The Livestakes platform, emerging from ETHGlobal, provides users the ability to bet on hackathon winners while forming separate prize pools.
Introduction of Livestakes
Livestakes was first introduced at the ETHGlobal stage in early July as a betting platform that can 'make hackathon winners make more money.' Content strategist Ziz explained how the platform channels money from bettors to create a separate prize pool.
Prize Pool Distribution Mechanism
The Livestakes prize pool is distributed in an 80-20 ratio: 80% is equally divided between winning bettors while 20% goes to the hackathon winner the bets were placed on. This aims to create a feedback loop for funding future projects born out of the mayhem of Ethereum hackathons.
Prediction Markets and the Future of Ethereum
Prediction markets like Livestakes could become active participants in Ethereum's innovation economy by allowing the crowd to vote with their wallets. This could lead to developers gaining support before official prizes are awarded, potentially turning them into community favorites.
Platforms like Livestakes could significantly alter the financing approach for projects on Ethereum, granting more power and opportunities to the community.
