Tournament Payouts - March 2024
What
As part of the transition to ZED Token payouts for weekly racing tournaments, a discrepancy has been observed between the actual USD payouts and the ZED Token amount communicated to players since the week of March 11.
Why
Created at the start of the week, (on Sunday) races are set up with a ZED Token amount that is pegged to a specific USD value. The same ZED Token amount is used for races the following Sunday, regardless of any fluctuations in the USD value of ZED Tokens throughout the week. This approach, while intended to maintain fairness, introduces variability due to the token's price fluctuations.
Impact
This led to a variance in actual vs. advertised payout amounts.
Next Steps
To address this, we have issued manual payouts to horses affected by the payout discrepancies.
Moving forward, we will communicate the raw ZED Token amount for weekly prizes, along with its USD equivalent at the tournament's start, highlighting that these amounts may vary with the ZED Token's market price.
Additionally, our weekly treasury updates will focus on ZED Token transactions, showing the balance of tokens distributed and received, rather than their USD value.