PoolTogether Crypto Review : No loss lottery, Pros, Cons

pooltogether crypto lottery review

The invention and development of digital currencies have led to the search for different avenues for investment and entertainment. All of us are on the lookout for new ways to get rich fast.

This has been the reason behind the invention of the PoolTogether Crypto which is a no loss lottery. With PoolTogether you can stand to win amazing prizes whilst not losing your initial deposit made.

PoolTogether is indeed one of the safest and sure-fire ways to get rich fast.

What is PoolTogether?

PoolTogether is more or less like a game of lottery but the difference is that it is a no loss game.

PoolTogether is a crypto based game that is based on Ethereum where the users deposit funds which will be sent to other DeFi Apps to make great yields and one ticket from every pool earns the yields from all deposits.

The best part of this game is that even if you lose you can still keep your deposited funds and your only loss will be the prize money.

 

Who Created PoolTogether?

The brainchild behind the PoolTogether crypto is its co-founder and chief visionary officer Leighton Cusack.

 

When Was PoolTogether Crypto Created?

The PoolTogether crypto was initially launched to the public in September 2019 and it has grown in popularity tremendously over the years as a “No loss Crypto Lottery”.

 

PoolTogether Investors

PoolTogether was founded by Leighton Cusack and it was backed by investments from major venture capitalists and investors such as IDEO CoLab ventures, ConsenSys Labs and DTC Capital.

 

Is PoolTogether a No Loss Lottery Crypto?

Ever wondered what makes the PoolTogether lottery crypto different from the rest? PoolTogether is a No loss lottery crypto which makes it an ideal choice of a lottery crypto for those who are risk averse and want to play it safe. With PoolTogether No loss lottery crypto you can make great wins without losing your initial deposit.

 

READ :  MicroStrategy Plans To Buy Bitcoin Further, After $250M Investment

Is PoolTogether Decentralized?

Yes, PoolTogether is indeed a decentralized and open source platform for no loss lottery crypto that is available on an adhoc basis depending on the availability.

 

How Does PoolTogether Crypto Work?

Interested to learn more about how the PoolTogether Crypto works? Let me tell you how this works. The players first purchase the tickets by depositing cryptos into a smart contract also known as the pool.

The prize of each tool varies depending on the total amounts deposited by the players. The funds in the pool are then sent to the DeFi lending platform compound finance where they earn interest for a given time period.

At the end of each week, the winners are chosen on a random basis. The winners are entitled to the total interest earned by their pool and get the tickets back. The other players can continue to be part of the pool unless they withdraw their tickets.

Another point to note is that this PoolTogether crypto lottery is fully automated from the beginning to the end as it is run by Smart contracts and Ethereum technology.

 

How Many Pools Are There in PoolTogether?

As of February 2021, there are four pools available. Namely USDC, DAI, UNI and COMP.

 

What Makes PoolTogether Crypto Unique?

PoolTogether is one of those rare crypto lotteries that offers many opportunities to win and is also a relatively safer lottery. For one thing, it’s a no loss lottery.

Secondly, even those who did not win have the opportunity to stay in the game continuously using their previously purchased ticket.

With PoolTogether, you need not buy a new ticket every week and you can withdraw your funds deposited anytime you want to step out of the game.

 

Is PoolTogether Crypto A Good Investment?

PoolTogether is a great way to maximize gains by taking a change at the lottery and of course, even if you don’t win you can still keep your deposit.

This makes PoolTogether a relatively low-risk investment. Also, you can use the same tickets you purchased initially to qualify for the draw weekly which makes the sunk costs relatively low.

The disadvantage is that however, your money will be tied up in the Platform since it is an ongoing lottery hence you will not be able to use the funds elsewhere.

 

What Is POOL Token?

POOL tokens are unique tokens that are minted and shared with the investors. These POOL Tokens represent the investors/users contribution towards the pool.

It is basically the equivalent of a share certificate at the traditional stock market.

 

How Many POOL Tokens Are There?

The number of liquidity tokens in a POOL is decided by the liquidity of the pool. The maximum supply for POOL Token is at 10,000,000 POOL. Currently, around 57% of POOL Tokens are remaining to be distributed in future.

