FAQ

General

What is Azuro Protocol?

Azuro is a global decentralized betting protocol, delivering a classic betting experience for multiple front-ends via vivid liquidity pools, odds imported via oracles & NFTs powering secondary markets. We envision Azuro becoming the widely used decentralized infrastructure on which future betting apps (or as we call them "front-ends") will rely.

How does betting on Azuro work?

Users can pick from the available events and betting options (also referred to as "markets").
The initial odds for each market are determined by importing (via oracles) and averaging odds from 20 reputable betting operators, but then change as more bets for each outcome of a particular event are placed. The odds are fixed at the time of placing the bet (therefore providing the user with clear risk/reward visibility on their bet) and are presented in a traditional format. Once a bet is placed it is locked in the smart contract, which will request a result from the data importing oracles, and depending on the result and the bet, the user will or will not receive a green light from the smart contract to claim their payout in the respective amount.

What is an oracle and how does it work?

An oracle interacts with an off chain ambient in order to transfer the odds and results of a certain event into Azuro Protocols’s smart contracts. Azuro Protocol will be using the Chainlink oracle during the testnet stage, however, as time progresses, other reputable sources will be added through additional oracles.

Is Azuro itself a prediction market?

Despite having some of the attributes of prediction market solutions Azuro Protocol has several key differences. Some of these differences are:
  1. 1.
    the creation of events with initial odds imported via oracles, leading to a competitive odds setting from the outset for all markets.
  2. 2.
    Liquidity pools which are not event-specific therefore decreasing the risk for liquidity providers dramatically, and delivering a predictable APY in the pools.
  3. 3.
    Virtually infinite scalability through multiple front-ends - essentially allowing anyone to run a betting app, utilizing the liquidity, settlement and risk management (odds engine) of the protocol.

Which markets are available to place bets?

In the early stages sporting events with 2 outcomes (e.g. "Both teams to score") will be the only available betting markets. With time many more markets and, crucially, - live betting will be added to provide users with a betting experience fully competitive to that of centralized bookmakers.

Do you have NFTs?

We do. Each bet made within Azuro is a NFT. This allows for secondary markets (bet cash-out, markets for memorable bets as collectibles) and lots of engaging gamification.

How is Azuro different from traditional bookmakers?

Traditional bookmakers stand on one side - setting odds, providing liquidity for bets and handling players’ money. On the other side are players betting on the listed events. Their gain is the bookmakers’ loss and vice versa. Limiting or stopping successful players’ accounts is an industry standard, while declining pay-outs & incorrect odds are common. Disputes between players and bookmakers are broadly decided upon by the bookmakers.
On the contrary - Azuro’s solution introduces full transparency (smart contracts), and allows for bettors money to stay with bettors, as transactions are handled via web3-enabled wallets. There is no risk of declined payouts, or limitations of accounts. In delivering this experience to bettors, Azuro also breaks down the role of the bookmaker into smaller bits, democratizing the business of betting as a whole. Liquidity is decentralized and can be added by anyone. Odds & event results are imported via oracles. Anyone (approved by the DAO) can build their own front-end and utilize the odds, liquidity and settlement of the protocol.

How is Azuro different from blockchain-based prediction markets?

Prediction markets take a very broad brush at betting. Most prediction markets’ odds change retroactively which means a bettor cannot determine their risk/reward. Also, odds are represented as token/share prices and the overall UX is alien to a regular sportsbettor, and the odds for many events are poor due to low liquidity (as liquidity provided is event-specific). Prediction markets offer a somewhat blank canvas where users can create and interact with markets freely, but that comes with significant sacrifices in UX, odds, liquidity & market coverage, especially from a sportsbetting perspective.
Then, Azuro's solution is tailored to betting. Odds reflect the traditional betting experience, and there is no need for 2 (or more sides) to match in order for the bets to go through. Furthermore, liquidity added to Azuro is pooled together which allows for not only better management of liquidity for more unpopular events, but also for maintaining consistently competitive odds. Then there's NFTs allowing for completely novel use-cases non-existent in betting or prediction markets today.
Last but not least - Azuro is a base layer for decentralized sportsbetting allowing for multiple betting apps (also referred to as "front-end operators") to run on top of Azuro providing for virtually infinite reach to potential bettors.

What are the ways I can participate in the Azuro ecosystem?

  1. 1.
    Betting - users can place bets on the available events & markets and win stakes accordingly.
  2. 2.
    Liquidity provision - anyone can add liquidity to the pools and earn compelling returns (a % of the earnings of the protocol), with a competitive APY.
  3. 3.
    Front-end operation - any organisation or person can apply for running a front-end on Azuro. This opens up opportunities for any company which has reach, or even sportpeople or influencers to run their own betting apps on Azuro, with entry barriers much lower than compared to those in the current betting industry.
  4. 4.
    Running a data node - import data (results & odds) into Azuro through oracles.
  5. 5.
    Staking - holders of the AZUR token will be able to stake their tokens and participate in important decisions of the DAO, while also earning yield.

Community

When can I buy/earn AZUR tokens?

AZUR tokens can be earned in multiple ways, including but not limited to adding liquidity, placing bets, referring users, and participating in the Azuro Testnet. We are yet to have a token generation event after which the AZUR token may be available for trading on certain DEXs & CEXs.

Will there be a public sale?

We have not yet decided if there will be a public sale, but we are considering it.

When is the launch of the Testnet?

As of right now, the launch date of the Testnet is August 24th.

How is your token used?

The AZUR token is used to participate in the Azuro DAO, and the more tokens a user has in his/her wallet, the more weight a user’s vote carries. Furthermore the AZUR token will unlock multiple benefits for holders in their participation in the ecosystem.

On which blockchain protocol is your token built?

Azuro Protocol is an open source public-domain software including a set of smart contracts, written in Solidity that can be deployed on the Ethereum Blockchain, and/or other blockchains. Our testnet is already live on the Ethereum Rinkeby test network.

What is the total (maximum) token supply?

The total maximum token supply of AZUR is 5,000,000,000 tokens.

When will tokens be distributed to participants?

As of right now, the token is scheduled to be released between the third and fourth quarter of 2021, and tokens will be distributed to eligible participants around this time.

How do you plan to involve new users to Azuro in the future?

The plan is to have advanced blockchain users become our early adopters, and then to gradually switch to advanced bettors. After these initial stages, Azuro protocol will also have a referral program for its users, which will be high rewarding, and we plan to receive a lot of new users through this program we will be launching.

Do you have a bounty campaign?

Not yet. But we plan to launch a bug bounty program in the near future.

Do you have a referral program?

Yes, Azuro Protocol does have a referral program which incentivizes its users to invite their friends, family, or others to the platform.

Which events can I bet on?

Currently, on our testnet, there are only sporting events with 2 outcomes (e.g. "Both teams to score"). However, we will be adding more events and markets, and live betting in the future.

Will there be additional markets?

Yes, we will be adding more events, markets and live betting functionality.
Last modified 2mo ago