A plain-English look at how okbet works under the hood: non-custodial, peer-to-peer group bets settled by friends, on Base, in USDC. For verified contract addresses and the fund-safety model, see Security.
okbet is a peer-to-peer group bet app for friends. A small group agrees on a yes/no proposition, each person stakes the same amount of USDC, and the outcome is settled transparently on-chain. The winning side splits the pool.
It's a social challenge tool among friends — not a sportsbook, casino, or house-banked product. There's no house: every dollar staked by participants is paid back out to participants, minus a small, capped protocol fee.
okbet is built on Base (an Ethereum L2). The only asset it moves is USDC.
Each bet is its own escrow smart contract. Participants deposit their stake into that contract, which holds the funds until the outcome is decided. okbet never holds your money.
On settlement, winners withdraw their own share (pull-based payments). The protocol never pushes a user's funds to an arbitrary third party.
There is no oracle and no admin override. When a bet ends, participants vote the outcome: YES, NO, or VOID. Majority resolves it, and winners split the losing side's stakes proportionally.
If the group can't agree — a tie, or a VOID majority — all stakes are refunded. VOID is the safety valve for ambiguous outcomes.
Creating, joining, voting, and voiding are free. okbet charges a settlement fee only when a bet resolves with a winner: 3% of the winners' profit, capped at 1.5% of the total pool.
The fee is taken from the winners' payout, never from a participant's stake, and there is no fee on voided or refunded bets. It can only ever be sent to a fixed 2-of-3 multisig treasury set at deploy time — it cannot be redirected.
All deployed contracts are source-verified on Basescan and have completed internal peer review, with an external security-firm audit in progress. Standard safety throughout: checks-effects-interactions, ReentrancyGuard, pull-based payouts, and two-step ownership transfer.
Owner and treasury are a 2-of-3 multisig — no single key can pause, change settings, or move funds. Live bets are not upgradeable (EIP-1167). There is no project token, ICO, or presale. See the Security page for verified addresses and the fund-safety model.
Roadmap, not current behavior: smoother first-run onboarding and in-app USDC funding so newcomers can get started without already holding crypto; better templates, group history, and recurring bets.
The protocol is strictly USDC-on-Base. Cross-chain and fiat funding happen entirely at the wallet/UX layer through third-party providers — the escrow contract only ever sees USDC on Base and is unchanged. okbet never custodies, brokers, converts, or transmits user funds itself; regulated providers handle any purchase or conversion.
okbet is available only where permitted and to users 18+ (or the legal age where you live). Real USDC; stakes are real and non-reversible.