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Defi

How to use PoolTogether with Argent

Tiernan
May 19, 2020

What is PoolTogether?

PoolTogether is a "no-loss savings game" that provides you with a chance to win a prize every week.

The idea is quite simple: users pool their DAI or USDC (both are stablecoins) by purchasing tickets. The assets in each pool accumulate interest through Compound, a lending protocol. The interest is then won by a ticket holder, picked at random, each week. The DAI pools were launched earlier so tend to be larger in size.

How is it no loss? The prize comes from the interest generated, not the deposits. So you can withdraw your full deposit any time.

To get started, download or open Argent here.

How can I easily use it with Argent?

It's super easy to use Pool Together with Argent. Just open the Invest tab in Argent, select PoolTogether and then choose how much you want to deposit in either the DAI or USDC pool.

Why does it matter?

PoolTogether gives you a chance to win a prize and in doing so incentivises savings in an original way. Additionally, it's powerful because it's:

  • Accessible no matter your budget: 1 ticket is 1 DAI or USDC
  • Global: There are no geographic restrictions
  • Transparent: It's built on Ethereum so anyone can audit it
  • Scalable: It's capital efficient with low overheads (Ethereum smart contracts can provide a lot of automation)
  • Distributed: Owned and administrated by the network of users
  • Programmable: In future people could build other projects on top of PoolTogether

How does it work?

To join the pool you simply need to deposit some DAI or USDC. In return you get a ticket, in the shape of a Pool Dai Token or Pool USDC Token. You can store this in your Argent wallet, and even send it to another Ethereum wallet.

All the assets in a pool accrue interest, and at the end of each week one lucky person per pool is randomly selected to receive the winnings. The more tickets you buy, the higher your chance of winning. Leighton, Pool Together's co-founder, says: "The luckiest winner was someone who only deposited 10 DAI and they won $1700".

Pool Together is based on smart contracts, so anyone can verify it's fair by checking the code, and you can withdraw your assets at any time.

What's more, over $330,000 in sponsorship has been added to the pool from individuals and crypto companies that want to help grow the ecosystem. This sponsorship amount is ineligible to win, but still contributes interest to the prize pot - meaning more potential earnings every week!

You do not need to re-enter the pool each week as your tickets automatically rollover.

You can see how much is in each pool by checking Pool Together's site.

Where can I go to learn more?

You use PoolTogether at your own risk. PoolTogether highlight some risks as being their use of stablecoins and Compound, as well as their architecture. You can read their risk overview here, and find their independent security audits here.

How does PoolTogether make money?

At the moment PoolTogether does not make money. However they do plan to in the future by taking a small percentage of the winnings from each pool.

How can I get some DAI?

Getting DAI and USDC is easy through the Argent wallet. If you would like to learn how to buy using fiat currency (such as USD, GBP, EURO etc), please visit here.

Alternatively, you can exchange tokens in-app through our partner exchange.

Get started

Download or open Argent here

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