S3E5 - Asdf and Megapot - the new onchain lottery

Summary

ASDF, the co-founder of Megapot, shares his journey into crypto, it's loooong - brace yourself - it took Asdf time at Amazon, Coinbase and startups, plus own failed bitcoin wallet project to land on the co-founder and idea to develop the onchain lottery platform. 

We talke about the legality of the project, the mechanics of the lottery, and future plans for Megapot. Asdf also talks about early stage challenges of onboarding liquidity providers and players, as well as the importance of user experience and (hopefully soon) cross-chain execution. If you like lotteries or you'd like to earn higher APR % on your ETH, maybe you should check Megapot. 

Takeaways

• The basic mechanics of Megapot game involves liquidity providers pre-purchasing tickets, and players then buying tickets to participate.
• Future plans for Megapot include adding more tokens, improving user experience, and incorporating cross-chain execution.
• Asdf invites you to try out Megapod for 0.001 ETH and provide feedback.

Chapters

00:00 Introduction and ASDF's Journey into Crypto
05:30 Transition from Wallet to Megapod
16:15 Overview of Megapod and its Appeal
20:34 Blockchain and User Experience
27:03 Future Plans for Megapod
33:25 Legal Considerations and Conclusion

Transcript

BFG (Pete) (00:00.88)
Hello everyone. Welcome back. I'm BFG and this is Web3Magic Podcast where I talk with founders of interesting projects which are using blockchain for anything. And today we are going to talk with ASDF about his project, which is called Megapot. And it's an online lottery. It's the first lottery founder I have on the pod. And, you know, I'm just curious even whether it's even legal, but we'll get into that. Welcome ASDF.

Asdf (00:29.784)
Thank you. Thanks for having me on the pod.

BFG (Pete) (00:33.562)
Great. So we're not going to jump into legal part directly. I am going to start with my obvious questions. So I always ask founders, how did you get to crypto? Was it something you spent your time in for years or is it something recent? What was the story?

Asdf (00:54.028)
Yeah, a lot of how I got into crypto has evolved quite a bit. mean, initially it was like dipping my toes into Bitcoin, just trying it out. Had a lot of very different opinions back then and over time they've transformed and evolved. I'm sure yours have too. I think we all learn from our initial experiences and then we evolve our thinking. So I actually was in college.

So this is 2013, I read this article that said Bitcoin is going to be the next, is going to be even bigger than the internet. And I was like, there's no way that's possible. Like, okay, like at the very least, I got to read this article. It was a very long article. I don't think I actually read it. But I tried reading it. And then, you know, like the price of Bitcoin,

Rose and I was talking to my friends and they're like, oh did you talk about Bitcoin right? Like the price of Bitcoin like skyrocketed like do you know about this? I didn't buy anything though. So that was like my first like Introduction to what Bitcoin was just like that price going really high up and then it plummeted Never bought any but I remember also reading about the doll hack on aetherium 2015

I don't know if you remember any of that. Back then, I was like, yeah, I was like, that's what they should deserve. Why did they create the Bitcoin competitor? And I was like, yeah, this isn't gonna work. Ethereum's not gonna work. 2017, the ICO stuff started happening and prices were going up.

BFG (Pete) (02:19.482)
Yeah, Big stuff.

Asdf (02:44.438)
And I was like, okay, I was working at Amazon back then, you know, as a software engineer. I I hated my corporate job. was like, I'm like a such a slave here. Like there's nothing like the best thing that's going to ever happen to me is that I'm going to become a manager. Yeah. And I was like, you know what? I've been like looking at this crypto thing for long enough. you know, we like my, my dad worked for

You know, he worked in the finance department in the government. So we talked a lot about like financial stuff in our home. So I was like, maybe I should do something that I'm actually passionate about. And I wrote a letter to Andy Jesse, the CEO of Amazon. And I said, you know, I don't like working for Amazon. And I was like, really.

