Win By Saving & DeFi Composability | PoolTogether | Leighton Cusack | Polygon Alpha Podcast

Oct 6, 2022

Ask episode

Chapters

Transcript

Episode notes

Audio from the September 27, 2022 installment of “Polygon Alpha” with Leighton Cusack - Co-founder of the PoolTogether Protocol.

LinkTree - https://linktr.ee/polygonalphapodcast

Polygon Alpha Shorts - https://tinyurl.com/PolygonAlphaShorts

YouTube - https://www.youtube.com/c/PolygonTV

Apple - Follow the show on Apple Podcast!

Spotify - Follow the show on Spotify!

RSS feed - https://api.substack.com/feed/podcast/863588.rss

PoolTogether Protocol

- PoolTogether is a prize savings protocol, enabling you to win by saving.

- Deposit USDC for a chance to win

- Participate in daily prize draws

- Withdraw your deposit any time - even if you don't win!

- Every dollar you deposit gives you a chance to win prizes. The more you save, the higher your odds!

- PoolTogether is one of the first and most widely used DeFi (Decentralized Finance) applications and has been live for over three years.

- Since its inception, the protocol distributed over $5 million in prizes to depositors. The luckiest winner so far deposited $74 and won over $40,000.

- This is possible because prizes are made up of the interest that accrues on all deposited funds:

🏦 Users deposit into the network

📈 Yield accrues on all deposits

🏆 The yield is randomly awarded as prizes to the users.

- PoolTogether is a Prize Linked Savings account powered by the blockchain. It's:

a) Provably fair - Prize draws at PoolTogether are transparent: anyone can confirm who won, when, and why.

b) Globally accessible - The protocol empowers everyone to save. It offers a level playing field where every user enjoys the same conditions.

c) Fully non-custodial - No one but you has access to your deposited funds. PoolTogether is non-custodial, meaning users can redeem their money from the pool at any time.

d) Open-source & secure - The protocol is made up of computer software: smart contracts living on the blockchain. The code is open-source for everyone to verify and validate. On top of that PoolTogether undergoes regular audits.

e) Decentralized - PoolTogether is user-owned and user-driven. Control over the protocol rests in the hands of the community holding the POOL token. Find out more about governance

- Prizes are generated on the interest earned on deposited funds.

- When a deposit is made into PoolTogether that deposit is automatically routed to other decentralized finance protocols like Aave to begin earning interest.

- Protocols like Aave are "fully liquid" meaning deposits can be withdrawn at any time.

- Additionally, interest accrues every ~15 seconds. Anyone who borrows from Aave must deposit collateral that is greater in value than what they are borrowing.

- This ensures that loans are never defaulted on.

- PoolTogether is a non-custodial protocol.

- That means no one has the ability to control the funds deposited.

- All deposits and withdraws are conducted automatically by the smart contracts making up the PoolTogether protocol.

Host: Justin Havins aka Crypto Texan

AV Engineer: Aaron Pettijohn

Polygon official channel:

Website: polygon.technology

Twitter: twitter.com/0xPolygon

Telegram Community: t.me/polygonofficial

Telegram announcement: t.me/PolygonAnnouncements

Reddit: www.reddit.com/r/0xPolygon/

Discord: discord.com/invite/polygon

Facebook: www.facebook.com/0xPolygon.Technology/

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit polygonalpha.substack.com