Pool Party Introduces NFT-Based Lottery and Governance Model for its DeFi Protocol
Pool Party, a DeFi protocol, has launched an innovative and engaging approach to incentivize users to participate in its pools and community. The company is giving out free NFT-based Party-tickets to anyone who participates in its pools or community. The NFTs will be used in the upcoming Party Ticket Machine, where users will deposit their tickets and have a chance to win a whitelist for the Pool Party NFT mint, or an airdrop to the upcoming PARTY airdrop, or some SOL or other tokens. The Party-tickets are a more fun, engaging, and innovative way of initiating an NFT mint and potentially a more fair and inclusive model than the traditional “grinding in discord” for the OG role or being part of a privileged web3 DAO/community, as those often exclude those who do not have the time or opportunity to participate.
The Pool Party NFT will be a PFP and represent a ticket in the never-ending weekly lottery with a prize pot that gets replenished forever from DeFi yield, called the Eternal Lottery. Up to 50% of the mint proceeds will be locked in a pool forever and used in DeFi to generate yield for the weekly lottery prize pots. The total supply for the NFT is 10,000, with a mint price set to 3 SOL or $75 worth of SOL upon the mint date.
The NFT holders will be able to participate in governance around the Eternal Lottery mechanics, deciding the frequency of the lottery draws, where to deploy the funds in DeFi to generate yield for the prize pot, and more. The PARTY token, which comes with its own set of utilities, including general protocol governance, will be rewarded to the NFT holders by staking the NFT for PARTY tokens. The Pool Party crew is facilitating the right sort of environment for two communities to flourish within the Pool Party umbrella, in what they call a fun experiment to see if the vision of a main DAO and a sub-DAO from the early stages of a web3 protocol works out.
Pool Party has already amassed more than $50,000 in TVL across three savings pools for BONK, SOL, and USDC, with over 300 users. The Party-tickets will further engage its growing user base and reward early participants and contributors. The company aims to give a ticket to as many active members of the broader Solana community as possible, while still giving extra perks to its early users and community.
Pool Party is a decentralized savings protocol that runs on Solana and operates as a No Loss Lottery. Participants can save money in a pool and get a chance to win prizes in the form of USDC, SOL, or BONK. They can participate by depositing into the pool and receiving "tickets," with each ticket offering a chance to win a prize. Once a week, a winner is chosen and given the total DeFi reward accumulated by the pooled tokens. Pool Party is non-custodial, and users have complete access to their deposited funds in the savings pools, which they can withdraw at any time.
The concept behind Pool Party is a prize-linked savings account, also known as a no-loss lottery, which incentivizes account holders to save more money. Research has shown that savings amounts and the number of savers increase when there is an incentive. Prizes can range from tens of dollars to tens of thousands of dollars, depending on the PLS program.
The weekly win pot in Pool Party is based on yield that is accrued in Solana DeFi by the pool during the week. Participants can withdraw their deposits any time, and there is a 0.5% fair play fee if a withdrawal is made within seven days of depositing. Users can also take advantage of the referral program, where they can generate a referral link to share with friends. If a friend who used the referral link wins in the weekly draw, 10% of the jackpot goes to the referrer.
Pool Party DAO aims to give users and the community a say in the governance of the protocol through the use of the token. Early users of the protocol will receive a retroactive airdrop of Pool Party tokens based on their participation in the savings pools. The governance will take place on Discord, and users will need to verify their token holdings to receive a role that gives access to the DAO governance section within the Discord. The Party Crew behind Pool Party includes developers, community leads, and partnerships, streamers, and designers.
The NFT minting will take place in March 2023, and the Pool Party crew invites anyone who wants to explore the frontiers of DeFi and web3 and to join them in this exciting new experiment.
Pool Parties Link's
Website: Click Here
App: Click Here
Twitter: Click Here
Docs: Click Here
Mint date: March 2023
Supply: 10 000
Mint price: 3 SOL
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