How to issue a bet
Issuing a bet gives you a free choice of all parameters and features of the bet. To start issuing, you need to have enough USDC collateral in your account. Collateral is held by the Logium smart contract and you can deposit it using your wallet. When you issue a bet, collateral is not locked immediately. It is used up only when your bet finds a taker. This allows you to create an unlimited number of awaiting bets. Additionally, issuing a bet is completely free. No gas fees are involved. In addition, only the taker pays a transaction fee for accepting a bet. To learn how this is possible, see Maximizing collateral's utility.
How to issue a bet on Logium?
- 2.Connect your wallet.
- 3.Choose a token on the sidebar.
- 4.If you have not done it before, enable USDC access by clicking an appropriate button. This will allow you to deposit collateral into the Logium contract later.
- 5.Deposit collateral.
- 6.Click the
Create betbutton on the sidebar.
- 7.Set all required parameters:
- Bet type
- Strike price
- Bet size
- 8.Click the
Issue betbutton at the bottom of the panel.
- 9.Set the validity of your offer in the next step.
- 10.Check that all the data match in the bet summary.
- 11.Click the
- 12.Sign a contract with your wallet.
Please remember that in the Logium UI all bets are displayed from your perspective. When you create an “Up” bet, others see it as a “Down” bet in the Available Bets list.
Users can also invalidate their awaiting bets. When a bet is invalidated it is effectively cancelled and other users can no longer take it. However, if the bet is, e.g. 30% filled, then only the remaining 70% can be invalidated.
A bet can be invalidated from the portfolio tab in the Awaiting Bets section by clicking the three dots on the right and selecting Invalidate bet.
Sometimes awaiting bets do not find any takers. Such bets eventually expire and the issuer's collateral is not used.