My Thoughts for PoolTogether in 2021

The end of 2020 has been an exciting time for the PoolTogether community! The V3 of the protocol launched 10 weeks ago and by all measures has wildly exceeded the V2 protocol. In just the first 10 weeks the protocol awarded over $44,000 in prizes and $16,000 in referral and deposit rewards. Currently 4,000 unique wallets hold deposits in the protocol saving over $2.6 million in value. This growth in unique users places PoolTogether among the most popular DeFi protocols in existence.

The most exciting aspect of the V3 launch has been the growth and active participation of the community. We’ve had robust debates on protocol changes, protocol votes have seen the highest participation levels across all DeFi protocols, weekly community calls have been highly attended, volunteers have translated the app into eight languages, physical Christmas cards were made, NFTs and more!

I’d specifically like to recognize and thank some of the most active community members: @nahbur, @rliriano, @pancake, @oops, @Torgin, @Pierrick, @mitto, @gabor, @qwercus! Without your help we would be lost!

Looking Forward
Two of the most exciting things happened in the last two weeks of the year. The first was the launch of the Uni Token prize pool and the second was the usage of the Prize Pool Builder to create a community pool for Basis Cash. I want to unpack these two things has I think they are important for charting the course ahead.

UNI Prize Pool:
The no loss Uni Token prize pool is significant because 1) it departs from only having one single prize pool featured on the app and 2) it is the first no loss prize pool that uses a non-stablecoin asset for deposits 3) it is the first new prize pool chosen by the community vote.

The pool launched just 12 days ago and it’s been a huge success. With no marketing it already has 400 unique wallets with almost $1 million in value (~181,000 UNI) deposited. 49% of all wallets deposited do not hold tickets to the Dai pool. Meaning this prize pool is helping a new audience save money with the protocol.

Basis Cash Community Pool:
This is exciting for several reasons 1) it is the first large, no loss prize pool created using the prize pool builder. 2) it is the first prize pool utilizing the new “staking prize pool” design. 3) It is the first prize pool utilizing the “reference front-end” for people to join.

The community prize pool builder and reference front-end are still very early so the fact that the Basis community already finds them compelling enough to use is a positive signal. This is a first signal hinting at how PoolTogether can become a no loss gamification layer across all of DeFi.

These events point to a few learnings that I believe should anchor our protocol work to start 2021:

  • There is strong demand for new no loss prize pools on the flagship application.
  • There is demand for anyone to create a no loss prize pool using whatever deposit token they desire

Practically speaking this means starting 2021 by launching more prize pools. This is a place where the community is going to need to play a big role, specifically in 1) determining what prize pools should display on the flagship app (app.pooltogether.com), 2) managing those prize pools and 3) helping activate more community prize pools with the builder. I’m imagining a scenario similar to Uniswap.org in that anyone can come and create a new trading pair on Uniswap but only certain ones show by default on uniswap.org. In the same way, anyone can use the builder to create a new prize pool but only certain ones curated by the community will display on app.pooltogether.com

Additional Notes
I’d be remiss to not at least mention the importance of scaling in 2021. We know high transaction fees make a large impact on protocol usage and beyond that are detrimental to goal of helping people save money.

Gas fees for using the protocol have gone down by about 33% even in just the last two weeks. However, it’s not good enough. Going into 2021 we are going to need to start working on scaling whether that happens through layer 2s on Ethereum, sidechains, or porting the protocol to other chains. Again, the community needs to play a big role here.

Summary
I couldn’t be more excited for 2021. 2020 was mostly a year of quiet building directed by the core team with the public action kicking off in the final 10 weeks. Now that the foundation is in place, I’m predicting 2021 will be a year of massive growth directed by the community.

When we step back, we remember we’re building a 10x better version of one of the most popular and helpful consumer financial products in the world (prize linked savings). I’m privileged to get to work on this with so many other amazing people from around the globe. All the pieces are in place for the protocol to flourish and help many people become financially healthy!

30 Likes

Great summary Leighton!
I’m proud to be a member of the community and it’s a privilege to be able to do my part in building something that can have a huge positive impact on people’s financial stability by incentivizing savings in a fun way.
I think the core team has done a fantastic job this year.
I’m still tinkering with ideas for launching a custom pool of my own and I think it could be ready to launch within Q1 2021. I’m very excited for when I can share more about it.