BFG (Pete) (03:18.822)
It's okay.

BFG (Pete) (03:32.228)
There you go.

Asdf (03:41.422)
stupid in retrospect, think I just wanted him to like remember, remember my name. And then like, it's so funny. And then like I jumped into like the crypto world and like, you know, quit my job at Amazon, just like one day went to the office and like handed over them my laptop and be like, okay, like I'm leaving like really dramatically. Yeah.

BFG (Pete) (04:03.782)
Living in style. Okay, good

Asdf (04:09.838)
Yeah, and then like 2018 came around prices like dropped a lot and then like, you know, nobody was talking about crypto anymore. I don't know, things just like started falling off. And yeah, and like I started like building a Bitcoin wallet. Turns out there's like a million other Bitcoin wallets. It was a really humbling lesson. Like I was like,

Okay, like this building of stars is hard. This is like really hard.

BFG (Pete) (04:43.292)
Why wallet? What was the thinking behind building a wallet?

Asdf (04:46.678)
Yeah, so I was like still very like, you know, I still had my original thesis that Bitcoin is like the real crypto and everything else is just like instruction. And I was like, somebody has to build like a wallet so people can start transacting, you know, using Bitcoin. And yeah, I want to make it like super easy for people to like start paying each other in Bitcoin.

So that was the original thinking.

Yeah, that's my that's my journey into that's my first dipping dipping into crypto. A lot has happened since then. This is 2018.

BFG (Pete) (05:20.826)
get to.

BFG (Pete) (05:30.15)
Right, 2018. So it took a lot of time actually from like 2013, know, five years before you sort of made a jump. Okay, cool. So now we are 2018, you tried the wallet and did you do anything after the wallet between the MegaPot or how did we end up with the lottery from the wallet?

Asdf (05:37.826)
Yeah.

Asdf (05:53.382)
Oh. Sorry, I I started giving my introduction of like how I got into this, but didn't talk much about like, you know, how I got onto Megapot. I can quickly talk about, yeah. I mean, 2020, like to sort of like, just let me maybe finish my quick journey out. I'll like keep it short now. Yeah. So 2018, I was, you know,

BFG (Pete) (06:02.35)
Yeah, that's the next step.

BFG (Pete) (06:12.56)
Please, please, yeah.

Asdf (06:18.616)
was suffering like my money like money. was seeing my money in my bank like going down and down until like it got to zero. I was on my brother's couch and he was like, he hated me. He was like, need to get a dog. Like why are you saying over at my place? And I was looking into NFTs. I was looking into like everything else. Like I was like, okay. Like this Bitcoin wallet thing definitely isn't going to work, but let me explore other opportunities.

BFG (Pete) (06:35.342)
Right?

Asdf (06:46.966)
At some point I was like, okay, I need to quit. I need to like actually get a job. I, one thing that I did realize was that you have to be in the Bay Area to like, you know, like, I mean, if you can, Bay Area helps a lot. or at least that was the thing that I had back then. I was like, I gotta move to the Bay Area. I don't know if that necessarily is required, but anyways, I wanted to get a job.

I started looking at jobs in the Bay Area and I joined a startup in the Bay Area. It had nothing to do with crypto, but I was like, I got a job. So I started working at this early stage startup and I would go on walks with the CEO of the company and we would talk about crypto. I would still talk about crypto. Crypto was still heavily on my mind.

BFG (Pete) (07:42.647)
Nice.

