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A LOTTERY SYSTEM WHERE YOU DON'T LOSE YOUR MONEY EVEN IF YOU DON'T WIN IT
Table of Contents:
Introduction
What is PoolTogether?
What is Optimism?
How to transfer your funds from a CEX to your web3 wallet?
How to deposit funds in PoolTogether and earn prizes(OP token(limited period of time) + Lottery(unlimited))
Introduction
Since the arrival of decentralized finance (DeFi), numerous peer-to-peer financial products have been developed, allowing users to lend cryptocurrency to other users and stake money in liquidity pools to enable trading. One of these platforms is Pool-Together, a crypto-powered lottery system that allows users to win prizes on a weekly basis.
If you're looking for a financial product that can help you save money and earn rewards at the same time, Pool-Together might be worth checking out.
Pool-Together is a decentralized Opensource free lottery that allows users to add cryptocurrencies to a pool that invests the money in yield-generating DeFi products and then distributes the earnings as prizes to a selected group of fortunate "ticket" holders each week. In contrast to a conventional lottery, PoolTogether's smart contracts make it so that everyone who participates has a chance to win, rather than just a selected few.
PoolTogether is a great way to save money and earn rewards just by holding on to your cryptocurrency. With no expiration date on your lottery ticket, you can keep earning as long as you keep your cryptocurrency!
Optimism is a layer 2 scaling solution that makes quick and cheap Ethereum transactions possible. Optimism uses a technology called rollups a scaling solution that operates in parallel with the main Ethereum chain, which is a method of dividing transaction data into manageable portions. The optimism network is said to support all DAPP on Ethereum via Optimistic Rollups. Optimism creates batches from numerous individual transactions. Not only does this save on fees, but it also offers the high level of security that Ethereum Main net offer.
Being Decentralized and one of the most popular networks, Ethereum has the highest transaction fees. Now there is hope on the horizon in the form of Optimism.
Withdrawal is simple, you just have to:
Login to your Centralised Exchange Account→ Withdrawal section→ choose the Crypto → Enter the details → Review and Confirm → Verification → Few minutes and Withdrawal is Successful.
Things to Note:
It’s better to Withdraw in ETH to the Optimism network due to low fees and Availability on Binance
We need ETH(gas fees) and USDC for depositing in the Optimism Pooltogether
We will be converting ETH to USDC after Withdrawing from Binance so buy ETH for the amount you are planning to save
1. Log in to your CEX account and Click on Fiat and Spot Under Wallet section
2. Choose ETH and Click on Withdraw
3. Enter the Wallet Address you want to Deposit → Choose Optimism Network
Note: Always make sure the Deposit address is correct and you choose the right network.
4. Enter the Amount you want to withdraw and Click on Withdraw
5. You have to pass some verification questionnaires as you are using a CENTRALISED Exchange. Choose your Address type and click on Next
6. Read → Understand → Mark tick → Click on Submit
7. You will be shown the details → Review again and Click on Continue
8. In order to withdraw funds from a CEX you will have to go through verification. Enter the Verification code from both Mobile and Gmail → Click on Submit
9. You have successfully submitted a withdrawal Request
10. After a few minutes the Amount will show up in your entered Wallet.
Note: Binance says it might even take up to 12+ hours, even though that is not the general case.
You have successfully Transferred your funds to your Metamask wallet on Optimism Network from a Centralised Exchange(Binance)
1. Head over to pooltogether.com and Click on Deposit
2. You will be directed to the app on Optimism Network → Connect your Wallet
3. We have to deposit USDC Stablecoin but we only have ETH. To Convert our ETH to USDC, Click on Swap tokens
4. You will be shown the front end of Uniswap from the pooltogether website itself → Connect your wallet for swapping tokens
Note: Make sure to check the URL
5. Select the Tokens which are ETH and USDC → Input the Amount → Click on Swap
6. Confirm the Transaction
7. You have successfully converted ETH to USDC and you can now see your balance here. Enter the amount you want to deposit and Click on Review deposit
8. You will be prompted to Confirm the deposit → Confirm it
9. 1st you will have to approve your deposit → Confirm
10. 2nd you will have to Confirm the deposit → Confirm
11. You have successfully deposited USDC in Pooltogether on Optimism
You are now Earning OP token rewards and holding a unexpiring lottery ticket. Stay tuned every week!!
Not financial or tax advice. This is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This is not tax advice. Talk to your accountant. Do your own research.
Caution: Pooltogether and Optimism is also subject to exploitation just like any other Web3 Project.
