Share
Solana, a blockchain launched in 2020, announced the debut of Solotto, a community-driven online lottery system.
Unlike traditional lotteries that require players to purchase tickets for entries, Solotto awards entries based on buying and trading its native digital currency, $LOTTO.
“Solotto was created to merge two concepts most people already understand: trading and lotteries,” said Kevin Ruiz, Solotto’s founder. “Our approach ensures that value circulates back to the community through weekly raffles, locked supply, and transparent governance. In the long term, we believe Solotto can grow into the world’s first global, blockchain-based lottery.”
Solotto operates on a protocol developed by Pump.fun, a platform known for meme coin booms and livestreams of coin creators promoting their tokens.
Solotto vs. Mega Millions: Blockchain’s twist on jackpot mechanics
In a traditional lottery, players buy tickets from licensed retailers, state lottery websites, or third-party couriers. As more tickets are purchased, the jackpot grows. To win, players must match numbers drawn at scheduled times during the week.
Solotto takes a different approach. To be eligible for weekly drawings, players must purchase $LOTTO tokens and trade at least 50% of their holdings each week. On Sundays at approximately 5 p.m. PST, Solotto takes snapshots of wallets holding at least $50 worth of $LOTTO and meeting the 50% trading requirement. Drawings are live-streamed on Mondays, with prizes distributed on Tuesdays.
Prizes are divided into four tiers:
- Tier 1 winner: 40% of the prize pool
- Tier 2 winner: 30% of the prize pool
- Tier 3 winner: 20% of the prize pool
- Tier 4 winner: 10% of the prize pool
Unlike traditional lotteries, where ticket sales increase the prize pool, the Solotto’s prize pool grows based on transaction fees from $LOTTO trades. This model encourages trading activity while expanding the prize pool.
“Lotteries are widely recognized and accepted worldwide,” Solana stated in its press release.
“Solotto adapts this established model for blockchain, combining familiarity with the efficiency and transparency of Solana. The project team believes Solotto could evolve into a digital-first alternative to traditional lottery systems, such as Mega Millions in the United States.”
While Solotto introduces innovative lottery mechanics, it remains relatively complex for those unfamiliar with blockchain-based digital currencies or tokens. Lottery players who prefer the simplicity of purchasing tickets from retailers may opt to stick with traditional lotteries.