Asdf (07:47.054)
I mean, at that point, even the CEO was like, I don't think it makes sense for you to work at my company. Then I started looking into like the jobs again, like, know, just crypto related jobs and Coinbase came around and I joined Coinbase. So I worked at Coinbase from like, it had took me two years, by the way. So like I joined Coinbase in 2020 and from 2020 till 2022 for two years, actually two years and a

like mid 2022, I worked at Coinbase. I have a lot of things to share, by the way, at Coinbase too, because I've worked on some really cool projects there, including like I pitched a project to Brian Armstrong as well. And then like after Coinbase, I can talk about that maybe if you're curious, but after Coinbase, I had a friend, he built Cool Cats NFT. So he was, you

Evan Luzai, he's like one of the founders. And he started, you know, we started chatting. I was like, you know, I'm not sure what I want to do now. And I don't even know if I want to get into startups. So he convinced me to get back into it. And so I started working with him and like we did the NFT launch and then NFT started going down. at that point I was like, okay, I got to get back into like, you know, exploring more opportunities. And I started looking into

a construction, I got really fascinated by, I have like an article, I write sometimes, I have like an article on the common traction that also got like a bunch of views. And then yeah, I mean, at some point, at some point, I started having consumer applications of crypto, which I'm like super passionate about. And finally get to Megapot. And the deal with Megapot is like, I tried building a test product and

BFG (Pete) (09:26.021)
Nades.

Asdf (09:42.252)
biggest learning takeaway from that was the ecosystem right now consists of DGENs and you got appeal to their, you know, appeal to them. And, and I think that the easiest way to appeal to them is to build something that, you know, immediately clicks to them. so gambling is like a product that, you know, just makes sense to them. And so that's why the goal is to put like the best consumer app possible. And like, eventually, you

BFG (Pete) (10:04.998)
It's a product that clicks, basically.

Asdf (10:11.276)
wouldn't be nice is, you you have like a app on your device, you know, you click about it, super simple, you get you enter into a raffle. And then every day, you know, some sort of lottery happens. And you can, you might win. think if you make it compelling enough, and you make it interesting enough, you'll get like, some people, at the very least that are interested in, you know, being part of the lottery, and it's transparent, like you can't you're not gonna like, when you try to buy a ticket,

you know, from your local vendor, whoever, you know, is purchasing, selling the tickets. You don't know what's actually going to happen. Like, can you actually track what happens? You don't know what's happening. So I think crypto does make it, you know, add some, makes things better there.

BFG (Pete) (11:00.826)
This is such a crypto bubble thing to say. It's unbelievable. So I have some friends which are working in gambling industry and they always look at it from the other side and they say, well, you go to like a casino next door or you buy approved lottery from the state. So it's basically, there is a state guarantee that whatever happens happens.

Asdf (11:14.722)
Mmm.

BFG (Pete) (11:29.934)
Whether it is happening or not doesn't matter. You win, you get your money. Somebody makes, will make sure about it. And then you come at me with the blockchain and it's like people are siphoning money left and right away from the things which are transparent. So who is going to guarantee that I'm going to win? And I'm like, it's a lottery. It doesn't really matter. It's just a lottery. Really? We are playing gambling and we want guarantees.

I know, the only guarantee I want is that the house doesn't win 100 % of the time. think that's enough, you know? All the other things are... It's basically bonus. Yeah. Okay, cool. So you have a co -founder, right?

Asdf (12:07.096)
But that's also... That's also a guarantee.

Asdf (12:17.752)
Yes. Patrick.

BFG (Pete) (12:18.968)
Okay. And so how did you come up with the lottery idea? Was it your idea? Was it his idea? You guys were looking for some like easy to build app or something which will be easy to use straight away. What was the, you know, what was the process to narrow down to lottery?

Asdf (12:32.527)
huh. huh.

Asdf (12:38.954)
Yeah, it was very, very organic, I'd say. So basically, what happened was, like I mentioned before, I was building a chess product. And Patrick actually happens to be a goal player. So he played go professionally, or like at the world stage or something. So he's very good at go. my brother is very heavily into chess. I'm not as much into chess, by the way, but my brother is.

