The Big PoolTogether V4 FAQ
Pool Together V4 Launch

The Big PoolTogether V4 FAQ

By CryptoTjark | Long Horizon | 12 Oct 2021


Hey Poolers 🌊🏆

I'm back and I have some exciting news about one of my favorite DeFi projects PoolTogether.

The launch of V4 is only away a couple of days, so I wanted to answer all the questions that could be on anyones mind. V4 has a lot to offer and loads of great new features. I tried to catch a few of them here.

Let's make a splash together!

When is V4 launching?

Thursday, October 14th 🌊

What is the timeline for the launch?

1️⃣ Phase 1: Dev release of all smart contracts and related docs. Start of auditing. (Happened already)

2️⃣ Phase 2: Public release of V4 on Ethereum and Matic

3️⃣ Phase 3: Release on all EVM (Ethereum Virtual Machine) blockchains. (November)

What networks is V4 launching on?

Currently Ethereum and Polygon(MATIC). After that it's planned to other EVM compatible blockchains, such as Avalanche, Arbitrum, Celo, Optimistic, Binance Smart Chain, and more.

What happens to the Celo and Binance Smart Chain pools?

For the moment they will remain operating on V3. If you are in one of the pools you can leave your funds in there. Phase 3 in November will introduce the pools to V4.

What happens to the other V3 pools?

The current V3 pools will continue to exist.

What is the main difference to V3?

  1. A single prize pool across all chains

  2. Larger & tiered prizes

  3. Near zero transaction fees to deposit into the main pool*

  4. Thousands of winners

*for deposits on sidechains and L2s

What makes it so special?

Pool Together is actually the first dApp with a true cross-chain functionality. The pools are no more limited to the interest earned on one chain, but will benefit from yield generated on all chains combined.

This also offers a way to save on gas fees and deposit on the chain of your choice.

Will my funds transfer automatically from V3 to V4?

At phase 1 launch. There will be no upgrade mechanism. If you want to join you'll need to withdraw and re-deposit. Options for upgrading will be evaluated after the phase 1 launch. Have a look at "Action Steps" at the bottom.

What Pools will there be from launch day?

On V4 there will be one combined prize pool across all networks. On launch day you will have to possibility to deposit USDC either via Ethereum or Polygon.

How many prizes are possible?

Literally endless. The amount of winners is scalable. At launch day the amount is manually set, but after some data was collected it is possible to adjust it via governance.

Why are prizes customizable?

On V3 a growing prize pool lead to a lower chance to win for your deposit. V4 offers the ability to adjust the prize amount and increase the number of prizes. This way it is possible to sustain the same chances in winning, even if a pool is growing.

What features are planned to be introduced after the launch?

  • Ticket Delegation - delegate your chance to win without giving up your funds

  • Time Weighted Average Balance - reward mechanism for long term depositors

  • POOL incentives + ongoing USDC apr for depositors

Is it possible to win with a small deposit?

It is, and V4 makes it even more likely due to the high amount of prizes. If you want to find out about all the small fish from V3, have a look at smallfish.win

How does Pool Together prevent whales from winning all the prizes?

V4 will introduce a limitation on the amount of prizes per wallet and the possibility of a maximum deposit cap. The exact mechanics can be adjusted by governance.

How do I deposit?

  • Metamask

  • Dharma

Find out more here.

Is there a minimum deposit?

In V4 there is a minimum deposit of $5 due to technical reasons.

How are the winners chosen?

Winners are picked by a random number generator on the Chainlink VRF. Find out more here.

What are my odds to win?

Your chances to win a prize are dependent on how much you have deposited. The more money you deposit the higher your chances to win.

Your exact chances to win dynamically change in real time based on how many others are depositing and withdrawing. And what the prize distribution is for that specific prize pool.

PoolTogether governance targets a 1% chance of winning any prize for every $100 deposited.

Has the code of V4 been audited?

The prize pool code for V4 which secures deposits is a simplified version of the V3 prize pool and therefore inherits much of the security of the V3. In addition to this the code has been internally audited and subject to a $100,000 audit competition with Code Arena. As always, you should exercise caution and understand that you are responsible for any loss of funds. The user docs answer any questions about potential risks.

Where can I find out more?

Read the User Docs .

Read the Medium Article: Pool Together Narrative Guide

Ask your questions on Discord.

Action Steps on Launch Day 👣

  1. Withdraw your funds from the V3 protocol. 📤

  2. Swap your token into USDC, if necessary. 🔁

    1inch (Ethereum & Polygon) - Aave (Ethereum & Polygon) - Balancer (Ethereum & Polygon) - Curve (Ethereum & Polygon) - Sushiswap (Ethereum & Polygon) - Quickswap (Polygon)

  3. Deposit your USDC into the V4 protocol on either Ethereum or Polygon (low gas fees). Which one doesn't matter, it's one prize pool now! 📥

  4. Wait, win & tell your friends! 🏆🎉

Do you have any $POOL laying around on Polygon?
You can now deposit it into the POOL pool on Polygon. It is not yet on the main page, but you can access it here. The current weekly prize is 50 $POOL and it is shared across 30 winners! 🐟🐟🐟

Know enough about PoolTogether now?
Prove your knowledge on the new Gitcoin Quest.

Also have a look at my last article about PoolTogether: PoolTogether - The No Loss DeFi Lottery Explained

See you all around the pool! 👋

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CryptoTjark
CryptoTjark

German Hamburger & Global Citizen, 🍔🌍 Crypto Enthusiast & Techno DJ, love & hugs 🦇🔊


Long Horizon
Long Horizon

Global Citizen & Future Chooser, based in Hamburg. Pro equality, empathy, sustainability and fairness. Against borders and intolerance. Finding similarities instead of searching for differences. https://twitter.com/tjaaark

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