PoolTogether— a new way to saveJan 17, 2022·Last updated on Jan 17, 2022
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Can saving be fun?
I'll keep the exposition short and tell you— YES. Saving can be fun!
Unstoppable Domains recently hosted a giveaway with the PoolTogether community to onboard them into Web3. Now PoolTogether token holders can use their Unstoppable Domains as their crypto addresses with hundreds of different cryptocurrencies across the known universe and metaverse.
We had a chance to interview the team at PoolTogether to learn about how they're making saving both exciting and rewarding. Keep reading to find out how they're breaking away from traditional banking.
What is PoolTogether and what problem does it solve?
PoolTogether (PT) is one of the oldest DeFi Protocols, having been around for about 2.5 years. It offers users access to no-loss prize-linked savings accounts, and the interest generated by the collective deposits are combined into randomly selected lotteries/prizes. Like most DeFi projects, it is permissionless, trustless, and powered by smart contracts.
Unlike legacy lotteries, which require purchasing tickets, access to PoolTogether lotteries only requires depositing funds which can be pulled out in full at any time.
PoolTogether a year ago decentralized with its POOL governance token, and POOL was retroactively airdropped to all users earlier this year. The POOL token controls the protocol by managing the reserves, the number of winners announced weekly, integrations and new pools, and the distribution mechanism of the remaining POOL.
Not your mom's savings account— DeFi is radically changing how people think about investment and saving. With many apps offering high APY (annual percentage yield), compounding interest, and huge rewards, projects like PoolTogether are becoming an attractive alternatives to last century's savings accounts.
How long has this community been growing?
Since February 2019 the community has grown steadily even without a token. The launch of the POOL token gave the community a big boost because it was designed in a very decentralised fashion handing out relatively large airdrops to all players. Since they, the community continued to expand and given the high engagement levels the POOL community was also analysed by otherinter.net, a research collective, highlighting how the DAO facilitates engagement and rewards contribution.
Is required to use PoolTogether?
PoolTogether is based on smart contracts and draws yield from money market protocols like AAVE and Compound, thus cryptocurrencies, mainly stable coins like USDC, are required.
Is there a place in the Metaverse for Pool Together?
YES definitely. The whole Metaverse is still in infancy but we are super excited about what the future brings. We are a partner of Atlantis world which will launch shortly. The game will feature a PoolTogether ATM (Automated Teller Machine) that allows playing PoolTogether through the game.
Are there any big announcements or plans for 2022?
2021 laid the foundation through protocol developments and the "product" can be considered final and most importantly safe. We really put an emphasis on the "no loss" aspect and the protocol is battle tested and has not resulted in any losses for participants.
2022 is about scaling. We rolled out PT on multiple layers/chains (Polygon, Avalanche, Celo to name a few) and are focusing on integrations with other protocols/projects to make depositing funds into PoolTogether as easy and accessible as possible.
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On January 18th at 10 am PT, we'll be interviewing PoolTogether founder Leighton Cusack. Click here to hear the replay!
Disclaimer: This is not financial advice