NEW YORK, Nov. 15, 2022 /PRNewswire/ — Today Root, which is building on-chain betting via permissionless, generalized-oracle-settled markets with deep, scalable and highly capital-efficient liquidity, is announcing its partnership with Paradox, a peer-to-peer betting protocol that is launching a new parimutuel betting pool model for the FIFA World Cup 2022 that ensures all market participants get the best odds. The marketplace launches Wednesday, November 16, just ahead of the FIFA World Cup 2022 and will empower users and market participants to bet on the event using Roots, a new ERC-20 token developed by Root.
“Root is innovating across the entire tech stack to solve the on-chain betting problem and become the dominant liquidity hub for on-chain betting,” said Manifold, Root Founding Team. “The fair odds created by the Paradox parimutuel model creates a new way to bet on the World Cup for fans.”
Root leverages Beanstalk, a permissionless and uncollateralized fiat stablecoin protocol that currently stands as DeFi’s only decentralized credit-based stablecoin protocol. The Root-Paradox partnership creates a cutting-edge style of sports betting where all market participants get the best odds.
The FIFA World Cup 2022 marks the beginning of the truly unique, smart contract-enabled offering that Root-Paradox aims to deliver. With Paradox pools, everyone that has the same position will get the same odds, based on the pool odds at the time any sporting event starts. In the case of the FIFA World Cup, the odds will “Lock In” at Kickoff in Qatar beginning on November 20. Therefore, bettors are not exposed to getting worse odds because of player injuries or other miscellaneous factors that affect the odds between when the bet is placed and when the event starts. The tournament will remain active through December 18. Root-Paradox launching in correspondence with this iconic international event facilitates an exciting touchpoint for users to be involved in the future of decentralized sports betting.
To learn more in-depth details about the Root-Paradox partnership and how you can participate, please visit Paradox here.
Root is ushering in the era of on-chain betting by enabling permissionless, generalized, oracle-settled markets with deep, scalable, and highly capital efficient liquidity. Root Markets deliver liquidity for users to place bets in size.
Paradox is a parimutuel, or pool-based, betting protocol where all commission is distributed to the people who bet before you. Paradox, started by the founders of one of the largest web2 betting exchanges in the world, is teaming up with blockchain veterans to develop a user experience that leverages web3 to enable a new way to bet.
Beanstalk is an Ethereum-native decentralized protocol that allows anyone to realize the value of an open, credit based stablecoin (a currency that regularly crosses a given value). The Beanstalk community of lenders, borrowers and savers secures a protocol-native stablecoin, Bean, with the goal of creating the most accessible digital money system in the world.
Contact: Madison Grainger
Email: [email protected]
View original content to download multimedia:https://www.prnewswire.com/news-releases/the-root-paradox-partnership-brings-market-participants-the-unique-experience-of-a-bet-to-earn-market-type-ahead-of-the-fifa-world-cup-2022-301678495.html
SOURCE Beanstalk Farms