And so we were both talking about like games and, we had like some calls. And Patrick was building this lottery thing back at the time. So he was telling me about this lottery thing that he's building. And one of the things that I realized when I was working on the chess product was nobody cares about chess as much. mean, people care about chess, but they don't care about web three chess. And I can talk more about like why, what I was trying to

But really actually like TLDR, the goal was, know, chess .com has all your readings, has all your chess history. If you're a serious player of chess, you don't want chess .com to be making all the rules. And so it makes sense to like create a decentralized version of chess. But it's a different story trying to get users. So I wanted to like do something that actually people already in crypto cared

And they cared a lot about like, you know, just trying to make money. And so, yeah, yeah. Like I was, I was discussing with Patrick that, you know, this, this, this chest thing, I'm not sure where it's going, but I have like a lot of ideas on like, you know, how to like make a consumer focused application. How to make it such that, know, it's super simple. It's not going to be something that, you know, you've seen in all these applications that you've seen before. It's going to be something unique.

BFG (Pete) (14:10.128)
sense.

Asdf (14:35.456)
And so from an experience standpoint, so it's going to look and feel different. And if you want me to do it, I can do it for you and we can work on it together. And Patrick was actually looking for co -founders anyways, so it just worked out pretty well. Patrick has a background in product, but he knows how to code, which is something that I really respect the fact that you have a product guy who was actually coding as well. Yeah.

He worked at Uniswap as well, like Lyft Uniswap, so I got a very cool background as well, so I thought that was the nice bonus.

BFG (Pete) (15:12.89)
Neat, neat. So how did you guys meet?

Asdf (15:17.063)
Yeah. So we met on a platform called Y Combinator Startup, co -founder matching. So a co -founder dating platform. That's when we chatted first, long time ago. And then I moved back to San Francisco and I was like, I, since I moved back, want to like network. I want to find all these people that are working on cool things. And like, you know, I started chatting with them.

BFG (Pete) (15:27.919)
Okay, I know. Yeah, yeah, no, I know it. Cool.

BFG (Pete) (15:46.086)
Sure, okay, that makes sense. Nice. Well, so I think we sort of interrogated the past enough. Tell us about the Megapot.io. So I am totally, pretend I'm totally new. I've never heard about it. I know what the lottery is, but why this one is something I should be interested in. And should I be interested in it even if I am not crypto native person?

Asdf (16:15.966)
I think it should be I think there's many reasons why it's interesting. I mean you don't have to be the Degenerate gambling addict to like play the lottery game. I think you can just like try it out because it's fun the tickets cost the tickets cost Point all one eat we actually had we yesterday we had our first Winner like we had been we had another winner before but this guy Just you know, it was like

You know who wasn't doxxed like he was willing to be doxxed basically like he like the guy we had before just didn't like wanted to like come from You know come to the picture like come up front and like claim that it was him who won but this guy actually came up so he was like oh damn I just put in like 0 .007 ETH and like I won two point something ETH and he was really happy about it mean I would be too like he just won like what $7 ,000 you know I think that's kind of cool

Yeah. The lottery runs every day. So the mechanics of it works such that, you know, you have liquidity providers taking a lot of inspiration from Uniswap, but you know, they have liquidity providers and they sort of play as a house. So they're investing their money, but they pre -purchase tickets. you buy, you come with liquidity providers, they pre -purchase tickets. let's say, you know, liquidity providers put in one

BFG (Pete) (17:15.226)
Yeah, So the lottery runs every

Asdf (17:44.814)
And let's say you have like $1 ,000, 1 ,000 tickets, apologies. You have 1 ,000 tickets and now users can come in. They can buy full 1 ,000 tickets. They can either buy like 2 ,000 tickets, they can buy 500 tickets, they can buy whatever amount that makes sense for them based on whatever demand they have. So if they buy 500 tickets, liquidated providers are now considered participants in the game too. Like they're actually...

the odds of them winning the lottery is as much as the players, because they're now effectively participating in the lottery. If the liquidity providers, if the players purchase 2 ,000 tickets, so they purchase all 1 ,000 tickets that liquidity providers put up, liquidity providers have like, they get a cut from the fees, right? So there's like a small fee that we take from every ticket purchase. So liquidity providers earn from the fees. They have like zero risk.

and they'll make money from the piece. If they're playing in the game, then they have a risk of either winning or losing. And so if they have a risk of winning, they take the pot. mean, everything is redistributed among LPs. If they lose, that's the only time when liquidity providers actually lose money. at the same time, we have this concept of stake, right? So you can put up one eat.

