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Lotto FAQ

How can I deposit into my Glow Lotto account?

  • Users can deposit any amount, they need just a Terra Wallet and UST deposited in it.
  • Per every 25 UST deposited, users get a ticket. That is, if you deposit 100 UST you'll get 4 tickets.
  • On the other hand, if you just deposit 24 UST you won't receive any ticket, but if you deposit an additional UST later on, you'll get 1 ticket.
  • Deposits have an APR (or interest) that accumulates in the account of the user, that is approximately 5%. On top of that, depositors will earn GLOW tokens as part of the Depositor Rewards.
  • As you earn tickets when depositing, you get free access to the Glow Weekly Lotto.

Is there a limit on how much I can deposit to Glow?

No, there is not theoretical limit. However, Glow Lotto and smart contracts in general are experimental technology so take in account those risks.

When can I withdraw funds from Glow Lotto?

Users can withdraw part or the total amount of UST deposited in their account at any time. There are two options when withdrawing funds: instant withdrawal and free withdrawal.
  • Whenever the user performs an instant withdrawal, a fee of 5% will be deducted from the total amount to withdraw. This ensures the fairness of Glow Lotto as users need to contribute equally to the lottery pot with their holdings.
  • Free withdrawals lock users funds for a week, when users can claim the amount and make the withdrawal effective. In this case, there's no fee to be deducted.
When a user decides to perform a withdrawal, the proportional part of the tickets will be burnt or removed from the user account. This process is irreversible, that is, if the user wants the tickets back, funds will need to be deposited again.

Is there a minimum withdrawal amount?

No. You can withdraw any amount from the Lotto Savings account. If you choose an instant withdrawal, a fee may be applied. If not, the full amount will be placed in "Withdrawal" state. After one week, you can claim your withdrawal funds.

Where does the interest in Glow come from?

We plug-in DeFi products such as Anchor to forward part of the accrued interest to you.

How much yearly interest can my deposits accrue?

Interest rates are floating based on market sentimental, there is no fixed interest rate. You can expect a 4-5% interest on your deposits, plus all the winnings you can make in the lottery.

How can you offer a no-loss lottery?

As we plug-in DeFi products such as Anchor, Glow Lotto uses their stable interest to fill the lottery pool. Part of the Anchor accrued interest goes to grow your savings (about 5% annually, depending on market conditions) while the remaining part goes to the mentioned lottery pool.

How is Glow Lotto different to your normal lottery?

Glow Lotto is a prize-linked savings account, running on the Terra blockchain. A prize-linked savings account combines the best elements of a regular savings account and lotteries.
No Loss Lotteries or Prize-linked savings is the concept of using the chance to win a prize to incentivize personal savings. Some of the interest payment on deposits are distributed as prizes based on chance.
No Loss Lotteries are a great way for savers to have a chance to earn a large prize while earning interest on their money, as the deposit is never lost unlike normal lotteries.

Can I really never lose? Explain to me how

When you deposit UST you'll receive free tickets. We lend a fraction of the deposits to generate yield and use it to fund the lottery pot. That's why the initial amount (or principal) is never used for the lottery.
Your savings account will keep generating interest while participating in our weekly lottery.

How do tickets work?

Each ticket is a 5 digit combination, with numbers ranging from 0-15. You get one ticket per each 25 UST deposited in your savings account. If you deposit more than 100 UST, your ticket combination will be random, for your convenience. If you deposit less, you can either choose the combination of your tickets or make it random as well. Tickets are permanent. Each ticket you get will be eligible to win in each weekly lottery from the moment you got the ticket until the moment you withdraw/close your savings account.

How do I get new tickets?

You'll earn one ticket per each 25 UST deposited. If you deposit 100 UST, you'll earn 4 free tickets. If you deposit 74 UST, you'll earn 2 tickets, and if you deposit 75 UST, you'll earn 3 tickets.
You can earn new tickets by increasing the amount deposited, or, if you want to participate with the same number of tickets but with a different combination, just click "Refresh" when buying your tickets.

Do I need to come up with my ideal ticket number combination?

Glow Lotto will assign you randomly generated tickets. If you are not happy with all or part of them, you can refresh the draw and you'll be provided with a new combination.
You can repeat this process as many times as you want.

Do my tickets roll over to the next week?

Yes, your tickets are automatically participating until you decide to stop.

How do I get Glow Lotto tickets?

You'll automatically receive tickets upon depositing UST. In the future, you may earn additional tickets via referrals and raffles.

If I withdraw money, do I lose tickets?

Yes. When you close your account you will lose all your tickets. In the same way, if you don't withdraw the total amount of your funds, you'll just lose the proportional amount of tickets earned.

What are the prizes? What are my chances?

TBD

When are prizes paid out?

Prizes are paid out automatically after the draw. The amount earn will be displayed right after the lottery in your account.

How do I collect my winnings?

You can either withdraw your prize or auto-deposit, which will take all your claimable balance and move it to your savings account, earning more tickets and increasing your chances to win Glow Lotto in the future!