Home Pool Together: The casino where no one ever loses?

Pool Together: The casino where no one ever loses?

Online games

5 min read

Okay, we said "where you never win" not "where you always win". It's not exactly the same thing, although it's still intriguing.

So, there exists on the blockchain, a online casino where we never lose? Oh yes! It finally exists and it's called Pool Together. We will explain to you here exactly what this involves. We will also show you how you too can participate.

No matter how much you deposit, you are systematically reimbursed. You never lose. But that's not all! The winner can pocket thousands of dollars!

So how is there no loser in Pool Together?

So, in fact, it's a lottery that works like any lottery. This means that several people will deposit money and there will only be one or more winners. Except that normally, in classic lotteries, everyone else who is not a winner is a loser. They lose their invested capital.

Well, that's the big difference between classic lotteries and Pool Together.

In Pool Together, users will deposit DAI stablecoins into a general pool; a sort of prize pool for everyone.

The person who deposits DAI receives a ticket. Of course, the more DAI you deposit, the more tickets you receive and therefore the more chances you have of winning.

I know you're thinking that so far it makes perfect sense. The question you are asking yourself is rather how it is possible to recover your stake once you have lost.

Well let us explain it to you calmly.

How does Pool Together work?

When you deposit DAI, it will be used and generate interest. You will deposit your DAI for a full week in which your stablecoins will generate other DAI.

And how are these DAI generated?

It's not magic, right? In fact, DAI are loaned to DeFi protocols which will exploit them in liquidity pools for example.

Ok, ok, the losers get their bets back. That's all well and good and consistent, but what happens to the winner? Where does the money he will earn come from?

Well, he will receive the excess DAI that was generated by the pool. It can go very high. . Yes, given that it is DAI, and therefore a stablecoin indexed to dollars, we are still dealing with equivocal amounts.

This is how all players are systematically reimbursed.

You should know that there are two main types of lottery:

The weekly lottery where you must deposit your DAI for at least ten days. The draw is announced on Friday. Even if you return for example on Thursday, you will still have to wait a week before you can be drawn and find out if you have won or lost. If you want to withdraw your winnings before the 10 days, you will have to pay 1% or less in fees.
A daily lottery that works with USDC. To the extent that it is daily, obviously, the gains are lower.

How to participate in PoolTogether?

There are several ways to participate and try your luck on PoolTogether. You can use dedicated apps like the Money app or go directly to the official PoolTogether website.

For this tutorial, we choose to go directly to the site.

pool together review — You simply need to go to a pool of your choice and click on “deposit DAI” if you choose the DAI one.

Obviously, you will need to connect your Metamask wallet to Pool Together and you will also need to have DAI on your wallet.

Only, as you probably know, there are significant gas fees lately...So, you will also need ETH to pay the fees.

Want to participate but want to avoid gas fees?

We have a solution for you!

If you use the Money application you will avoid gas charges. These costs are borne by the application.

Isn't that beautiful?

You can directly click on “Invest” in the app to see PoolTogether which will be displayed. This is where you have to choose the pool of your choice and invest.

Here again, you will need to fund your Argent account.

So, PoolTogether, the perfect lottery ever conceived?

In fact, it must be admitted that PoolTogether is in theory a much improved version of the classic lottery.

Indeed, a classic lottery produces more losers than winners. So this is a huge and remarkable step forward.

Let us add that the costs are not reimbursed and that is why the best would really be to use theMoney app if you too want to participate in PoolToogether and be a complete winner.

That said, even if it is magnificent and you do not lose your money, be aware that there can be risks as with all platforms elsewhere.

The platform may be hacked. All platforms are vulnerable as you know even if they are audited like PoolTogether is. And, as we mentioned, by depositing your cryptos into the pool, they will be exploited in DeFi protocols.

So your deposit will be used on Compound or MakerDao or even other protocols. This increases the risk even if until now, there have been no major problems encountered by PoolTogether.

Finally, you are investing in a cryptocurrency and therefore you are subject to volatility. Even if you deposit DAI, stablecoins have variations in their prices although this remains small compared to other cryptocurrencies.

So much for the risks and so much for perhaps the future of lotteries?

See also:

Note: This is not financial advice. Always do your own research. Gambling is subject to risk.

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