But then only 50 % of it is state. And so if it's 50%, you're going to lose 50 % of that money. If you're staking 100%, you're going to lose 100 % of your money. And we modeled this out. And when we modeled this out, we actually learned that over time, the pot should grow and liquidity providers should make money over time. And then also, the other advantage here is that

the pot will always be some size. So you're not starting from zero. When players come in to purchase tickets, they see a pot size of 2 ETH. Right now, we capped it. So by the way, it's capped. So we have a lot of interest from LPs that actually want to provide the liquidity. But we want to make sure there's enough demand from the user side. And so we capped it to 3 ETH or something. I think it would

Asdf (20:09.748)
Like we're often switching it up and tinkering with it. Yeah. So if you go to Megapot, you'll see a certain size of the jackpot that you can do every time. So then you'll always have a chance of winning something. So those are how the mechanics

BFG (Pete) (20:13.124)
Yeah, probably smart move, I think.

BFG (Pete) (20:28.751)
Mm cool.

BFG (Pete) (20:34.219)
So what blockchain does it sit

Asdf (20:38.016)
It's on blast.

BFG (Pete) (20:40.066)
On blast, okay. And I assume you guys didn't put in any account abstraction, so I actually need ETH on blast, right, to make it

Asdf (20:41.516)
Yes.

Asdf (20:48.34)
You do. Right now, we haven't gotten into all those UX improvements yet. We're trying to prove out the product and it's sort of working actually. The last couple of days, the ticket sales went down really low and we're like, how are we going to get back? I think this is sort of dying. But then last couple of days, ticket purchasing is climbing up. So things are working and that's all. We haven't done anything and people are buying tickets.

BFG (Pete) (21:14.904)
Yeah, I actually, I think we haven't mentioned that you launched very recently. When did you launch?

Asdf (21:23.37)
yeah, when did we launch? Has it been a week? Has it been two weeks actually? I've been so heads down, just fixing things and

BFG (Pete) (21:32.838)
Okay, like July 10 or something, right?

Asdf (21:36.238)
I think so. think, no, July 10th was the previous date that we communicated. Or actually we did launch on July 10th. No, we launched on July 7th. Now I remember. Oh wow. It's been like, it's been like July, July 7th or eight. It's already been like 10 days.

BFG (Pete) (21:48.934)
Okay. 10 days.

BFG (Pete) (21:55.328)
Nice. Okay, cool. So, you know.

Asdf (21:55.67)
It feels unreal actually, like, yeah.

BFG (Pete) (22:01.238)
And so you guys basically launched something like a beta product, right? Trying to see how it's going to work for both sides and how easy it is going to be to onboard LPs and players, obviously.

Asdf (22:11.693)
Yeah.

Yeah, I mean, if you think about it, because of the mechanics of how things work, there's so many variables here, right? So the LP cap, the ticket price, the ticket fee, we're not making any money. So we also want to add a potential fee later on, but that's for much later.

We want to make sure like, and then like the stake percentages, like the actual, like how much money people actually put in. So there are so many things that you need to try out to make sure that your product is stable and there's enough demand that it just made sense to like have like a capped launch. That's what I think that's what we're like, we can call it beta launch, but I think capped launch is a better word. So we have like capped it. So it's capped at three ETH or you know,

we adjust based on like how we're seeing market demand. And yeah, it's capped, but at some point the goal is to keep raising the caps and like hopefully we'll have enough interest that we can make it uncapped also.

