❓FAQs

Magic Raffles FAQ

Q: How do I participate in Magic Raffles? To participate, select the number of tickets you want to purchase. Tickets can be bought using either USDT or SQR. If you use USDT, you pay the fixed ticket price in USD (e.g., $3 per ticket). If you use SQR, you pay the equivalent value in SQR, based on the SQR/USDT rate at the raffle's start. All participants compete for the same prize pool.

Q: How is the ticket price determined? The ticket price is pegged to a fixed USD value, determined at the start of each raffle (e.g., $3 per ticket). If you pay with USDT (BEP20), the price remains fixed for the entire raffle. If you choose to pay with SQR, the price is calculated dynamically based on the USDT/SQR rate at the time each ticket is purchased.

Q: How is the prize pool managed? The entire prize pool is held in SQR. The estimated USD value of the pool is displayed in the dApp, reflecting the current SQR/USDT rate for transparency.

Q: How are rewards distributed? The winner is selected using a random number generated by Chainlink VRF. Rewards in SQR are automatically transferred to the winner’s wallet, with no manual claims needed.

Q: How are ticket funds allocated?

• USDT Purchases: 70% goes to the prize pool, 15% to the treasury, and 15% supports SQR through buy-back-and-burn operations.

• SQR Purchases: 70% goes to the prize pool, 15% to the treasury, and 15% is burned to reduce the total SQR supply.

Q: How often does a new raffle start? A new raffle begins automatically after the previous one ends, governed by predefined timestamps in the smart contract.

Q: How do I know if I’ve won? Winners are announced in the dApp after the raffle closes. Rewards are automatically transferred to the winner's wallet. Check the results and your balance to confirm.

Q: What happens if I miss a raffle? No worries! A new raffle starts immediately after the previous one ends. Check the dApp regularly for updates.

Q: How does the raffle support the SQR token? The raffle system supports SQR through buy-back-and-burn operations, reducing its circulating supply and increasing its utility. All prize pools are held in SQR, promoting its value within the ecosystem.