How it works
FrogsFi is a win-win lottery that runs on the Binance Smart Chain (BSC) network. Here's a step-by-step guide on how it works:
Last updated
FrogsFi is a win-win lottery that runs on the Binance Smart Chain (BSC) network. Here's a step-by-step guide on how it works:
Last updated
Deposit: Users deposit any stablecoin (BUSD, USDT, USDC) into the FrogsFi smart contract. The deposited stablecoins are automatically converted into BUSD and USDT.
Farming: The deposited stablecoins are then sent to the PancakeSwap farming pool, where they are used to earn rewards. At the moment, the FrogsFi protocol works on the BUSD - USDT farming pool with APR 8.74% The information is relevant for 06/19/2023
Accumulation: Throughout the week, the profits from the farming pool are accumulated in $CAKE.
Draw: At the end of the week, a winner is randomly selected from among the participants, and the prize pool is distributed among the winners.
Prize Distribution: If a user wins, they receive their deposit back in the same stablecoin, along with their share of the prize pool. If a user doesn't win, they can either withdraw their deposit or choose to participate in the next draw.
Commission: FrogsFi takes a percentage as a commission from each draw. This money goes towards the development and maintenance of the project.