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GoodGhosting: A Rewarding Competitive Savings Game on Polygon and Celo

By 2sats | 2sats | 2 Apr 2022


*obligatory not financial advice*

 

What is GoodGhosting?

GoodGhosting is a DeFi protocol that runs on the mobile friendly Celo blockchain and on Ethereum's layer 2 blockchain Polygon. Its goal is to make saving rewarding, easy and fun, which traditional finance is failing to do.

Every other week a new pool or game is launched on GoodGhosting. You can only join the game at its beginning and you have to keep adding funds to the pool until the game is over. Each pool has a different duration and requirements like needing you to deposit another 20 DAI each week or 5 cUSD every 3 days. There are pools for DAI, cUSD, MATIC and CELO.

All of the collected funds are reinvested together into other DeFi applications like Aave, Curve and Moola Market, where they earn interest. The savers are losing less to transaction fees because they are sharing them but the real advantage is that only consistent savers are getting rewarded. If you skip one deposit of 5 cUSD that you should add every 3 days, then you drop out of the game and you will only get your initial deposits back but no interest. This makes the winners of the savings game earn more because they also earning the interest of the losers. It also strongly incentives people to save consistently so they earn more.

You can withdraw deposited funds before the game is over anytime, but then you will also not get any of the collected interest and you will have to pay a withdraw fee of about 1% to compensate the other players because they will not earn any more interests with your supplied funds.

GoodGhosting is also rewarding its winners with NFTs to gamify the savings process further. Most NFTs were minted in masses so far, but there will also soon be some that are unique. They are just useless jpegs like most NFTs but they are a nice little extra.

 

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The protocol has been awarded grants from several blue chip DeFi Foundations like Aave, Maker DAO and The Graph. There have also been partnerships with several other communities like Bankless DAO. The smart contracts have been audited multiple times and are safer than most other protocols. So far more than 2 million dollars’ worth of digital assets have been saved with GoodGhosting and it’s the most used dApp on the Celo blockchain.

One odd thing is that GoodGhosting is not a DAO and has no governance token or any other sort of native cryptocurrency, maybe this will change in the future but for now it’s not planned to go in that direction. All services are currently completely free, but the developers could soon start to charge a performance fee on all earned interest and they could allow their users to set up their own pools in exchange for a fee.

GoodGhosting can be a fun way to save your money. You could earn more with it if you really save consistently and you can also be rewarded with NFTs if that is something you are into. It doesn't have its own token to invest in or to earn, but you can earn a yield on your CELO, MATIC and stablecoins. However, you can't join a savings pool anytime, only when the game begins.

 

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I am just some bored guy that likes crypto


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I am just some bored guy that likes cryptocurrency

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