No-Loss Prize Savings Account!
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No-Loss Prize Savings Account!

Platform: PoolTogether

Category: Prize Savings

Recommended Capital: $100+

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What is "No Loss Savings"?

  • think of it as a savings account
    • you deposit your USD (USDC stablecoins) into one big pool with other depositors.
    • pooled funds are then lent out in DeFi, and earn interest 💰
    • this interest = the daily prize money.
    • depositors selected randomly to split the interest-prize money.
    • while random selection, the more $ deposited, the higher chance of getting picked.
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You Probably Have Some Questions:

Q: How do I know its not a scam?

A: PoolTogether is open source, meaning all of the randomness of the winners picked can be seen by looking at its public code. It can easily be audited (and is!)

Q: Is my money safe here?

A: While your money is in good hands, there area always risks from bad actors trying to attack the system. There haven't been any incidents yet, and also $100 million is currently deposited into lottery pools here, so that should give you some confidence.

Q: If no one loses their money, where does the prize money come from?

A: PoolTogether takes everyone's deposits, and directly puts them into high interest 'savings' accounts on the Compound app. With so much money being pooled, a lot of interest is earned in a week's time. At the end of the week, the interest earned from Compound, is distributed to the winner(s).

I'm Sold! How Do I Start!

Step 1: Fund your Crypto Wallet (i.e MetaMask) with USDC!

Step 2: Send your USDC to your crypto wallet on POLYGON network

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Most exchanges (Coinbase) allow you to send USDC directly to Polygon network, so select this network when sending to your MetaMask.

Step 3: Head to PoolTogether & Connect Your Wallet!

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Step 4: Click Deposit & Deposit on the Polygon pool:

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Step 5: Enter the desired deposit amount (USDC)

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You will need to confirm TWO transactions (1. Approve) (2. Confirm)
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Now You Wait!

Prizes are picked daily, be patient, check back every so often, and enjoy your new no-loss prize savings account! 🥳

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