BFG (Pete) (23:25.818)
Hmm. Yeah. Well, you know, so when, and by the way, I encourage everybody who's interested in, you know, playing or providing liquidity to actually go and check the docs. I've, I've read the docs and they're one of very few well -written docs, surprisingly. So you can actually understand what's going on or what is supposed to be going on. There are also

like spreadsheets, think, if I remember correctly, where you can model things, you can see how it's gonna change if you add more money, less, whatever, stake different percentages. So it's very well done. Congratulations on that one. It's a hat -tip for sure. Yeah. Impressive.

Asdf (24:03.224)
Thank you. That's all Patrick, by the way. So all the documentation, the modeling, that's all Patrick. I'm on the dev side.

BFG (Pete) (24:11.598)
Okay, well, that's definitely impressive, Hetrick to Patrik. And I think anybody interested should definitely read it. One thing which struck me honestly was that I thought if you guys launch, there's gonna be more LPs than players, was basically my guess. And you sort of confirmed it. Just I guess, just because of the nature of the space.

BFG (Pete) (24:42.446)
Yeah, it's always hard.

Asdf (24:42.56)
Yeah, nature is based on, I mean, it's also enticing for LPs, if you think about it, like assuming that you have like regular ticket purchases. LPs are, they're going to make money regardless. You know, even if there's like more LPs, there might be a risk because like they might put in a lot of money and then one person can win all of it. That's all, there's always that risk. But besides that,

I think LPs like over time, you know, they're sort of more guaranteed to make money. So I think there's definitely been more interest from LPs. Well, we've been pushing our side to, you know, get as many players as we can. We've gotten more and more players. So it's working out. We have like an ambassador program. like, you know, you get points for like referring others. We also have a, you know, like we have allocation from blast gold.

So most of the blast gold actually goes to the users, to the players. And so if you play, yeah, sure, you might not win, but you still get a blast gold. And that's real money. And then we're also pushing on things like push notifications and trying to get users to download the app. So we actually have a PWA now. If you go on mechapod .io on your phone,

you can download the app as like a, you can download the Bing as an app, right? And then you'll get push notifications whenever the lottery runs. We still have to like automate some of that stuff, but you'll get notifications. And so, you know, that's a nice way to re -engage with players and, know, show them that, you know, if they want or not and all that, just to try to get like more and more players.

BFG (Pete) (26:15.674)
Great.

BFG (Pete) (26:34.66)
Right. Well, you know, I think honestly, from reading the documents, I think the LP side makes a lot of sense. And it is relatively, you know, there is always some risk, but it's relatively risk -free compared to potential APR. So the hard part will be to match the LPs with the big enough pot of players who engage regularly.

which I think if you talk to anybody in the industry, it's always the case. It's like, it's very easy to go up with a lottery and even get it approved. It's just really hard to sell it out because there is a lot of other lotteries going on. you know, we as people in crypto, we have a lot of ways how we can lose money. So this is just one of them.

Asdf (27:18.754)
Mm -hmm. Mm -hmm.

BFG (Pete) (27:27.91)
But that means you guys can be very creative. That's pretty cool. So what are the next plans for Megapot? What are we looking forward to in 2024? This is a capped launch. Is there going to be a big blast launch? What's the plan?

Asdf (27:46.492)
So many ideas. It's very hard to say anything at this stage, you know, where we're just trying out this product. We're still validating everything. like, if I come here and I make all these like, you know, we have this roadmap and like, this is what we're going to do without just be plainly false, but I'll tell you what we're thinking. So there's a couple of things that we're thinking. is, so there's one thing that's like coming up pretty soon, maybe like next week. So one thing

Like maybe we were targeting like, yeah, like next week. So what's, we're going to add more tokens. So I think we're going to start off with like the blast token. So instead of like, you know, just purely putting an ETH, you can also put in like, you know, your, your, lottery can also be with the, with the, with a certain token. And I think that also incentivizes like different communities to like be, feel like they're aligned with the product. So that's one.

