Since the early days of blockchain technology, one of the great use cases — and even the first — demonstrating the benefits of this technology is in the world of gambling.
The reasons are simple: games with fair odds, low fees, no entry barriers by stringent KYC regulations in some jurisdictions, and most importantly, regardless of gender, race, creed or geographic location anyone can access these platforms from their location.
Binary Cat takes this opportunity to the next level with an extremely clean UI, great tokenomics for decentralized ownership, and being built on Avalanche means it’s cheap and easy to use.
Simple and smooth betting UI feels amazing to place winning bets
Their UI stands out the second you land on the page. It’s straightforward, clean, and feels great to place a bet.
Betting is currently focused on AVAX price over 5 minute intervals. Simply choose if you expect price to go up or down from it’s current point and win if you’re correct!
Regardless of whether your bet was correct or not, you will still be rewarded with $KITTY proportionate to your bet size. Earning your share of ownership of Binary Cat over time.
Their KITTY token creates a decentralized ownership opportunity
The Binary Cat platform is not owned by anyone, it is fully decentralized. The KITTY token is the tool that allows shared ownership of Binary Cat.
A small amount of KITTY tokens will be distributed in the first year to initial investors and backers of the project. Most of the tokens (70%) will be locked and distributed as an incentive for betting in a fixed rate per betting window. They expect 2 years until all tokens are circulating.
Stake your KITTY to earn from all bets
By staking KITTY tokens you become eligible for receiving the fees generated by the Binary Cat platform.
There is no lock or grace period, you can stake or unstake tokens at any time. To unstake you only need to enter the amount and use the unstake button.
Ongoing improvements: Betting with KITTY
Since launch, they’ve made improvements across staking, betting, and governance. Our favorite opportunity is betting with KITTY itself.
New uses for KITTY
After launch, Binary Cat watched for feedback closely and saw requests to use KITTY itself as a betting currency. They’ve listened and begun to implement this new idea. This checks one of the most important boxes of a good decentralized project, listening closely to community feedback. Here is their response:
We will provide the option (by creating a pool) where users can bet with KITTY instead of AVAX. The fee, which is not yet defined, can be allocated in 2 distinct manners:
1) If there are still KITTY rewards being issued in the main contract, the fees are burned and as a result, KITTY will become deflationary.
2) If the rewards in the original contract are over (in 2 years), rather than burning, the fees will be transferred to become new rewards for AVAX bettors.
This will create a circular economy where users who want to bet with KITTY will transfer their KITTY to burn or to AVAX bettors. Then, if they want to keep betting they need to buy additional KITTY or place bets with AVAX.
KITTY holders will benefit by this deflationary feature and by people participating with the AVAX pool (or corresponding price impact) when players need to refill their KITTY balance in order to bet.
In summary, Binary Cat is a decentralized betting platform built on Avalanche that shows a lot of promise in their decentralized ownership model, and ongoing development with community feedback top of mind.
About the newsletter
This Week in Avalanche is an independent newsletter tracking what’s happening in the Avalanche ecosystem. The inclusion of a project or token is not intended as an endorsement (DYOR). If you have suggestions or feedback you can reach out on Twitter: @WeekInAvalanche