 

READ :  ShapeShift Review : Swap Crypto, Wallet, Exchange, DeFi

Is POOL An ERC-20 Token?

Yes, POOL Token is an ERC-20 Token and you can find the POOL token contract on Etherscan.

 

How Do I Get POOL Crypto?

Getting POOL Crypto is quite a simple process.

Firstly, you need to ensure that you have a digital wallet that supports the accepted cryptos. Get the PoolTogether App and link it to your wallet.

Next, you have to select the POOL that you like to enter. You can choose between DAI, USDC, UNI or COMP.

Select the deposit option and enter the number of tickets you wish to purchase.

Finally, confirm your purchase and sit back and see if your ticket is the winning ticket.

 

Can I stake POOL Token?

Staking is the process of attempting to gain rewards by gathering and holding POOL Tokens for over long periods of time.

With the POOL Token, staking is possible as you can easily purchase as many POOL Tokens as you want and hold them with you.

And what’s more, if you enter the PoolTogether Lottery your funds will continue to be tied up in the process making you eligible for the winning ticket each time.

Staking has become a very popular method of reaping rewards from holding and investing in cryptocurrencies and with the new and improved POOL token, you stand to gain a lot more from the staking process.

 

How Do You Make Money with PoolTogether?

PoolTogether is an open source and decentralized platform that allows you to make the most out a no loss crypto lottery.

PoolTogether is indeed an ideal venture for those seeking to make the most out of a relatively low risk investment. All you need to do is purchase a ticket by depositing funds into a pool.

As long as your deposit is maintained within the pool, you stand a chance to earn the winning ticket and become entitled to the prize money which comprises the total interest earned on all funds in that pool.

The best part is that you need not buy a new ticket every time and you remain eligible unless you withdraw your funds. Further, your deposit is kept safe and secure and can be withdrawn anytime you want.

 

Is PoolTogether Crypto Legit?

PoolTogether is indeed a legit app but there are certain reservations regarding the service and coding of the contracts. There have been a few complaints surrounding the contracts where some users claimed to have lost their money.

 

PoolTogether V2 Vs PoolTogether V3

Let us have a look at the features including the distinctions and improvements of the PoolTogether V2 and V3 in the table below.

PoolTogether V2 PoolTogether V3
Not everyone was entitled to deposit rewards Everyone in the pool is entitled to deposit rewards
Relatively lower prizes Bigger and better prizes
Lesser level of decentralization Increased decentralization
No referral rewards Includes a referral reward system

 

READ :  Bybit Exchange Review - Updated

Pool Together Crypto Login And Buying Process

Follow these simple and easy steps and you will be able to login and be part of this amazing no loss lottery called PoolTogether.

Step 1 : Download the PoolTogether App from an app store or google play store.

Step 2 : Link your digital wallet to the PoolTogether App. Any Web3 Wallet like Metamask should work. Better if you can use a hardware wallet like Ledger and use the Ledger Ethereum address within Metamask and interact with these protocols

Step 3 : Select the pool you would like to be part of. You can choose between USDC, DAI, UNI or COMP.

Step 4 : Select the deposit option

Step 5 : Pick the number of tickets you wish to purchase

Step 6 : Confirm your transaction and finalize it.

If you want to insure yourself against Smart Contract risks, then consider getting Crypto insurance at Nexus Mutual

PoolTogether Crypto Alternatives

Just like PoolTogether, there are many other alternative no loss lottery options out there. You can check out Lucky Lottery by Hover Signal, Enjin Platform and Data Lotto.

Pool Together Crypto Social Media Handles

As of now, there have been no major mention of any social media handles in relation to PoolTogether crypto. However, it continues to be a focal topic of most blogs and online article content.

Takeaway – PoolTogether Crypto Review

  1. PoolTogether was launched in the last quarter of 2019
  2. It is based on Ethereum and currently operates with four tokens; USDC, DAI, UNI and COMP.
  3. It is a no loss crypto lottery
  4. It continues to innovate and come up with newer versions with bigger prizes
  5. The sign-up process for the PoolTogether crypto lottery is quite a simple process and you are free to back out anytime.

Leave a Comment

Your email address will not be published. Required fields are marked *