PoolTogether Introduces Prize Pool Builder
PoolTogether is best known for its lossless prize pools that utilize efficient capital coordination and basic DeFi elements to generate profits for selected winners.
The Lossless Prize Pool builder is live! ✨
Just as anyone can create a Uniswap trade pair, anyone can now create a lossless prize pool! https://t.co/trhd7zz5HC
– PoolTogether (@PoolTogether_) February 9, 2021
Some DeFi users have previously participated in PoolTogether pools. However, with this new update anyone can create a lossless prize pool, much like setting up a new Uniswap or Balancer pool.
Any pool created in this way has three main characteristics:
- No loss of capital contribution
- Ability to withdraw money at any time
- Chance to win prizes
Each pool must also have a “source of income”. At launch, only compound and staking prize pools are supported as sources of income. Staking pools require rewards from third parties to be added as they will not use the deposited assets to generate new returns.
From a technical point of view, these new pools use the same verified code as the managed pools on app.pooltogether.com. Growing DeFi protocols can now use PoolTogether pools to engage their community and provide a fun, interactive way to reward smaller token holders who may not participate in provisioning or activities due to the prohibitively high gas fees Ethereum currently charges Liquidity settlement can participate.
PoolTogether partnered with BarnBridge Protocol on this launch to demonstrate the capabilities of this new tool by creating a lossless prize pool for BOND tokens. BarnBridge is committed to giving away 200 BOND tokens, or approximately $ 13,000, weekly for the next 15 weeks.
To join the lossless BOND staking pool, you can deposit your BOND tokens here.
Stay up to date with PoolTogether by following their Twitter.
Business development and operations at TrustToken – TUSD. Jack is a startup generalist and DeFi enthusiast. Stay connected with him by following @HHJackSun on Twitter.