This article is about some of the amazing innovation in the DEFI space in Ethereum. I found a project that innovatively encourages users to save and HODL money called Pool Together. It’s a lottery but with a savings twist to it. Essentially you collate your funds (DAI) with other HODLers to form a Pool. All the funds (DAI) that are pooled in the contract accumulate interest for a week and one lucky winner takes the interest as reward for parking their funds in the pool for that week. It is a brilliant idea - essentially you do not lose your investment but have a stake to the combined interest of the pool.
So these are the simple steps:
- Go to https://www.pooltogether.com/
- Connect your preferred wallet
- Buy the tickets using DAI in your wallet.
- That's it you are in the pool and you can track the prize pool and your tickets.
- There is also an option to form mini-pools called PODs within the pool so that you increase your chances of a win but that comes at the cost of sharing the prize with the POD participants.
I also tried a wallet called Argent that allows you to transfer DAI from and to the PoolTogther app without any fee. This would be useful if you only have a small amount of DAI to participate but do not want to get stung with gas every time you wanted to get more tickets or sell them. One thing to be mindful of is that you handover your DAI to participate in the pool and receive pDAI tokens that are represent a 1:1 stake of your DAI. So there is risk in trusting the contract and DEFI platform to hold your DAI. Hence do your own research before attempting to participate and understand the risks.
If you do end up using the Argent app would appreciate if you use the link below:
https://argent.link/4JQAksBP46
DISCLAIMER: The above article is only an informative piece on PoolTogther. It should not be taken as a recommendation of any sorts. You will be solely responsible for any gains and losses!! Please always DO YOUR OWN RESEARCH before participating in any of these new projects and always remember NEVER INVEST WHAT YOU CANNOT AFFORD TO LOSE!
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