🧐FAQs

Frequently Asked Questions (FAQs) for Syrax Prediction Market Place

What is Syrax?

Syrax is a decentralized prediction marketplace built on Ethereum, where traders can predict the outcomes of various events and earn rewards based on their predictions.

How does Syrax work?

Traders participate by voting yes or no on prediction events and placing a certain amount of Ethereum as their prediction stake. If their prediction is correct, they receive a share of the pool proportional to their initial stake.

What is the role of builders in Syrax?

Builders create prediction events on the platform and contribute a minimum amount to start the prediction pool. They receive 1% of the total pool for building a market.

Are builders and other related institutions allowed to trade on Syrax?

No, builders and related institutions are banned from trading on Syrax to prevent conflicts of interest or manipulation of the platform.

Under what circumstances can I be banned from using Syrax?

You may be banned from using Syrax if you are deemed to be affecting the actual outcome of prediction events, engaging in fraudulent activities, or violating the platform's terms of service.

What happens when a prediction event results in a draw?

In the event of a draw, normal fees still apply, and a refund will occur to the traders who participated in the prediction event.

What happens if no traders join a prediction event?

If no traders join a prediction event, normal fees still apply, and a refund will occur to the builder who initiated the event.

How are rewards distributed to winning traders?

Rewards are distributed among winning traders in proportion to the percentage of the total pool they originally staked on the correct outcome.

Is there a minimum amount required to participate in prediction events?

Yes, traders must place a minimum amount of Ethereum as their prediction stake to participate in prediction events on Syrax.

How are disputes resolved on Syrax?

Disputes are resolved through the platform's governance mechanism, which may involve community voting or arbitration by designated entities.

Can I withdraw my prediction stake before the event outcome is determined?

No, once you have placed your prediction stake, it cannot be withdrawn until the outcome of the event is determined.

Remember to refer to the Syrax platform's terms and conditions for comprehensive guidelines and regulations.