PoolTogether been around for crypto-centuries but I started to use it recently, after they expanded on Optimism. The two created a new ecosystem that works in synergy in the best interest of the DeFi user, creating more opportunities to earn crypto with less hustle. PoolTogether is like a space party where you are invited!
PoolTogether is a savings account where no one loses. The crypto-powered savings protocol is based on Premium Bonds that helps users to save money. Additionally, the participants have a chance to win prizes every day. The Optimism Layer-2 scaling solution is using the Optimistic Rollup system to create fast and cheap transactions, while maintaining all the primary security of the Ethereum network.
I want to be part of the PoolTogether ecosystem, and improve my holdings on Optimism. The opportunity to do both came quicker then I though, as 450,000 OP tokens were allocated as reward you those saving with PoolTogether. The $OP rewards started on Tuesday 26th of July and are accrued in real-time, claimable in weekly epochs. The token distribution rate for Phase 1 is 25,000 per week.
The first step was to transfer USDC from Arbitrum to Optimism, using Across Protocol to earn $ACX tokens as a bonus for the bridging. Across Protocol is the quicker, cheaper and faster L2 bridge, and every transaction help users earn $ACX tokens.
The USDC arrived on Optimism in less then a minute, where I deposited them on PoolTogether as PTaOPTUSDC. This stash of stablecoin gave me a 1 in 773 Prize Pool Winning Odds.
There are 49 prizes each day, with $4,732 USD allocated to each draw! Which other lottery is currently offering ZERO chances to lose? I can tell you that none!
I got fascinated by the system, and by the opportunity to earn $OP tokens on top of the chance to earn prizes at the daily draw, that I went all-in and moved all my assets on Optimism. I raised my pool share to $3,181 USD, which increased my daily winning odds at 1:210 and the weekly winning chances to 1:30
I claimed the OP rewards for Week 1, adding 4.19 tokens in my portfolio. The vAPR for the first week was 9.07% and the current earning rate was maintained for another 3 weeks.
The reward claim process is simple and efficient, with the $OP reward being available for claiming on Tuesday. Holding $OP token is the best method to get involved into the development of the Optimism Ecosystem, as the delegation of voting power will decide the best ways to move forward.
I took some USDC out to finance the Humble Tractor KPI options for my NFT collection, and the reward for Week 2 were lower. The vAPR was also a bit lower, at 6.14%, and the weekly reward was 2.61 $OP tokens.
Life is hard in the Cryptoverse and I had to take another batch of USDC out of pool. Week 3 bounty was 1.99 $OP tokens and another 2.05 $OP in the last week of Phase 1 of the PoolTogether Optimistic Summer event.
I farmed 10.84 OP tokens in the 4 weeks and the good news are that Phase 2 will share even more OP tokens for the users that provide liquidity. I don't consider the farming reward as $13.87 as I plan to hold the OP tokens and have my say in the evolution of the chain.
Watching for Optimistic vibes? If you want to boost your savings and receive extra rewards ... your search is over! Deposit into Pool Together on for guaranteed rewards over the next 7 months. Check the guides below to start your Optimistic journey on PoolTogether :
- If you already have USDC on Optimism, read the steps to deposit
- If you need to get USDC on Optimism, read how to bridge
- If you still have questions, join the PoolTogether Discord
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