MITATE 見立て

XRPL Parimutuel Prediction Market

Demo Day: February 24, 2026 | JFIIP Hackathon

Overview

MITATE is a prediction market DApp built on XRPL (XRP Ledger) using parimutuel betting mechanics. Users bet on binary outcomes (YES/NO) with XRP, and winners share the entire pool proportionally.

What Makes MITATE Special?

• XRPL-Native Design: Uses 6 XRPL primitives (Escrow, Issued Currency, Trust Line, DEX, Multi-Sign, Memo)
• Parimutuel Pricing: No complex AMM math — simple pool-based payouts
• Verifiable On-Chain: All bets and outcomes recorded on XRPL ledger
• Multi-Sign Resolution: 2-of-3 governance prevents manipulation

Architecture

┌─────────────────────────────────────────────────────────────────┐
│                         Frontend (Next.js)                       │
│                            Vercel                                │
└─────────────────────────────┬───────────────────────────────────┘
                              │
                              ▼
┌─────────────────────────────────────────────────────────────────┐
│                          Backend (Hono)                          │
│                      Fly.io + SQLite                             │
└─────────────────────────────┬───────────────────────────────────┘
                              │
                              ▼
┌─────────────────────────────────────────────────────────────────┐
│                        XRPL Testnet                              │
│     Escrow │ Issued Currency │ Trust Line │ DEX │ Multi-Sign     │
└─────────────────────────────────────────────────────────────────┘

XRPL Features Used

Feature	Usage
Escrow	Pool XRP bets with time-locked release
Issued Currency	YES/NO outcome tokens per market
Trust Line	Users hold outcome tokens
DEX	Secondary trading of outcome tokens
Multi-Sign	2-of-3 resolution governance
Memo	On-chain metadata for all transactions

User Flow

1. Market Created → Admin creates market with betting deadline
2. Bets Placed → Users bet XRP on YES or NO, receive outcome tokens
3. Trading → Users can trade tokens on XRPL DEX before deadline
4. Resolution → Multi-sign committee resolves outcome
5. Payout → Winners receive proportional share of pool

Tech Stack

Layer	Technology
Frontend	Next.js 16, React, Tailwind CSS, shadcn/ui
Backend	Hono, Bun, SQLite (WAL mode)
Blockchain	XRPL Testnet, xrpl.js
Deployment	Vercel (frontend), Fly.io (backend)

Development

Prerequisites

• Bun 1.0+
• Node.js 20+ (for Next.js)
• XRPL Testnet accounts (operator, issuer)

Option 1: Docker Compose (Recommended)

# Clone
git clone https://github.com/thinkshake/mitate.git
cd mitate

# Configure environment
cp .env.example .env
# Edit .env with XRPL addresses

# Start all services
docker-compose up -d

# View logs
docker-compose logs -f

# Stop services
docker-compose down

• Frontend: http://localhost:3000
• Backend API: http://localhost:3001

Option 2: Local Development

# Clone
git clone https://github.com/thinkshake/mitate.git
cd mitate

# Install dependencies
bun install

# Configure environment
cp apps/api/.env.example apps/api/.env
# Edit .env with XRPL addresses and API key

# Run database migrations
cd apps/api && bun run migrate

# Start development servers
bun run dev  # Starts both frontend and backend

Getting XRPL Testnet Accounts

You need two XRPL Testnet accounts: Operator (holds escrow, receives bets) and Issuer (mints tokens).

1. Get accounts from the XRPL Testnet Faucet:

   # Get Operator account
   curl -X POST https://faucet.altnet.rippletest.net/accounts
   # Response: {"account":{"xAddress":"...", "address":"rXXX...", "secret":"sXXX..."}, ...}
   
   # Get Issuer account (run again)
   curl -X POST https://faucet.altnet.rippletest.net/accounts

   Or use the web interface: https://xrpl.org/resources/dev-tools/xrp-faucets

2. Save the addresses:

   • XRPL_OPERATOR_ADDRESS = first account's address (starts with r)
   • XRPL_ISSUER_ADDRESS = second account's address (starts with r)
   • Keep the secret values safe — needed for signing transactions

3. Generate Admin API Key:

   # Generate a random 32-character key
   openssl rand -hex 16
   # Or use any secure random string generator

Environment Variables

Backend (apps/api/.env)

PORT=3001
DATABASE_PATH=./data/mitate.db
XRPL_RPC_URL=https://s.altnet.rippletest.net:51234
XRPL_WS_URL=wss://s.altnet.rippletest.net:51233
XRPL_OPERATOR_ADDRESS=rXXX...    # From faucet step 1
XRPL_ISSUER_ADDRESS=rYYY...      # From faucet step 1
ADMIN_API_KEY=your-secret-key    # From step 3

Frontend (apps/web/.env.local)

NEXT_PUBLIC_API_URL=http://localhost:3001/api

API Endpoints

Markets

• GET /api/markets — List all markets
• GET /api/markets/:id — Market details
• POST /api/markets — Create market (admin)
• POST /api/markets/:id/close — Close market (admin)

Betting

• POST /api/markets/:id/bets — Place bet (returns tx payloads)
• POST /api/markets/:id/bets/confirm — Confirm bet
• GET /api/markets/:id/bets/preview — Preview payout

Trading

• POST /api/markets/:id/offers — Create DEX offer
• GET /api/markets/:id/trades — List trades

Resolution

• POST /api/markets/:id/resolve — Resolve market (admin)
• POST /api/markets/:id/payouts — Execute payouts (admin)
• GET /api/markets/:id/payouts — List payouts

Deployment

Backend (Fly.io)

cd apps/api
fly launch
fly secrets set XRPL_OPERATOR_ADDRESS=rXXX...
fly secrets set XRPL_ISSUER_ADDRESS=rYYY...
fly secrets set ADMIN_API_KEY=your-secret-key
fly deploy

Frontend (Vercel)

cd apps/web
vercel
# Set NEXT_PUBLIC_API_URL to your Fly.io URL

Demo Script

See docs/demo-script.md for the 3-minute demo walkthrough.

License

MIT

Team

Built for JFIIP Hackathon 2026 by:

• Shota — Developer
• Aston — AI Assistant