Azuro (AZUR)
Azuro is a newcomer in the decentralized betting protocol space, and aims to democratize the betting industry, which is valued at $100.90 billion and is expected to grow at an annual rate of 6.20%, reaching 281.3 million users by 2029.
Despite this immense growth, the betting industry faces increasing pressure from regulators, and customers due to widespread issues such as arbitrary account blocks, cashout limits, and geo-restrictions. So it’s more than time for some blockchain solutions.
Time for a platform that simplifies betting but also enhances the integrity and transparency of the betting industry. Let’s take a look at how this is done?
Azuro enables virtually anyone to set up a betting website in a permissionless manner, a platform where potential founders of betting websites do not need any upfront capital or specialized knowledge in risk management and can just develop their betting service and build their dApp.
Because Azuro supports thousands of sports markets and other games, it has a rich feature for the creation of apps, embedded integrations, or derivative betting products.
Current prediction markets suffer from two significant issues:
This review of Azuro (AZUR) was created for informational purposes. This article is not intended for promotion.
Azuro has successfully raised a total amount raised of $7.5 million. The funding round included investments from a diverse group of web3 industry leaders. With prominent names in the investment and blockchain sectors, including Delphi Digital, Arlington Capital Alliance, Ethereal Ventures, and Hypersphere.
Additionally, partnerships with projects like Gnosis and web 3 gaming ecosystem Merit Circle mean the collaborative efforts that back Azuro’s technological capabilities and market presence are there.
“This new capital injection will bring Azuro even closer to our big goal of making prediction markets clearer and more open to everyone” said Rosson Yordanov, core contributor at Azuro, in a press release.
Overall, bookmaking is a business, highly profitable but complicated and extremely regulated. A place where many worldwide ‘degens’ unite. But the ultimate goal of profit maximization, paired with full control over the relationship makes bookmakers what they often are today — unfair.
On the other hand, it’s not all smooth sailing for bookmakers. As you want to become one in this highly competitive ground, you need to first be accepted by many regulatory agencies and be granted a license. On top of that you need to have capital not just to carry out the bets, but also for the start-up costs of your endeavor.
Finally the largest concern is liquidity that is needed to back any bets made on their site. If bookmakers want to take bets on multiple markets, then this will increase the amount of liquidity needed to cover the potential bets placed. So its nothing new for bookmakers to go out of business because they do not have enough liquidity.
At the heart of Azuro’s model is the “Liquidity Tree,” a novel liquidity pool design that provides interactions between liquidity providers, who supply capital for potential yields, and data providers, who provide metadata and pricing odds for betting markets.
This is ofcourse all managed through smart contracts that result in following features of Azuro.
Hostcore is the core module as it registers new games and manages their life cycles. It also handles the odds and provides essential game info to off-chain interfaces. Which means all live game and market data are stored in the HostCore contract on the HostChain, currently on the Gnosis chain.
LiveCore is engineered to be the layer where a contract monitors event states and accepts bets based on parameters like outcome, odds, and amount. It employs a snapshot-saving method for late bets, where bets placed post-event resolution are timestamped and kept open for cancellation and refunds.
Lastly, there is the Relayers contract, that is responsible for the execution logistics. It prepares bets for execution and receives rewards for the processing (set by the end users before creating a transaction order).
Integrating these smart contracts and real-time decision-making with the immutable nature of blockchain brings new constraints. Take, for example the inevitable network latency or scalability issues. Handling a large volume of transactions simultaneously, which is common during popular live events, can strain blockchain networks, and could lead to increased transaction fees and slower processing times.
Plus, incorporating live, real-time data from external sources (like sports events) into the blockchain in a trustworthy and tamper-proof manner requires reliable oracle systems. So these oracles need to provide accurate and timely data, which is a significant challenge.
There are 28 dApps that are built on Azuro, some include;
Predictions App Bookmaker.XYZ is the ultimate showcase of pure on-chain betting. No logins, no bans, no limits. it is 100% powered by Azuro’s open, permissionless markets and games.
Predictions App GambleF*kkers is the only place in the world where everyone gets 35% cashback on their betting losses.
Predictions App DexWin offers the best odds, instant bonuse. Bet directly from your wallet or enjoy Gasless betting from your decentralized DexWin wallet.
Custodial Telegram Bot BoxBet is a Turbocharged Sports Betting on Telegram.
Predictions App Unpeel the fun with Juicy Bet! ‘Because life’s a gamble, but your rewards shouldn’t be.’
Gamblr.xyz is a non-custodial gambling application where you control your money at every step of the way.
Predictions App DGbet is the go-to GambleFi product 4 Sports Fans & DeGens. With 70% cashback on your monthly losses, they offer a fully on-chain and non-custodial product.
Custodial Telegram Bot XYZBET is a Web3 betting platform on Telegram. No KYC. Non-custodial needed and Instant payouts.
DApp Mask Network brings privacy and benefits from Web3 to social media like Facebook & Twitter – with an open-source browser extension.
The Azuro Protocol Token is an ERC20 token on the Ethereum blockchain and has a total supply of 1 billion, and the circulating supply is also 1 billion.
The initial step to begin farming Azuro Protocol is by providing liquidity. This is considered one of the safest methods to participate. If you have spare funds that you are not actively using, staking them in Azuro Protocol’s liquidity pools can be a beneficial move.
On the Polygon network, for example, you can allocate $200 worth of USDT and currently receive an Annual Percentage Yield (APY) of nearly 20%. Even though this APY might not significantly impact the overall investment, it offers a steady return, especially for funds that would otherwise remain idle.
Azuro Protocol has initiated a rewarding campaign that allows you to earn points through various activities. Here are some ways to increase your points:
You can earn 750 points by choosing a team, following the platform on social media, tweeting about your experiences, connecting your wallet, and providing liquidity.
Azuro has joined forces with Chiliz, which is known for its blockchain solutions that revolutionize fan engagement in sports, including fan tokens and interactive engagement platforms via its flagship venture, Socios.com.
The platform supports over 80 sport-related fan tokens and has amassed more than 2 million users. This could be a very interesting collab going into the future.
When Azuro Protocol launched its testnet on Ethereum’s Rinkeby testnet, it attracted, within two weeks of launch, ten thousand participants and processed over two hundred thousand bets.
This early success demonstrates the market’s interest and the platform’s potential for growth. Currently, Azuro is focused on expanding its market offerings and plans to launch on the mainnet in the coming months. If they get to their goal, which is offering a wide variety of events and leagues and market presence necessary for true disruption in the betting industry, remains to be seen.
By decentralizing the process and allowing a broader range of participants to act as liquidity providers and operators, Azuro could democratize aspects of betting that have been tightly controlled by major players. This could lead to more competitive odds, better market coverage, and an increase in user engagement. That is if users find their way to the platform and it attracts liquidity on a massive scale.
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