechanism designed for $eBit token holders. This system rewards players based on the activity and performance our casino, offering those who temporarily use their eBit tokens to enter the Sweepstakes an exclusive entry into our eBit ecosystem rewards pool.
How It Works: As an $eBit token holder, you have the unique opportunity to purchase Sweepstakes tickets with your tokens to participate in this unique gamemode. This arrangement not only incentivizes token retention and accumulation but also actively engages you in the growth of the eBit ecosystem. The Sweepstakes prize pool is replenished with cash prizes after each draw, reflecting the website's activity. We’re keeping the time frame flexible, with the decision to be made based on community preferences, either weekly or monthly.
Tickets and Prizes in the eBit Sweepstakes System
We have a defined total supply of 100,000,000 $eBit tokens in our ecosystem. It's important to note that not all of these tokens are currently in circulation. This limited availability is influenced by factors such as vesting schedules and the ongoing process of mining, which means that at any given time, only a portion of these tokens is actively available.
Sweepstakes Tickets:
Ticket Availability and Cost:
Each Sweepstakes ticket can be purchased for 100 $eBit. With the total token supply, this caps the maximum number of Sweepstakes tickets at 1,000,000. However, due to the limited circulating supply of $eBit tokens, not all tickets are immediately purchasable.
Prize Allocation:
Each Sweepstakes ticket is linked to a potential cash prize, the value of which varies. This system introduces a dynamic and engaging element to the Sweepstakes.
Management of Unclaimed Prizes:
Given the restricted availability of Sweepstakes tickets, there will inevitably be unclaimed prizes. These unclaimed prizes are managed as follows:
Rollover of Prizes:
90% of the unclaimed prize money is carried over to the next Sweepstakes draw. This rollover augments the prize pool of subsequent draws, continually enhancing their attractiveness and potential reward.
Token Buy & Burn:
5% of the unclaimed prize money is allocated to purchasing and burning $eBit tokens. This action is designed to positively impact the token's value by reducing its overall supply, thereby creating a deflationary effect.
Replenishment of the Mining Pool:
The remaining 5% of unclaimed prize money is used to buy and replenish the $eBit mining pool. This reinvestment ensures the sustainability and longevity of the mining system, crucial for maintaining participant engagement and the overall health of the eBit ecosystem.
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