Decentralized crypto betting platform launches beta version

Decentralized crypto betting platform Logium allowed users to stress-test the platform by issuing and taking bets on a ERC20 tokens.

Logium logo with tagline "time the market"
Source: Logium press kit

Logium, a decentralized DeFi app for trading long and short bets on up to 5x leverage, has launched its beta version. Before adding all 500+ cryptocurrencies, the team seeks to iron out the outstanding issues with user feedback collected via a dedicated HotJar tool and the platform’s Discord channel.

But what exactly does this decentralized crypto betting platform do?

What is Logium?

The dApp will offer long (UP) and short (DOWN) bets, otherwise known as crypto options or positions, on over 500 cryptocurrencies listed on Uniswap. Each bet is settled after a preset amount of time, from one hour to one month. If a bet ends up not being taken, the issuer keeps their funds.

In beta, the system supports WETH, HEX, WBTC, APE, and SHIB, but over time, the platform intends to enable betting on all tokens available on Uniswap. In the future, Logium plans to decentralize the process of listing new assets “to allow for trustless betting and avoid censorship,” the project's docs explained.

Trading view of the Logium platform
Source: Logium press kit

All bets are secured by USDC deposits made by the users. While bet creators can use the same deposit to create an infinite number of bets, as soon as enough bets are taken to use up the available deposit, the rest become invalid.

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Since placing bets is done via Ethereum messages, no gas fees are involved.

Logium dApp security

Users can either take existing bets or create their own, with no fees charged until the bets get settled, but each position carries its own set of risks, which the platform’s creators lay out in user-facing docs.

The winner takes the entire bet of the opponent, less Logium’s 5% commission. Since the platform does not operate a negative balance, users can’t lose more than they had bet. The prices of the assets are pulled in from Uniswap V3 pools using the last block price method, minimizing the risk of oracle failure.

Rookie traders can also set up a virtual account to get familiar with the platform without committing real money.

While Logium dApp is hardly the only options trading platform on the market, it’s the first one to promise fully peer-to-peer trading. Supporting Metamask wallets, it holds no centralized control over users’ assets.

“It is a significant move towards the safety of your funds, as when using leverage on other leading centralized exchanges, you do not have 100% control over your assets or broad access to other new tokens,” Logium developers, who remain anonymous, said of the platform’s architecture. They said they would comply with all applicable regulations, but at present, no KYC checks are required.

Logium has the potential to thrive in both bull and bear markets, allowing users to take advantage of crypto assets’ volatility and encouraging both issuers and takers to carry out a thorough analysis of the asset they intend to bet on. The more user feedback the platform gets, the faster it will list its full coin portfolio.