Primer - PoolTogether is a prize savings protocol where users deposit USDC for a chance to win daily prizes through draws. The protocol has been live for over three years since 2019, with over $5 million distributed in prizes to depositors. PoolTogether has deployed on Optimism & is part of Optimism’s Phase One. This will see the distribution of 450,000 OP tokens over the coming seven months.
Optimism is a Layer-2 solution built on top of Ethereum with the primary purpose of improving scalability and efficiency. It uses the Optimistic Rollup technology, rolling up many single transactions into batches to reduce the fees and report to Mainnet for result finalization. As part of the OP allocation to various protocols to build on Optimism, PoolTogether will see the distribution of OP tokens through two phases.
The Phase 1 rewards for depositors started on July 26th at 7 pm GMT. These rewards are accrued in real-time and claimable in epochs. Each epoch is weekly, with the first rewards claimable on August 2th at 7 pm GMT. The tokens will be distributed at a rate of 25,000 per week.
During phase 1, each week will have a focus:
- Week 1: Using Optimism & PoolTogether
- Week 2: Bringing your friends to Optimism
- Week 3: How to use the OP token
- Week 4: Designing phase 2
The Phase 2 OP rewards will be unlocked if the target of $20 million and 10,000 unique depositors is reached.
To use the Optimism network, you will need ETH on Optimism. There are a lot of bridges to choose from, including the standard Optimism Bridge. For the sake of this guide, we will bridge ETH and USDC using the Across bridge from the Mainnet. There are other options for users to transfer assets directly through CEXs like Binance, Kucoin, etc., or use the Fiat on-ramps.
Bridge ETH to Optimism using Across
Users can bridge ETH from Mainnet or other networks including Arbitrum, Polygon, etc. to Optimism.
1. Log on to Across and connect your non-custodial wallet (Metamask).
2. Select the network that you want to use to bridge ETH to Optimism.
3. Select the amount of ETH that you want to bridge to Optimism.
4. Click on send and confirm the transaction through the Metamask notification.
5. You can track the transaction through the Optimistic ether scan. Repeat the steps to bridge USDC to Optimism.
Depositing USDC into PoolTogether on Optimism
Once you have ETH and USDC on Optimism, deposit USDC into PoolTogether to earn OP tokens as well as participate in daily prize draws. The prizes come from the interest that is accrued on all deposited funds.
1. Log on to PoolTogether on Optimism and connect your wallet on Optimism.
2. Considering USDC and ETH have been bridged to Optimism, click on deposit.
3. Select the amount of USDC that you would like to deposit & click on review deposit.
4. Click on Confirm Deposit.
5. Confirm the transaction.
6. Click on Account to view your total balance.
And with this, we have bridged funds to Optimism and deposited USDC on PoolTogether thus earning guaranteed OP rewards on top of the chance of winning prizes.
Note - Across has my referral link embedded to bridge the funds.
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