BennyJ504 🎩🔵 on Warpcast

Patrick pfp

👋 Hi Farcaster! I’d love to introduce myself and share about the protocol I’m building. I have led products at Uniswap and bought bitcoin back in 2015. I’m a software engineer, product manager, and dad who lives in San Francisco... 🧵

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Patrick pfp

When I started working at Uniswap, I appreciated how the protocol was successful because it brought together fragmented token order books I also loved how Uniswap is public infrastructure that is financially valuable. So I thought to myself, what other fragmented pools of assets could work well for a protocol?

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Patrick pfp

At the time, I couldn’t figure it out. I then spent a year hacking on protocols at night I took the night shift when sleep training my newborn daughter. She woke up every 45 minutes so instead of trying to fall back asleep, I built side projects

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Patrick pfp

A year later, I left Uniswap because I was so excited to build a protocol startup and I also wanted to get sleep. I was inspired by @jacob's article on hyperstructures: https://jacob.energy/hyperstructures.html I tested ideas around ad networks, identity, privacy, and payments but didn’t find product market fit

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Patrick pfp

One day, I was talking to my mom and she mentioned how she has bought a lottery ticket every weekend for a decade. That’s when it clicked. Every state and country has a giant pool of money that’s separated by borders. It’s a lottery prize pool.

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Patrick pfp

If these pools were combined and accessible anywhere, the jackpot would be massive, and get even more exciting What if we made the fairest, lowest fee lottery for the world? I then spent some time thinking about if this is really what I wanted to spend the next decade working on

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Patrick pfp

In the end, yes, it was. People will always want to gamble Crypto is full of scams, casinos take a large margin, and lotteries take even larger margins You don’t have to condone gambling to want to improve it. It’s a noble goal to reduce consumer prices.

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I recognized that just putting a lottery online wasn’t conducive to building a mega jackpot, getting distribution, and there's significant regulatory concerns So I thought back to my experience at Uniswap where I worked on liquidity provision and with legal on token and NFT compliance

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Patrick pfp

Also, to my time at Lyft, where I built incentive algorithms for multi-sided networks That’s when I realized there’s a better way. I started building /megapot in January

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Patrick pfp

We launched two months ago and have grown to be crypto’s largest lottery We have a daily $130k jackpot and have run $5M in lotteries 9 apps are building on our lottery-as-a-service protocol

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Patrick pfp

We designed this protocol for global compliance flexibility As a permissionless protocol, this reduces our compliance burden Apps that sell tickets are expected to ensure regulatory compliance

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Patrick pfp

Our unique lottery structure may be classified as casino 'banking' game These have simpler compliance than lotteries, which should allow online gambling sites to easily add us

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Patrick pfp

I’m incredibly proud of the progress we’ve made so far I believe we are at our Uniswap V1 moment. My goal with Megapot V2 is to build a protocol that is truly permissionless and can stand the test of time, just like Uniswap v2

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Patrick pfp

Even folks like Justin Drake from the Ethereum Foundation are excited about the idea of a world lottery: https://x.com/ryanberckmans/status/1833162803609305292

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Patrick pfp

We’ll also expand to user-generated lotteries tailored to every place and use case We’ll build a lottery launchpad to enable anyone to launch a lottery with an instantly large jackpot We can make this programmatic too. Imagine a lottery where there is a winner every $100k or where 50% of players win

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Patrick pfp

Or where the ticket price is as low as $0.001, enabling apps to offer tickets freely as incentives What if we allowed a user to get the best odds to win an exact amount (eg. with $2, win exactly $25k to buy a car) All of this will be powered by the same liquidity enabling liquidity providers to earn maximum yield

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Patrick pfp

We're raising our first funding round soon This enables us to expand our team, scale to every chain while keeping the jackpot on one chain, and build a user-generated lottery launchpad If this is interesting to you, I’d love to chat! Feel free to DM!

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BennyJ504 🎩🔵 pfp

BennyJ504 🎩🔵

Hello and thanks for the introduction. Your project looks interesting just sorry it's on Blast. Not using that chain ever, but will try it out if you guys launch on Base, OP, or some other superchain networks

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Patrick pfp

Stay tuned then :) To scale, we need to allow anyone to buy a ticket from anywhere, without thinking about what chain it’s on. So yes, it’ll be available on Base soon!

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