Enthusiasts have launched a blockchain platform for betting on hamster races. The rate of the HAMS token soared by 3000%
Date: 2023-07-24 Author: Karina Ziganova Categories: BUSINESS
Unknown people have launched a platform on the Internet for betting on hamster races, but its technical details raise questions.
The rate of the Hamsters token (HAMS) in the HAMS/wETH trading pair soared by more than 3000% in one day against the backdrop of the launch of the blockchain platform for betting hamster races.
According to GeckoTerminal, on July 20, HAMS was trading with tokenized ether (wETH) at $0.0279. However, the very next day, HAMS quotes jumped to $0.93 on Uniswap V2 at the moment. If on July 18 the trading volume was less than $11,000, then on July 20 the figure exceeded $8 million.
The growth occurred against the backdrop of activity around the blockchain platform for hamster races — HamstersGG. On the site, users can bet on races using the binance USD (BUSD) stablecoin based on the BNB Chain network. To participate, users need to allow the site to interact with a non-custodial wallet. It is unclear how secure this interaction is.
According to the project's seven-page documentation, HamstersGG combines "pre-recorded broadcasts of hamster races" that are streamed via Twitch. This means that in fact, the creators of the project can bet against other players, knowing in advance the results of the races.
At the same time, the documentation notes that the site will charge a 5% commission from the winners of bets. The creators of the project claim that 80% of the commissions will go to rewards to holders of the HAMS token. At the same time, there is virtually no smart contract that would automatically redistribute funds. The remaining 20% of unknown people promise to send to a certain "pool of winners" of bets. The HamstersGG project has not been independently audited and was actually launched only in early July.
