Copy of OpenBook Whitepaper
  • Introduction
    • Welcome to OpenBook
  • Market Description
    • Market Participants
    • Market Size
  • Background
    • Introduction
    • Centralized Models
    • Decentralized Models
  • Description of the Problem
    • Existing Problems
  • Our Solution
    • Introduction
    • Problems and Solutions
    • Our New Model
    • Advantages for Bettors
    • Advantages for Bookies
  • Project Architecture
    • Introuduction
    • Protocol Structure
  • Betting Side
    • Introduction
    • Making a Bet
    • Types of Bets
  • Bookie Side
    • Introduction
    • Becoming a Bookie
    • Benefits of Being a Bookie
  • Backend Implementaion
    • Liquidity
    • Market
    • Bet Contract
  • Frontend Implementation
    • Introduction
    • Navigation Layouts
    • Betting Page
    • Account Page
    • Bookie Page
  • Business Model
    • Businese Model
  • Legal Consideration
    • Legal Considerations
  • Roadmap
    • Introduction
    • Three Phase Rollout
  • OpenBook DAO
    • OpenBook DAO
  • Allocation of funds
    • Allocation of funds
  • Team and Project History
    • Team and Project History
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On this page
  • Step 1: Login to MetaMask
  • Step 2: Navigate to the Bookie Side
  • Step 3: Stake Funds in our Liquidity Pool
  • Step 4: Monitor Profits & Pool Growth
  • Step 5: Withdraw Anytime
  1. Bookie Side

Becoming a Bookie

PreviousIntroductionNextBenefits of Being a Bookie

Last updated 3 years ago

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:

Step 1: Login to MetaMask

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.

Step 2: Navigate to the Bookie Side

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.

Step 3: Stake Funds in our Liquidity 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.

Step 4: Monitor Profits & Pool Growth

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.

Step 5: Withdraw Anytime

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.