PoolTogether is a no-loss, audited savings game powered by blockchain technology
Use PoolTogether with
Reviews for PoolTogether
People have asked me: how is PoolTogether a DeFi primitive? Well, there is actually an academic term for it: Prize-linked Savings Account. PLS has been researched in academia, including this paper from Harvard & Oxford researchers....
If you're short on time, here are the paper's takeaways:
- PLS is attractive to all demographics
- People who use PLS increased total savings on average by 1% of annual income
- There is causal evidence that PLS substitutes for lottery and is also a complement to savings
I hope this provides some good food for thought on why PoolTogether is a DeFi primitive. Just because it's a substitute for the lottery doesn't mean it's actually a lottery! As studies like this show, PLS benefits users' financial health — that is the goal of DeFi after all.Full review
I found CryptoKitties the most interesting cryptocurrency-related project of 2018. PoolTogether the most interesting of 2019.
I dunno what I will find interesting in 2020, but it will probably be built on Ethereum.
Cryptokitties surprised me; I wouldn’t have predicted people would pay so much for digital collectibles. It made me think, which is why it is interesting to me.
PoolTogether is interesting to me for a different reason— it is a great example of ethereum as a platform for composable, interoperable smart contracts.Full review
There is gambling and then there is gambling. Negative sum is Vegas, dice, cards. Arguably positive sum is startup investing (wealth creation). Arguably zero sum is trading public stocks.
If PoolTogether's lottery mechanic gets more people to save, may be a net good. Will see.Full review
[PoolTogether] is really interesting. They pool funds in DAI, collect interest on the pooled funds, and randomly award the interest to a user while everyone gets back their principal. And because it’s a smart contract, it doesn’t need a cut to pay for management. It’s a positive sum lottery.
Many good ideas here:
- DAI provides stability so no principal risk
- Positive sum so it can be done repeatedly
- Payout increases with pool size giving incentive to invite others
- Zero loss may mean less regulation
If it works, one of the best things I’ve seen in defi.
An app like this is only possible now because of the last few years of defi infra. Among other things:
- MakerDAO and DAI stablecoin
- Interest apps like Compound
It’s a great example of composable finance. Take individual primitives and pipe them together. We’ll see more.Full review
I for one am happy [that PoolTogether is] centralized. Otherwise, as anyone with any history in the BTC or ETH space knows, it would be gamed by everyone because nothing is random on-chain and also everything on-chain is public meaning a reveal scheme is necessary to even hide it....
Randomness is hard in general. On-chain randomness is harder.
The risk of bad randomness on-chain is greater than the risk of PoolTogether team fucking everyone.
Ergo, PoolTogether using centralized oracle is safest solution for users for now.Full review