Magic Square
  • ๐Ÿ˜ŽIntroduction to the Magic Square
  • ๐ŸชMagic Store
    • ๐ŸคชFor Users
      • ๐Ÿ”ฎHow Do You Register to the Magic Store?
      • ๐Ÿ”—Set Up Your Magic ID
        • ๐Ÿ›‚How to complete a verification process?
      • ๐Ÿ†User Profile Page
      • ๐ŸชMagic Store
      • โœจMagic Karma
        • ๐Ÿค‘How to Claim Your SQR or USDT Rewards?
        • ๐Ÿ“ˆHow to Maximize Your Magic Karma Earnings?
      • ๐ŸŒŸMagic Memberships
      • ๐Ÿ“‹Magic Board
      • ๐ŸŽซMagic Raffles
        • โ“FAQs
      • ๐Ÿ”ฎMagic Predictions
        • โ“FAQs
      • ๐Ÿค‘Reward Pools
      • ๐Ÿ“šMagic Store Categories
      • โœ…Guide: Community Project Validation
      • ๐Ÿ”ฅHot Offers
      • ๐ŸคRefer a friend
      • โ˜‘๏ธProject Status
    • ๐Ÿ‘จโ€๐Ÿ”ฌFor Project Owners/Developers
      • ๐Ÿ—๏ธSet Up the Developer Account And List Your Project
      • โ˜‘๏ธProject Status
      • ๐Ÿค“How To Optimize Your Application Page on the Magic Store
      • ๐Ÿ–๏ธCrafting Your Project Page
      • โœ…Project Validation Guide
        • ๐ŸฆฎMagic Store Validation Guidelines
      • ๐Ÿช„Enhancing Onboarding Experience with Magic Square
      • ๐Ÿ—ฃ๏ธHow do You Run a Hot Offer Campaign?
      • ๐Ÿ“–Hot Offer Case Studies
      • ๐Ÿ’ฒMagic Square 120M $SQR Ecosystem Grant Program
      • ๐ŸŽฎHow to add App Widgets?
      • ๐ŸŒŸSpecial Builders Role on Magic Square Discord
      • ๐Ÿ†˜Developer Support
  • ๐Ÿ”ƒMagic Swap
  • ๐Ÿš€Magic Launchpad
    • ๐Ÿ˜For Users
      • ๐Ÿ“•Introduction
      • ๐Ÿƒโ€โ™‚๏ธGetting Started
      • ๐Ÿค”Understanding Token Sales
      • ๐Ÿ—ณ๏ธHow to Participate in a Token Sale?
      • ๐Ÿ“ˆBuy/Sell Tokens on OTC Marketplace
      • โšกKey Features on the Magic Launchpad
      • โ“FAQs
    • ๐Ÿ’ปFor Developers
  • โœจMagic Drops
  • ๐Ÿ“ˆMagic Staking
    • ๐ŸŒพMagic Farms
      • ๐ŸŒŸCore Concept
      • ๐Ÿ“ŠReward Calculation Mechanism
      • ๐ŸŒEcosystem-Wide Campaigns
      • ๐Ÿ‘จโ€๐ŸŒพHow it Works?
      • ๐Ÿ”’Security & Transparency
    • ๐ŸฆSQR Staking
      • ๐ŸŒŸBenefits of Staking $SQR Tokens
      • ๐Ÿค”How does it work?
      • โ“How to Stake? Step-by-Step
      • โ‰๏ธUnderstanding the Risks
      • ๐Ÿ“‘Staking Terms and Conditions Overview
  • ๐Ÿ—ณ๏ธMagic DAO
    • ๐ŸŒŸGuiding Values
    • โœจHow to get Voting Power in the Magic Square DAO?
    • ๐ŸคฉGetting Started
    • ๐Ÿค”How to Actively Participate in Governance Decision-Making?
    • ๐ŸClosing Remarks
  • ๐Ÿค–Mystic AI
  • โ›ฝGas Station
  • โค๏ธCommunity
    • ๐ŸคฉWhy Join Our Community and How to Get Involved?
    • ๐Ÿ“œCommunity Rules and Guidelines
    • ๐Ÿค–Discord Point System and Roles
    • ๐ŸŽจZealy Content Creation Guidelines
    • ๐Ÿค–Magic Square Telegram Reputation Bot
    • ๐Ÿ”Discord and Telegram Security Guidelines for Magic Square Community
    • ๐Ÿ’ธMagic Square Referral Program
  • CAMPAIGNS
    • ๐Ÿค‘1M SQR Campaign
  • Roadmap
    • ๐Ÿ›ฃ๏ธRoadmap
  • SQR Token
    • ๐Ÿช™SQR Token Utility & Benefits
      • ๐Ÿช™Tokenomics
      • ๐ŸคHow to Add Liquidity to the $SQR Token on PancakeSwap?
  • Links
    • ๐Ÿ”—Magic Square's Official Links
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  • HIRING
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  • ๐Ÿ“šLibrary
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    • ๐Ÿ“ƒLegal Documents
      • Magic Launchpad Terms and Conditions
      • Staking Terms and Conditions
      • Privacy Policy for Magic Square Staking Platform
      • Magic Store Terms & Conditions
      • Magic Square Website Terms of Use
      • Data Processing Addendum For Advertisers
      • Magic Square Advertising Network Terms and Conditions
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  1. Magic Store
  2. For Users
  3. Magic Raffles

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 winnerโ€™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 Iโ€™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.

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Last updated 3 months ago

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