PoolTogether Turns Saving Money Into A Game
If you’ve ever been to Las Vegas or any casino for that matter, the excitement of winning a big pot of money is definitely a head rush. I mean who doesn’t want to win big and take home free money. But the risk of a possible loss is too much for my safe brain to comprehend.
But what if there was a way to play without EVER losing? Does such a thing exist you ask?
Well, PoolTogether is proposing just that. A savings game where you can’t lose. Of course this definitely piqued my interest because I hate to lose.
Pool together works like this:
Each player deposits stable coins into a smart contract to buy tickets. Each ticket costs the equivalent of 1 USD. Each player can buy as many tickets as they want, and withdraw their money at any point. The funds in the pool are sent to DeFi lending platform Compound Finance, where they accrue interest for a period (currently, one week). At the end of the week, a winner is chosen at random, who gets the interest earned by the pool and their tickets back. Simultaneously, each other player gets their tickets back, and the game restarts.
Now here’s where it gets interesting. PoolTogether is basically a no-lose lottery. Imagine a lottery where you don’t lose ANY money? Okay, I’m in! Definitely sounds good. But what’s the catch? There really isn’t one except that you can’t take your winnings anywhere else. It stays in the PoolTogether ecosystem where you just play for fun and profit. Eventually the creators will start to take profit but for now it’s just set up for fun. Of course, like in life there are a few downsides to this whole scenario like some might try to tip the scales in their favor by adding more money so they can win more. But I personally look at any type of gambling as fun, so I’m ok with that. Also because smart contracts are new and experimental they are vulnerable to bugs so please only play with what you can afford to lose.
I like the idea of playing a bit of “Russian roulette” without losing any money – how about you?