What Is PoolTogether and How to Use It?

2021-03-05 03:39:01 · 293 views · 3 min read

 

If you want to earn popular Ethereum cryptocurrencies in the same way, try PoolTogether, a protocol for no-loss money games powered by Ethereum.

 

Firstly, get your tickets by depositing into any prize pool. You’ll receive 1 ticket for every $1 deposited. As long as your money is deposited you're eligible to win prizes. And you can also remove your deposit at any time. The smart contracts ensure the protocol is non-custodial and transparent. Meanwhile, the pool has the flexibility to adjust how prizes are distributed based on the community’s desires.

 

 

The prizes come from the interest earned on all deposited money in the pool, for example, yield farming in Compound or other DeFi protocols. 

There are 4 pools live now: DAI, USDC, UNI and COMP. So far, $93.58 million have been deposited, and $136,111.27 of no loss prizes are waiting for winners weekly.

 

 

What about the potential risk to use this kind of lucky draw? As the prizes depend on the interests, if the DeFi protocol that the pool’s money is invested in gets hacked or cracks down, there’s also a possibility to lose. 

 

Since the $POOL utility token went live on 18th Feb, the control of PoolTogether Protocol now rests on the community. The $POOL token is being freely distributed to all contributors to the protocol, with a total supply of 10,000,000 tokens.

 

During the ongoing distribution, 5% of $POOL supply has been allocated to all PoolTogether depositors. If you have used the protocol, you can freely receive tokens to govern the protocol. No action is needed other than depositing into one of the four prize pools.

 

 

 

 

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