Second thing that we're working on and we're like, are actively, there's a bunch of things that we're thinking about actually. So another thing that we're, I'm actually personally passionate about is like, as I mentioned before, is the user experience. So, you know, I think right now we're in blast. There is this like technology developed by Infiliate protocol, which is called like cross -chain execution.

Cross chain execution allows you to execute a on a chain where you don't have funds. So you want to incorporate cross chain execution. So right now it's a hurdle. If you're not on blast, then you don't have blast or you don't have ETH on blast. And you know how hard it is to do all the bridging stuff. So we want to make it super simple.

So we're going to incorporate Relay, we're going to incorporate like user, like a good bridging experience so that, you know, as a user, can like use what are funds that you have and like, you can use those funds to like do a transaction on the blast chain. So it'll work sort of like, know, magic, it'll just work.

Asdf (30:05.504)
Also a couple other things that we're thinking about, we haven't done too much thinking here, but we definitely want to introduce this, is having Preview or having this nice wallet experience so that you don't have to go to your Metamask. Yeah, I think if you think about it,

BFG (Pete) (30:28.804)
I would love that actually.

Asdf (30:35.118)
We would need this when we want to branch out of the core crypto users, because most core crypto users actually have a MetaBass wallet. I think what you want to do is you want to appeal to the masses. I think once we have tried out the product and validated some of the mechanics of it, and we want to go beyond the local, your native crypto people,

I think that's when we would want to incorporate more of these things like Krivi. Cause we actually, what would be nice? mean, think about it. Like that would be really nice if you have like, yes, you have, we might not be on the app store, but you can go to the, you can go to the, you know, Safari on your iPhone, go to megapot.io download as an app. And then you can use your, know, you can on -ramp with your credit card, whatever. And under the hood, just like makes all these.

you know, calls to the right chain and you know, everything is abstracted and you just like, you can buy a lottery ticket. Yes, a lot of people

BFG (Pete) (31:40.666)
Yeah, I can actually imagine it even now, honestly. If I would come across Megapot.io and I would like to like just try a lottery, probably the fastest way to do it for me if I don't have ETH on blast would be just like on ramp with credit card by a couple of tickets and have, you know, basically totally separate wallet for the money I'm going to lose anyway.

which I can forget about after that, but I tried.

Asdf (32:11.83)
Exactly. Exactly. I think that's, that's the, think, I think for to onboard people, you have like a good onboarding experience, like on -ramping experience. but like to off -ramp now you need to export your wallet. Now you need to like understand how like crypto works. so like if you're, if you're losing, sure, like who cares? Like you can throw in like five bucks here and there, but if you're winning, okay. Now you got to export your keys and you know, make sure everything is

BFG (Pete) (32:31.623)
yeah.

Asdf (32:42.164)
you get your money out of blast and all of that. yeah.

BFG (Pete) (32:46.648)
Right. Yeah. It needs, it needs some abstraction there as well. It's like, least, you know, how to send it to some other wallet. But, yeah, I'm working with a project which is dealing with this right now. So it's all fun experience. All the looks nice when people talk about it. And, then it doesn't look that nice in real life just yet, but it's coming. I'm sure. Okay. so.

Asdf (33:12.45)
Yeah, finger thrust.

BFG (Pete) (33:16.358)
I posed the question at the very beginning. So is this even legal? Do you guys need some state approvals? Is the FBI coming after you because you are running a lottery without permission or how does that

Asdf (33:25.88)
Ha ha.

Asdf (33:29.39)
I will be very honest with you. It's a little TBD. We haven't done too much investigation into this, there's a couple of precautionary steps that we were taking. So one is that we've put a VPN and you can only access it if you're, you can access it from US, you can access from any of the old fact countries.

