Greetings Publish0x community, today I want to write about PoolTogether and the latest developments around the pool. In this post, I'll briefly introduce you to the PoolTogether protocol, how it works, their launch on Optimism chain, and how to bridge tokens to receive up to 10% $OP incentives on your ''No-Loss Lottery'' prizes. Now, let's start with the basics.
What's PoolTogether, briefly?
PoolTogether is a savings protocol run by its community. Probably, the shortest explanation is that. PoolTogether code's are open for everyone, so it's open-coded protocol runs on Ethereum, Optimism, Polygon, and Avalanche chains. If you have $USDC on any of these chains, you're ready to start your PoolTogether journey right now! PoolTogether smart contract collects the USDCs from users and every week, $79,015 will be distributed to lucky winners on all eligible chains.
PoolTogether is live with V4 version of the app. There are more than $50m worth USDC deposits to the protocol at the time of writing. You can always check the stats through the Dune Analytics page, here. All of those $USDC is deposited to decentralized interest rate protocols, then lucky depositors are rewarded with some $USDC every week.
The lucky draws happening on the PoolTogether are totally transparent. Everyone can verify it by himself/herself. Also, there are no time restrictions for your deposits. So, you can deposit and withdraw your funds any time. It's a collective savings account that has connections from all over the world. It means that PoolTogether is decentralized: $POOL governance token meet that need. You can propose any of your thought on the governance forum & it might be approved by the community.
And the last thing I must mention about the PoolTogether is their amazing community. The Discord members are always smiling. Every Friday, you're invited to join Community Calls and every Wednesday, they organize an event to onboard newbies to PoolTogether DAO. I highly recommend you to join at least one of them. I'm grateful to be a part of this amazing community. Even, they let me to have my word on one of the weekly Community Interviews. Please check it here & join the Discord fam today!
Optimism Launch & $OP Incentives for PoolTogether Deposits
As I mentioned previously, PoolTogether is live on 4 different chains including Optimism. It's live on Optimism for almost 1 month, and the $OP incentives are being accrued since 25h of July. The process is as same as before. You need to deposit $USDC to receive PTaUSDC, the token represents your PoolTogether deposits. After depositing, you're a candidate for winning. If you win, you can always check the current status of your wallet through the Discord and/or Telegram Bots. Please reach a community member to learn how to set up 'Notification Bots'.
The $OP Incentives Program consists of 2 Phases. In the first phase, users will directly be rewarded with $OP tokens. After 2 weeks, if there are 10,000 unique depositors on Optimism reaching over $20m TVL, Phase 2 will be activated. So, here is your time to start deposit to continue receiving $OP incentives. Here is the tutorial created by Tjark, probably one of the most active PoolTogether member in all terms. (You can't reach him until 15th of August, he went to holiday while the deposits are accruing rewards, automatically.)
Mini-Guide on How to Bridge From Polygon to Optimism & Deposit
I must say that, most of the unique depositors prefer Polygon chain because of lower fees and higher chance of receiving rewards. There is no net difference in the amount of money to be distributed on different chains. But, there are tons of 1$ rewards on Polygon chain. So, people tend to deposit on Polygon chain. So, my guide includes transferring funds from Polygon to Optimism, also.
I used Hop Exchange for the token bridge and my preferred token to be swapped is $USDC. Please remind that there is a fee of 0.53$. So, please try to bridge more than 1$ to receive something.
After that, approve $USDC and click the 'send' button. After you clicked the 'send' button, a pop-up will appear on your screen to let you track the status of the token bridge. It says this transaction will take some time, about 5 minutes. And yes, it is generally approved in 4-5 minutes.
Congrats, now you've bridged tokens to Optimism. It's time to deposit on PoolTogether. Please don't forget to have at least 4$ worth USDC to make a deposit. So, I decided to deposit 10$. If you select the deposit amount and click the ''Review Deposit'' button, all the harnessed fees will be shown to you.
*This article is created to spread the awareness of PoolTogether and its features by utilizing my own experiences. None of the words above contain any kind of investment advice! Please DYOR (Do Your Research) before investing.
**If you are interested in writing articles about ANYTHING on Publish0x, you can follow this link.
