Introduction

Pool Together is an app that makes saving money as fun as a game. You join a pool by getting a “savings ticket”. Each ticket gives you a chance to win a prize, but even if you don’t win, you keep all your money!

Pool Together Prize

Working

The app generates its prizes from the interest earned on the pooled DAI. The payoffs are attractive because higher interest rates are awarded when a higher amount of DAI is invested.

Pool Together Stats

The decentralized app, Pool Together, is built on Compound ‘s Ethereum lending protocol . To participate in a draw, simply connect to their application at this address: https://app.pooltogether.com/

You will need an Ethereum wallet and ERC-20 DAI or USDC token to purchase tickets. These tickets will remain valid for all future draws, as long as you do not exchange them for your initial tokens.

There is one draw per week and the price of a ticket is US$1.

chance of winning

Your chance of winning depends on the number of participants and the number of tickets you have purchased. For example, if there are 1000 DAIs in the pool and you have a ticket then you have a 1 in 1000 chance of winning.

Note that when you buy tickets, they are eligible for the next draw so as to avoid that some buy lots of tickets just before the end of the draw.

Security

You will not have a guaranteed return on investment with this application, but the risk of failure of the Smart Contract is low. They have been audited by OpenZeppelin and Quantstamp . If you find a flaw, there is also a bug bounty.

Amount sponsored

The sponsored amount in the pool is not eligible for the draw prize. These are deposits provided by individuals or companies that support the project. The total amount of the prize increases thanks to this sponsored amount.

Pool Together Distribution

Under

The “Pod” is a feature that allows people to come together to win the prize and share it. This is the principle of mining “pools”: you have a better chance of winning, but the prize is shared with the member of the “Pod”.

Pool Together Pod

Conclusion

This decentralized application fits well with the DeFi trend with Ethereum. It can be used easily from a modern wallet such as Trust Wallet . Do not hesitate to share in comment your opinion on this application and if you know of other similar applications.

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