Goodbye Qt: a retrospective
A review of Wagerr, from clunky Qt to stunning new Electron app, reveals enormous potential for adoption of sports betting on the blockchain.
As the Wagerr community says goodbye to the clunky Qt — and hello to the stunning new Electron app — let's take a moment to look back at the Wagerr story so far.
Despite the Qt's limitiation, the old wallet allowed Wagerr to gain remarkable traction. Steadily increasing betting volume on the Qt set the stage for the biggest update in Wagerr’s history — the release of the Electron app.
Here's an overview of what Wagerr has achieved over the last 12 months to get you excited for what's in store.
Let’s go back to the start
The Gonzalez vs. Fuentes fight on September 15, 2018 was Wagerr's very first on-chain betting event — a celebrated milestone in the Wagerr community.
The fight took in 112k WGR. Gonzalez, the favorite, took home the crown. Wagerr paid out 125k WGR, minting net 14k WGR for this event.
The first week
Wagerr established its enormous potential in just the first week with nearly a million and a half WGR (about a quarter million USD!) bet over just 43 events.
Steadily increasing bet volume
Betting on Wagerr gained traction and grew steadily. A number of factors were at play. Wagerr attracted more participants and, as bettors became more familiar with Wagerr and more confident in the software, betting volume grew.
Highlights reel
Here are some key stats from the first 6 months of Wagerr betting.
The biggest week of betting
- 7.5 million WGR
- $600k USD
Average betting per week (to March 24)
- 3,496,000 WGR
- ~$ 297,937 USD
Takeaway:
The trajectory of Wagerr's betting volume forecasts $20 million USD in total betting volume for the year. This arc was interrupted when betting on the Qt was paused to devote development resources to the Electron app. Still, pretty impressive considering that the Qt constrained betting to only 20 simultaenous events on the wallet. Imagine what will happen when Electron exceeds all previous limits.
More, more, more
The more events available, the more the community bet!
Bringing back the burn!
The Qt wallet was a massive success, but Wagerr has not yet achieved its full potential in terms of supply deflation. The blockchain minted a net 3 million WGR over the 2,240 events before mid-2019. The Electron should change the equation over time, bringing back the burn in force.
Increased event capacity correlates with more betting
As the Wagerr platform grows in popularity, more bet volume is expected. The Electron app increases the event capacity. As the chart above shows, more events correlates with more betting.
Lotto play drives net burn
Wagerr's blockchain lottery gives players a chance to win incredible jackpots for a relatively small buy-in. The system is designed to drive a net burn of WGR by burning 18% of the jackpot every week. It's fun, fair, and a perfect deflationary mechanism for Wagerr.
We expect that as we introduce more events, automated odds and a guaranteed sustained burn via the lotto that the variance will decrease and a net burn will will favor deflation. Wagerr's recent hire, Luigi De Lorenzo, a software engineer with deep industry experience, will be fine-tuning the algorithms to help achieve this.
Out with the old. In with the new.
The Electron app brings with it a significant upgrade in user experience. We believe anyone will be able to get up and get going on Wagerr Electron app with ease. The combination of better accessibility, greater popularity, increased number of betting events, and Wagerr Lotto, well...
...things could get really interesting!
Burn, Baby, Burn
Wagerr will be publishing weekly burn reports. The long term goal for Wagerr is to achieve a rough balance between wins and losses, and still benefit from fees, growing demand, and net burn. Burn reports make it easy to track the balance.
Electron takes Wagerr to a new level
By March 2019, Wagerr had effectively proven the demand for decentralized betting. There's a huge appetite to play. Wagerr also showcased the reliability of the Direct Chain betting.
Now in the second half of 2019, Wager raises the stakes as the new Electron app puts Wagerr's economic model to the test.
Follow the Burn Reports to track the results week by week!