Becoming a Bookie
Last updated
Last updated
As we covered in the mirror section 7.1, the two lifeblood functions of the OpenBook sportsbook protocol are making a bet and becoming a bookie by providing liquidity. This section contains the discussion of the second of these two functions, becoming a bookie by providing liquidity. Here’s the simple five step process for becoming a Bookie with OpenBook:
To utilize the services OpenBook provides, one needs to connect their MetaMask wallet to the site. By following this route over a traditional login approach, all Bettors and Bookies can remain anonymous to OpenBook. The only identification factor is the public wallet address one uses to make bets or provide liquidity.
Just as straightforward as it is on the betting side, this step only requires the prospective Bookie to click their way to the Bookie side of OpenBook in our web interface. On the Bookie side, there are only a few pages and shuffling through them is useful for all OpenBook users. One of these pages has buttons to stake DAI in our Liquidity Pool. This is the page where Bookies will add and withdraw their stake in the pool.
Staking, providing liquidity, and becoming a Bookie are all for the most part synonymous at OpenBook. Simply input the amount to stake, and click the “Stake DAI” button! The transaction confirmations will appear in MetaMask just like when placing bets. After the transaction is confirmed, the protocol will send the new Bookie a one-to-one amount of ERC-1155 token to DAI staked. We’ll refer to these tokens as OpenBook Stake Tokens from now on.
Possessing the OpenBook Stake Tokens in their MetaMask wallet, Bookies at any time can return to the Bookie side pages and check on things. The state of the OpenBook Liquidity Pool is all open data on the blockchain, so we have built a simple interface to visualize these stats. The growth of the pool and the profits for the Bookie can be monitored with ease.
On the same page that allows staking, any amount of DAI the Bookie currently has staked can be withdrawn just as smoothly. Type in the amount to withdraw, and click to withdraw! Confirm the MetaMask transactions, and in moments the DAI will return to the Bookie’s wallet.
