The $IFL Token – the Illuminate Fantasy League Utility Token
Overview
- The $IFL Token, or Illuminate Fantasy League Token, is a special ERC-20 utility token that can be minted for free by any Player.
- Players can win or lose $IFL Tokens based on the accuracy of their predictions, and/or by trading their positions before a market expires.
- Any Player can mint 1,000 $IFL Tokens on the Moonbeam network to get started playing in the IFL.
- The token’s usage is strictly limited to interactions with the Illuminate Fantasy League smart contracts. The $IFL Token cannot be purchased, sold or transferred, as limited by the smart contract.
$IFL Token Utility
Usage of the $IFL Token by Players is strictly limited to placing predictions and selling outcome shares on markets available during the Illuminate Fantasy League.
Players can win or lose $IFL Tokens based on the accuracy of their predictions, and/or by trading their positions before a market expires.
Example:
- Alice mints 1,000 $IFL tokens for free on the Illuminate Fantasy League web page;
- Then, Alice proceeds to buy outcome shares in the “Who will win the Qatar vs Ecuador match on November 20, 2022?” market.
- Alice believes that Qatar and Ecuador will tie the game, so she buys 1 share of the “Draw” outcome, priced at 0.3 $IFL Tokens.
- As the game date approaches, other Players have started to realise that a draw between Qatar and Ecuador is likely (for whatever reason). As more Players buy shares in that outcome, its price shoots up to 0.5 $IFL Tokens.
- Seeing the price of the outcome go up, Alice decides to sell half her position to earn some extra $IFL Tokens before the market closes (at the same time that the game starts).
- At the end of the game, Ecuador and Qatar are tied, as predicted by Alice and a number of other Players.
- Players who held shares of losing outcomes lose their $IFL stake in the market, and those who, like Alice, hold the right outcome, can claim back their original stake, minus any shares exchanged before the market expired as is the case with Alice, plus a portion of the additional tokens that were lost by Players who held the incorrect outcomes.
$IFL Token Usage Restrictions
The $IFL Token’s usage is strictly limited to interactions between the User’s wallet and the Illuminate Fantasy League smart contracts: Players are not able transfer the $IFL Tokens to other wallets, nor to other smart contracts. A maximum of 1,000 $IFL Tokens can only be minted once per wallet on the Moonbeam network. For clarity: it is impossible to buy, sell or transfer $IFL Tokens.
$IFL Token Issuance and Distribution
Issuance and distribution of the $IFL Token is as follows:
- Any wallet on the Moonbeam Network can mint 1,000 $IFL Tokens for free (only paying gas fees to the network), either by direct interaction with the smart contract or by using the Illuminate Fantasy League web page;
- A list of wallet addresses, specified in the smart contract and owned and operated by Polkamarkets Labs, can mint an unlimited amount of $IFL Tokens, which are used strictly to provide liquidity for markets during the Illuminate Fantasy League;
- There is no maximum number of tokens that the smart contract can generate, allowing for an unlimited number of Players.