PoolTogether Introduces Prize Pool Builder

PoolTogether is best known for its no-loss prize pools that utilize efficient capital coordination and DeFi primitives to generate winnings for selected winners.

Some DeFi users have already participated in PoolTogether pools previously, but with this new update, anyone will be able to create a no loss prize pool, similar to how one might set up a new Uniswap or Balancer pool.

Each new pool created this way will share 3 key characteristics:

  1. No loss of principal deposit
  2. Ability to withdraw funds at anytime
  3. Chance to win prizes

Each pool will also need to have a “yield source”. At launch, only Compound and “staking” prize pools will be supported as sources of yield. Staking pools will require rewards to be added by a third party as they will not be utilizing the deposited assets to generate new yield.

From a technical perspective, these new pools are using the same audited code as the managed pools on app.pooltogether.com. Growing DeFi protocols can now leverage PoolTogether pools to engage their community and provide a fun, interactive way to reward smaller token holders that might not be able to participate in liquidity providing or staking activities due to the prohibitively high gas fees that Ethereum is now experiencing.

PoolTogether has partnered with BarnBridge Protocol for this launch to showcase the possibilities of this new tool by creating a no loss prize pool for BOND tokens. BarnBridge has committed to giving away 200 BOND tokens or approximately $13k every week for the next 15 weeks.

To join the no loss BOND staking pool, you can deposit your BOND tokens here.

Keep up with PoolTogether by following their Twitter.

The post PoolTogether Introduces Prize Pool Builder appeared first on DeFi Rate.

Total
0
Shares
Dodaj komentarz

Podobne Wpisy