A LOTTERY SYSTEM WHERE YOU DON'T LOSE YOUR MONEY EVEN IF YOU DON'T WIN IT
Table of Contents:
Introduction
What is PoolTogether?
What is Optimism?
How to transfer your funds from a CEX to your web3 wallet?
How to deposit funds in PoolTogether and earn prizes(OP token(limited period of time) + Lottery(unlimited))
Introduction
Since the arrival of decentralized finance (DeFi), numerous peer-to-peer financial products have been developed, allowing users to lend cryptocurrency to other users and stake money in liquidity pools to enable trading. One of these platforms is Pool-Together, a crypto-powered lottery system that allows users to win prizes on a weekly basis.
If you're looking for a financial product that can help you save money and earn rewards at the same time, Pool-Together might be worth checking out.
Pool-Together is a decentralized Opensource free lottery that allows users to add cryptocurrencies to a pool that invests the money in yield-generating DeFi products and then distributes the earnings as prizes to a selected group of fortunate "ticket" holders each week. In contrast to a conventional lottery, PoolTogether's smart contracts make it so that everyone who participates has a chance to win, rather than just a selected few.
PoolTogether is a great way to save money and earn rewards just by holding on to your cryptocurrency. With no expiration date on your lottery ticket, you can keep earning as long as you keep your cryptocurrency!
Optimism is a layer 2 scaling solution that makes quick and cheap Ethereum transactions possible. Optimism uses a technology called rollups a scaling solution that operates in parallel with the main Ethereum chain, which is a method of dividing transaction data into manageable portions. The optimism network is said to support all DAPP on Ethereum via Optimistic Rollups. Optimism creates batches from numerous individual transactions. Not only does this save on fees, but it also offers the high level of security that Ethereum Main net offer.
Being Decentralized and one of the most popular networks, Ethereum has the highest transaction fees. Now there is hope on the horizon in the form of Optimism.
Withdrawal is simple, you just have to:
Login to your Centralised Exchange Account→ Withdrawal section→ choose the Crypto → Enter the details → Review and Confirm → Verification → Few minutes and Withdrawal is Successful.
Things to Note:
It’s better to Withdraw in ETH to the Optimism network due to low fees and Availability on Binance
We need ETH(gas fees) and USDC for depositing in the Optimism Pooltogether
We will be converting ETH to USDC after Withdrawing from Binance so buy ETH for the amount you are planning to save
1. Log in to your CEX account and Click on Fiat and Spot Under Wallet section
2. Choose ETH and Click on Withdraw
3. Enter the Wallet Address you want to Deposit → Choose Optimism Network
Note: Always make sure the Deposit address is correct and you choose the right network.
4. Enter the Amount you want to withdraw and Click on Withdraw
5. You have to pass some verification questionnaires as you are using a CENTRALISED Exchange. Choose your Address type and click on Next
6. Read → Understand → Mark tick → Click on Submit
7. You will be shown the details → Review again and Click on Continue
8. In order to withdraw funds from a CEX you will have to go through verification. Enter the Verification code from both Mobile and Gmail → Click on Submit
9. You have successfully submitted a withdrawal Request
10. After a few minutes the Amount will show up in your entered Wallet.
Note: Binance says it might even take up to 12+ hours, even though that is not the general case.
You have successfully Transferred your funds to your Metamask wallet on Optimism Network from a Centralised Exchange(Binance)
1. Head over to pooltogether.com and Click on Deposit
2. You will be directed to the app on Optimism Network → Connect your Wallet
3. We have to deposit USDC Stablecoin but we only have ETH. To Convert our ETH to USDC, Click on Swap tokens
4. You will be shown the front end of Uniswap from the pooltogether website itself → Connect your wallet for swapping tokens
Note: Make sure to check the URL
5. Select the Tokens which are ETH and USDC → Input the Amount → Click on Swap
6. Confirm the Transaction
7. You have successfully converted ETH to USDC and you can now see your balance here. Enter the amount you want to deposit and Click on Review deposit
8. You will be prompted to Confirm the deposit → Confirm it
9. 1st you will have to approve your deposit → Confirm
10. 2nd you will have to Confirm the deposit → Confirm
11. You have successfully deposited USDC in Pooltogether on Optimism
You are now Earning OP token rewards and holding a unexpiring lottery ticket. Stay tuned every week!!
Not financial or tax advice. This is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This is not tax advice. Talk to your accountant. Do your own research.
Caution: Pooltogether and Optimism is also subject to exploitation just like any other Web3 Project.
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