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The Lottery Drawing
The drawing happens once per week on Sunday night at 20:00 GMT. After the lottery is drawn, the prize is distributed among the winning ticket holders according to the prize distribution algorithm.
After winning a lottery (good luck!), you'll be able to withdraw your UST prize instantly to your Terra Wallet!
When the lottery is drawn, a "perfect winning ticket" is randomly generated. Then, the lottery pool is distributed among winning ticket holders.
A ticket is a winning ticket if at least its first two numbers match the first two numbers of the perfect winning ticket. Among winning tickets, there are five tiers: bronze, silver, gold, jackpot, super jackpot. Ticket placement into these tiers is best understood through an example. For this example, say the winning ticket is 537801:
- 2 Sequential Matches (Bronze) - any ticket starting with 53XXXX such as 535840
- 3 Sequential Matches (Silver) - any ticket starting with 537XXX such as 537012
- 4 Sequential Matches (Gold) - any ticket starting with 5378XX such as 537810
- 5 Sequential Matches (Jackpot) - any ticket starting with 53780X such as 537802
- 6 Sequential Matches (Super Jackpot) - any ticket that exactly matches the perfect winning ticket
The expected payouts of the corresponding tiers of winning tickets are as follows:
- Bronze: $1+
- Silver: $50+
- Gold: $1000+
- Jackpot: $20,000+
- Super Jackpot: $250,000+
These are expected payouts which means the payouts might not exactly match these values. The actual payout will fluctuate with the number of winners each week and may be less or more than the expectation but will hover around the above values in general. Blog post coming soon which will explain step by step how these expected values are calculated!
- It should be noted that in the case of multiple depositors holding the same winning ticket, all of the corresponding deposits win equally. This means that if you win with the jackpot ticket, but that the jackpot ticket is also held by one other depositor, each of you will receive 50% of the jackpot payout.
- If there are no tickets of a given category (i.e. no jackpot ticket holders) the corresponding % of the pot gets rolled forward to the lottery pool for the next lottery.
- A reserve fee of 5% applies when distributing the lottery pool. This fee is shared pro-rata among GLOW stakers.
The winning ticket is obtained following a decentralized, verifiable, and non-predictable process, as explained in Randomness. This allows Glow Lotto to deliver a fair lottery without relying on any central party. Nobody, including Glow Core team, can predict the winning ticket combination.
When the lottery is being drawn (which happens once a week), both deposits and withdraws are blocked for the duration of the drawing (about 3-5 minutes). This helps ensure the security and fairness of the lottery. In the absence of this measure, someone could deposit and purchase winning tickets as soon as they realize what the winning ticket is.