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https://warpcast.com/~/channel/megapot
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Patrick | Megapot pfp
Patrick | Megapot
@pl
I'm so excited to launch Megapot V2 While I'm proud of all the improvements, I wanted to answer the # 1 question I get asked: "why are you building a gambling app when you can literally build anything else?" 🧵 https://warpcast.com/megapot/0x00f56db5
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Patrick | Megapot pfp
Patrick | Megapot
@pl
Since Sept 2022, I’ve been hacking on protocols I explored decentralized ad networks, identity, and privacy, since I believe in self-sovereign identity The common problem was that no one is onchain for any of this to matter Here's one of many write-ups: https://patricklung.co/priverify
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Patrick | Megapot pfp
Patrick | Megapot
@pl
In Oct 2023, I left my job to explore full-time I explored stablecoin, zk tech, and infra I didn't have stablecoin founder market fit. To bring users onchain so they can reap benefits, we don't need more infra, but apps that are immediately useful now https://warpcast.com/pl/0x5ab680ac
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Patrick | Megapot pfp
Patrick | Megapot
@pl
In Jan 2024, I had an idea for a lottery that's positive expected value to play Users like gambling, this had a unique twist, and could bring users onchain! We hacked something together and launched... https://warpcast.com/pl/0xfabab5d7
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Patrick | Megapot pfp
Patrick | Megapot
@pl
That's when we learned that players don't care about their expected value, it's "a dollar and a dream" We also learned about all the reasons why there hasn't been a major online jackpot We also dug into past projects to learn more why they failed
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Patrick | Megapot pfp
Patrick | Megapot
@pl
I then took some time to reflect on if this is what I really wanted to spend a decade working on. That's when I realized that gambling sucks. Everywhere. You don't have to condone gambling to want to improve it, I wrote the below
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Patrick | Megapot pfp
Patrick | Megapot
@pl
In July 2024, we launched Megapot V1 Our innovation was bootstraping mega jackpots with liquidity providers I had low expectations - this was another experiment, out of the dozens I've tried before https://x.com/Patrick_Lung/status/1810081425305092443
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Patrick | Megapot pfp
Patrick | Megapot
@pl
But this one got some initial traction! We reached a daily $100k jackpot and multiple apps building on our protocol! Although a significant factor was @blast incentivizes, it helped us build conviction that there's something here https://x.com/Patrick_Lung/status/1833633864469917890
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Patrick | Megapot pfp
Patrick | Megapot
@pl
That brings us to where we are now - migrating to @base, a chain that can scale to reach a billion users Our North Star continues to be bringing a billion users onchain To do so, we're building the grandest, fairest, game of speculation ever I'm stoked to build a global game that unifies humanity Think HQ Trivia meets the NYC New Years' Eve ball drop If we succeed, every day, the whole world will stop for a minute to see who just became a billionaire. That's absolutely nuts.
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Hoot 🎩
@owl
nice writeup thank you! Do you think onchain lottery can be sustainable without secondary incentives like XP and airdrop farming? You've seen it first hand and other protocols like yolo games are facing the same fate. Market down, low jackpots, airdrop farmins szn over - people leave.
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