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.
Please note that the amount of reward earned depends on the amount of stablecoin deposited and the number of participants in the draw. The more participants there are, the larger the prize pool and the higher the potential rewards.