BFG (Pete) (33:37.734)
Okay.

Asdf (33:58.12)
so that's like a, you know, like simple like measure, please. Basic production that we have taken just to make sure that we're protected. I also think that at the end of the day, like we're not, this is a public good in some sense, right? Like you're not, we're not even making any money. We're like the, the, contract is decentralized. Like the contract can run on and so on and so on. It doesn't really need us.

BFG (Pete) (34:02.938)
Basic protection.

Asdf (34:27.554)
So, and like you have like state run lotteries anyways. I think that at the end of the day, there's like some permissionless factor to it that makes it interesting and it's transferring like, yeah, I mean, you can argue that, you know, lotteries are not good for people or whatever, but this is transferring. This is transferring lottery. like, if there's any lottery that you can trust, you should trust this one as opposed to even like the state run ones. don't know if I would trust them. Like, I don't know what's happening there.

but you know, everything it's, it's very transparent. Like everything is running on the chain. I mean, you can verify the contracts. Like we use entropy, by bit networks. we, we generate a random number using their service. and it's like a very, like, they have like a full like explanation of how their service works. So yeah, I mean, the legal side.

BFG (Pete) (35:17.488)
Yeah. Cool.

BFG (Pete) (35:22.586)
Well, thank you for the honest answer. TBD is probably the best possible answer because I honestly think, you know, it's probably the best approach, especially on the like on things which may have some issues later on, because when you're small, nobody cares when you grow big, at least you can pay for it. Right now you would just be stuck with lawyers and everybody

Asdf (35:46.648)
It's true.

BFG (Pete) (35:51.366)
probably be saying, well, you should do this and that and it would cost a lot of money and you wouldn't get anywhere. So yeah, we may have to cut this part out.

Asdf (35:56.322)
Yeah. Yeah. Just to be clear, we are, we're talking with lawyers by the way. It's not like we're not like engaging with them at all. we're, but I guess the question that I asked myself, and this is not necessarily something that, I mean, I don't know. This is more on the personal side. I mean, the question that asked myself is like, you you have

all these lotteries. People are interested in lotteries. I don't know if there's like anything morally wrong about, you know, doing a lottery thing.

Asdf (36:34.613)
And at the very least, it's

BFG (Pete) (36:34.666)
No, think you are asking logical question, but the state rules are not always logical, they run in different directions very

Asdf (36:43.064)
For sure, for sure. That's exactly my question. Like I think at the end of the day, this is the most transparent lottery that can exist. Yeah, we can talk about it,

BFG (Pete) (36:53.808)
Yeah, yeah. Maybe all the lotteries should be on chain later. Who knows? Okay. Yeah, we can talk about it some other time. So ASDF, your last chance to basically say whatever you want to say to the potential viewers. Where they should find you and what should they

Asdf (36:58.636)
They should be. A lot of things should be on chain.

Asdf (37:19.8)
Cool, yeah, so you can find me 0xasdf underscore eth on Twitter, 0xasdf on Farcaster. Megapot.io is the website and you should go check it out, use our product and you can follow us, Megapot underscore io on Twitter and slash

on Farcaster channel and yeah, would love to like hear any feedback, anything that, know, even if you absolutely hate the product, like I would want to know why do you hate it so much, but yeah, please try it out. You know, like just anything really, we just launched, we're looking for feedback. We're looking for like people to like, you know, give us talk about us or like do anything. Yeah. Just curious to hear that all of

BFG (Pete) (38:17.891)
Well, you heard it, guys and girls. It was great having you, SDF. Thank you for putting the lottery out into the wild. And if you guys are looking for fun or maybe better APR on your funds, check the Megapot.io. I'll put, of course, all the links into show notes and I'll see you in the next episode. Don't forget to subscribe, tell your friends, you know the drill.

Have a great day or evening, everybody. It was great having

Asdf (38:50.648)
Thanks so much for having me. Have a great day.