AceDen

AceDen is an innovative peer-to-peer (P2P) betting platform that allows users to wager on cryptocurrency price movements. It is designed to offer a social and competitive environment where users can engage with each other and test their market predictions. AceDen supports popular cryptocurrencies like Bitcoin, Ethereum, and Solana, making it accessible and appealing to a wide audience of crypto enthusiasts.

How It Works:

1. Bet Creation: Users can create a bet by selecting a cryptocurrency asset (e.g., Bitcoin or Ethereum) and predicting whether its price will increase or decrease over a specified period.

2. P2P Betting: Once a bet is created, another user can oppose the prediction by taking the opposite stance. This creates a dynamic P2P betting scenario where users directly compete against each other.

3. Real-Time Price Data: AceDen leverages the Pyth oracle to fetch real-time price data for the selected assets. This ensures that all bets are settled based on accurate and up-to-date market information.

4. Bet Settlement: As the betting period concludes, the platform automatically checks for expired bets. A relayer service periodically (every minute) scans for any unsettled bets that have reached their expiration and settle them using the latest price data from the Pyth oracle.

5. Transaction Tracking: AceDen utilizes Blockscout, a blockchain explorer, to provide users with transparent and trackable transaction history. Users can view all their bets and outcomes, enhancing trust and transparency within the platform.

6. Platform Deployment: The AceDen platform is deployed on the Base L2 blockchain, ensuring fast and cost-effective transactions. An L2 solution enhances scalability and user experience by reducing transaction costs and confirmation times.

Features:

• Leaderboards: Users can climb leaderboards based on their successful predictions and bet outcomes, fostering a competitive and engaging environment.

• Social Interaction: AceDen encourages users to challenge friends and engage with a community of like-minded individuals, creating a social betting experience.

• Secure and Transparent: By leveraging the Pyth oracle and Blockscout, AceDen ensures the integrity and transparency of all bets and transactions.

• User-Friendly Interface: The platform is designed with a user-friendly interface, making it easy for users to place bets, track outcomes, and interact with others.

AceDen is built using the MERN stack, combining MongoDB, Express.js, React, and Node.js for a full-stack development approach. The frontend is developed with React to create an interactive user interface, while Node.js and Express.js power the backend to handle API requests and business logic. MongoDB stores off-chain data such as user information and betting records.

The smartcontract is deployed on the Base L2 blockchain to manage peer-to-peer bets, ensuring secure and decentralized transactions. A centralized relayer service checks for expired bets every minute and triggers settlement using real-time price data from the Pyth oracle. This pull-based oracle provides accurate market data only when needed, optimizing resource use.

Blockscout is used for transaction tracking and contract verification, offering transparency and trust to users. The platform's deployment on Base L2 enhances scalability by reducing transaction costs and confirmation times, providing a seamless experience for users engaging in P2P betting.