Betting on the price movements of cryptocurrencies dates back to 2011 when the first crypto derivatives platform was created for investors to bet on the future price of bitcoin. Since then, the crypto derivatives market has grown by leaps and bounds, with more than $3 trillion in global volume as of June 2022.
While hundreds of crypto derivatives platforms are available to users, many are centralized and have strict requirements. But thanks to decentralized finance (DeFi), crypto betting platforms are now utilizing smart contracts to give users the freedom to long and short cryptocurrencies without restrictions.
Sadly, some DeFi betting platforms have poor interfaces with limited features, making it difficult for users to navigate and bet on the tokens of their choice. Logium plans to make a difference by introducing traders to an easy-to-use decentralized betting platform with hundreds of crypto assets.
What is Logium?
Logium is a decentralized peer-to-peer (P2P) derivatives marketplace that allows traders to bet against each other on the future price movement of crypto assets. The platform also provides users with a multiplier tool as they long and short crypto prices.
It’s important to note that the word “bet” is used to describe an options trading contract where two parties agree to facilitate a potential transaction on the underlying asset at a preset price on the agreed-upon expiration date.
As a decentralized option trading platform, Logium does not hold users’ assets; trades are p2p and executed through audited smart contracts for safety and transparency.
In other words, users have complete control of their assets as they can place bets directly from their decentralized wallet, unlike centralized derivatives exchanges that require traders to deposit funds before opening a position.
Although making a bet on Logium is free, the platform charges a small commission when the bet is settled. This fee is deducted from the winner’s prize pool.
Making a Bet on Logium
Logium utilizes a p2p betting system that allows users to open long (UP) and short (DOWN) positions with leverage. When a user long a token, it means they expect the price of the token to increase or go up; when they short a token, it means they expect the price to decrease or go down.
A “bet” or “position” on Logium dApp is an agreement between two traders about the future price of a crypto asset, where one user predicts that the price will go up while the other expects it to go down at the end of a fixed period.
The bet duration ranges from 1 hour to 1 month. The winner of the bet is the user who makes the correct price prediction at the end of the bet period. The winner is entitled to 100% of the other user’s bet amount.
Logium users can issue or take a bet. Issuing a bet means creating a bet challenge for another trader to accept. The bet issuer usually decides the parameters and features of the bet. On the other hand, taking a bet means accepting a bet challenge.
With that said, traders can long or short any token in three simple steps.
- Connect your wallet
- Pick a token
- Start betting.
Features of Logium
Large Collection of Crypto Assets
Logium allows traders to bet on a wide range of crypto assets. The platform currently supports over 500 tokens with pools on Uniswap V3 on the Ethereum network.
Since the supported tokens are from Uniswap, Logium takes the price of assets directly from Uniswap pools. When a bet is made, the platform uses the price from the end of the latest block.
Logium plans to increase the number of supported assets by opening the listing process to the public. This way, anyone can suggest a token they want on the platform.
Logium provides a safe and secure betting platform for users. The project’s smart contract is undergoing an audit from leading blockchain security company Certik. Logium’s audit progress is at 79%.
At the end of the audit, Certik will share its findings with the derivatives platform, and experts from the security firm will help Logium remediate any flaws discovered in the smart contract.
This feature solves the probability-to-risk problem. A multiplier lets the two competing traders use different amounts of collateral for their bets. On Logium, the bet issuer gets more multiplier and can choose to put up to five times more than the taker.
Virtual accounts are demo accounts that allow users to learn about the market and hone their trading skills with zero risks. Traders can switch from a demo account to a real account once they are ready to trade. This feature is still under development.
No KYC Required
Logium does not require users to submit their personal information before making a bet. As a decentralized derivatives platform, traders are only required to connect their dapp wallets to short or long crypto.
Logium Partners Student Coin
Last month, Logium inked a partnership with Student Coin, a blockchain platform that allows users to design, create, and manage crypto tokens.
Through the partnership, Logium will tap into Student Coin’s technical, business and marketing experience. In return, Logium will use part of its profit to buyback STC, the native token of Student Coin.
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