Frequently Asked Questions
This FAQ provides answers to common questions about using the Ospex platform. It's designed to help users get quick solutions to typical inquiries.
What is Ospex?
Ospex is a decentralized application (dApp) that allows users to create speculations on the outcomes of sports contests without the need for a centralized authority.
How do I get started with Ospex?
To get started, connect your wallet to the platform, and ensure you have MATIC for transaction fees and USDC for creating positions on the Polygon blockchain. Current available speculations are listed on the main page. For detailed instructions, refer to our Getting Started guide.
What types of speculations can I create?
You can create spread, total, and moneyline speculations. These correspond to predicting the point spread, total combined score, and outright winner of contests, respectively.
What does it mean to 'approve' USDC?
Approving USDC means giving permission to the Ospex smart contract to use a specified amount of USDC from your wallet to participate in speculations.
Can I cancel or edit a speculation once it's created?
No, once a speculation is created and submitted to the blockchain, it cannot be canceled or edited.
How are contest results determined?
Contest results are determined through data provided by trusted APIs. These results are then verified by the decentralized oracle network (DON) to ensure they match before any speculations are scored.
What happens if API sources provide conflicting results?
The Ospex platform requires confirmation from multiple APIs to ensure accuracy. If there's a discrepancy, the scoring process will not proceed until it is resolved. In the meantime, users may retry the scoring process, as results from the APIs may be delayed. For more information, see our Edge Cases page.
How are odds calculated?
Odds on Ospex are determined dynamically through a commission-free parimutuel model. Once a contest begins, odds are based on the total USDC on each side of a speculation. Potential winnings are calculated based on the proportion of your portion of the total and the amount on the winning side. This equitable redistribution aligns rewards directly with participants' position amounts and the overall pool's outcome.
How do contributions work?
Contributions to Ospex are sent to a wallet address defined within the smart contract. They serve to support and sustain the project. All contributions are transparent and trackable, as transactions are recorded on the blockchain, providing visibility into the support the project receives. While contributions are appreciated, they are entirely voluntary and help ensure the longevity and improvement of Ospex.
What is the best way to obtain crypto?
While Ospex does not endorse any specific cryptocurrency exchanges or on-ramps, it's important to consider your preferred method for acquiring crypto (such as credit card, debit card, or bank transfer) and seek options that offer the lowest transaction fees. Please note that for use on Ospex, your cryptocurrency needs to be compatible with the Polygon network. Be aware that creating a new account for the purpose of converting fiat currency to cryptocurrency might involve a waiting period, which can last several days. A platform like Juno may be worth exploring for its competitive fees and user-friendly interface, but we encourage doing your research to find the best fit for your needs.