PoolTogether Defi Lottery

PoolTogether Review: De-Fi Savings Lottery

Written by LouiseElizabeth

6th July 2020

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PoolTogether is an Ethereum based application making saving money fun. Each Savings Ticket gives you a chance to win a prize, but even if you don’t win, you still get to keep your money. Giving you the best of both worlds by saving money, plus having the chance to win a prize!

When you join a pool, the PoolTogether Protocol transfers the money you deposit into Compound.Finance. Then when your funds are deposited into Compound, they are lent out to other users. The Interest earned from the loans accumulates during the duration of the prize period.  So that when a prize is awarded, all the interest that has been earned since the last prize is pooled together and given to the winner! 

Essentially, PoolTogether players sacrifice interest they could have earned on holdings of DAI (on the likes of Compound Finance) in exchange for a shot at winning the interest of everyone else in the pool. 

How to Claim Uniswap UNI Tokens with PoolTogether

PoolTogether user may not be aware that if they’ve ever swapped Ethereum to Dai on the platform it means they’ve used the Uniswap platform. Therefore, as part of Uniswap’s airdrop, users who have swapped prior to the 1st September 2020 are able to claim the 400 Uniswap UNI tokens. So, at a current price of $4.21, 400 tokens are worth $1,684 it’s definitely worth checking.

To claim your tokens, visit the Uniswap site and connect the wallet you used to swap Ethereum to Dai on PoolTogether. You should then see a button there to “Claim Your UNI Tokens”.

Written by LouiseElizabeth

Louise created the Every Bit Helps YouTube channel back in 2017, after finding the process of buying Bitcoin difficult. Therefore, in an aim to help others, she hopes that her tutorials will make the process of buying, selling and storing crypto a lot easier for newbies in the future.

After spending 20 years working in London in cyber security, she left the corporate life after having her second child in 2018. Louise now travels the world with her two small children trying to make the most out of life.

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