Did you know that there’s a lottery where you can never lose? How’s that you ask? Well, the short answer is DeFi and PoolTogether. You should come to the conclusion that participating in DeFi is rather simple.
But did you also know that it could be fun? That’s because there are DeFi projects out in the crypto universe that is very similar to games than they are to traditional finance services. An opportunity to make money and have fun! Yes Please.
Please keep in mind that this is in no way financial advice and all the information given here is simply for educational purposes.
Let’s now talk about this week’s Defi topics, a no loss prize game. Now imagine if you played the lottery by buying a ticket for a chance to win the big prize, but you kept the money you spent on the ticket. Even if you didn’t come out as one of the winners. You heard right. If you don’t win you don’t lose.
That’s exactly what happens when you play PoolTogethers no loss prize game. Here’s how it works. Every dollar spent gives you one ticket and every ticket gives you a chance to win the prize.
The more people that participate, the more tickets are bought and more money is in the pool. This is very important because the way the prize is calculated is based on the interest as in a traditional savings account. Similar to what we discussed in our lending and Defi article.
So the total amount together in PoolTogether, get it, and the interest generated in that pool is the prize. One of the tickets is randomly selected to win the interest.
However, no one loses the principal amount invested in the first place. Meaning that your tickets will still be there and will be valid for consecutive prize draws. Until you choose to pull them out.
Kind of an ingenious idea if you ask me and it also makes for awesome interactions with other DeFi services like lending itself. I could put an amount in PoolTogether and if I want I could withdraw part of the prize and put it into a lending service like AAVE.
Diversifying, securely investing, and still having fun. The same could be said for mixing in DeFi indexes. A little towards a new press draw, a little towards lending services and DPI and SDiFi.
Of course, the other way around can also be done. Gains in Defi services and indexes can be put together in prize services and PoolTogether. This mixing and matching will help level up your DeFi skills faster than you can say, ” one moment “.
But if you are concerned about logging onto many platforms dealing with different interfaces, creating accounts. I’ll tell you right now, you can cool down.
Let us know in the comments below. Since you have a lot to think about. That is our queue. Hope you enjoyed the article.
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