After successful launch of the project with the Football prediction market, followed by the launch of Cricket, RedChillies have decided to officially register at Wyobiz and in result becoming REDCHILLIES LABS, INC.
This means that RedChillies opened the door for partnerships with other companies and accredited investors!
I have talked with the owner and the motive behind is this:
"We researched many blockchain companies like Uniswap, Augur, etc. on how they are legally standing when there are few or no laws around DEX, DAO, Dapps. And RedChillies Labs is formed on a similar model of Uniswap"
Interesting Right? looking at all the projects in the space competing for investors, RedChillies Labs without a doubt is on top of their game!
Currently, RedChillies is working to bring Ludo Dice and Poker to the ZilChill platform!
But, now I have a piece of news for all regular people who are thinking of investing in RedChillies - there is a major change in tokenomics that is coming up for a vote!
Recently RedChillies were voted in to receive 53 ZWAP rewards (redistributed weekly) to Liquidity Providers
On top of that, LPs receive a share of 1212REDC weekly rewards! All this combined creates really good ROI and APR!
What is the vote all about than? You might ask.
Originally, the base hosting fee was set at 1 REDC per game and 10 REDC for any games hosted in parallel, also any profits from bets were redistributed as such: 80% to the players, 10% to the host, and 10% to the developer.
This is about to change, and here are the proposed changes:
1) Vote on the 14st of May -> Reward Of 5% To Holders Proposal
Previously the 10% Prize Pool of each game assigned to the Developer will be removed and allocated as 5% to all holders based on their holding % and 5% to Oracles for self-operation (ZilChill runs forever without depending on anyone).
If this proposal passes I think it will have a significant impact on the long-term value of REDC as there will be unlimited amounts of games that can be hosted on the RedChillies ZilChil platform and all prize pool rewards will be redistributed to holders in "ZIL"
2) Vote on the 21th of May -> Base Fee For Hosting Proposal
Base fee of hosting will be proposed to make the same base fee across all games. Currently, it is 1 REDC as the base fee to host a game. This will be changed to 0.1 REDC for all games (Prediction market, Ludo Dice).
I have asked what about games hosted in parallel as there needs to be a solution to stop one entity to host all games and instead promote hosting games by many people, here is the answer:
"We will have another proposal for parallel games. It’s not fully decided but we will vote for 10x or 50x or 100x (1 REDC or 5 REDC or 10 REDC) fee for hosting parallel Prediction games"
I have never seen anywhere this type of structure you get LP rewards and holding rewards!
GET YOUR REDC GUYS and VOTE!
To be eligible to vote you have to hold any amount of REDC in your wallet you use for voting, the more REDC you hold the more voting power you have!
Active proposals can be found here: https://vote.zilliqa.com/#/redc/active
Thank you for reading, and give a thump up if you found this article useful!
Links:
ZilChil Website
Telegram
White Paper
Token Contract
Buy REDC