So far it already has a name: kokoon. So keep an eye out for that!

To another amazing year of innovation for Pooltogether and the whole DeFi Space.
Cheers! :beers:

9 Likes

Hey :wave:t3: Leighton and whomever is reading this, to me, it’s a pleasure and honor to be a member of the crypto community and especially PoolTogether.

Congratulations :champagne: to all the PoolTogether team members and ticket holders.

As each day passes I continue to look forward to how the protocol evolves and be part of the growth and add my two cents whenever I can.

Looking forward to many great things in 2021 and beyond!

4 Likes

I can only echo what @Torgin and @rliriano said, its a privilege to be able to chip in some humble thoughts that could help in this exciting journey.

Agree that scale is the most important goal to achieve in 2021. To add to the above, other than opening up for third-party pools further integration with wallet providers (such as coinbase wallet) could be pursued. Although cryptopeople experience the application as user friendly (and I really think it is), less advanced users can still benefit from even more convenient onboarding processes. Users don’t even need to visit the flagship site to participate and the PT brand is strong to attract integrated in the UIs of 3rd parties.

I also think that (community-founded) pods could be fun to onboard more people to save with PT.

6 Likes

Thanks for the great summary Leighton!

2020 will be remembered as a key year for PoolTogether, with the birth of V3 that really decentralizes the protocol and brings amazing possibilities for the foreseeable future.

I wouldn’t have learn so much about web3 and Solidity development without the various hackathons sponsorized by PoolTogether that I have been able to participate to. For 2021, I hope I will be able to help the protocol grow even more with some new integrations.

5 Likes

Leighton, such a great way to describe the past, present, and future of the protocol.

I’m grateful to have made a small contribution to the community of PoolTogether during the past year and especially with the Spanish speaking one.

I’m looking forward to the new challenges for the next months in building this awesome concept that helps people save while playing.

2 Likes

Awesome update! Excited to watch what emerges from PoolTogether during 2021.

3 Likes

I am quite late to the party. Or should I say pool party. But I have been part of other community driven DAO’s that are still developing and thriving, pool together seems very aligned with the general consensus in the ecosystem, that their protocol is going to play a big role in this new financial system that Defi enthusiasts are building for the world of the future. With the introduction of Pool Together V3 you are creating value for of so many projects and you can see this in Uni Token and Bond Token holders. I really hope we can work with together in the future as I learn more about the people that drive this wonderful community.

6 Likes

Would love to see Pool Together on xdai

4 Likes

Like bancor that will be on xdai and polkadot. …

1 Like

This is very nice @Leighton

I like this idea of anyone being able to create a prize pool like uniswap a lot.

And also, thanks for the airdrop! :slight_smile:

With regards to L2, I think deploying on Matic Network is a good option right now. I don’t know the tech side tbh but since matic is evm compatible and from a user perspective, it’s just like using Ethereum, it sounds like a very good option. I also read a post few days back which said that Matic has more nodes than xdai and is hence more decentralized than xdai. Anyways, not shilling Matic. Just a rough thought.

BSC is also just like using Ethereum but no one can run their own node for BSC, it’s not decentralized. However, complementary deployment on BSC is a good idea imo because BSC has a lot of retail users since gas fees is almost non-existent.

1 Like

Yes we need to look forward for scaling and growth in 2021

1- Layer 2 or porting or bridges

2- Adding new assets

3- Adding new algorithm of pools ( right now we have algorithm ,more you deposit ,more your chance of winning ) , we can have new pools where algorithms can be different ,like quadratic funding suggested by vitalik or fixed amount of pool or some other crazy algorithms to make the game diverse and attractive for all class

4- The UI is great and is the backbone of dapp , keep rewrading your designers

5- Integration of pool together to different dapps

all the best to team and community and a great 2021 ahead.

2 Likes

Long time lurker since 2019… Not very active until recently.

@Leighton is spot on with this announcement from the beginning of the year. The fees are going to be a big barrier for 2021 especially with this current bull market with ETH. 2020 has resulted in a vastly improved user interface. The community will have to rally together to enable equitable and equal access to everyone to PT.

Here to help in anyway that I can.

@Leighton - hey great write up

I have been with PoolTogether since V1, but just joined this forum. I had made a stand alone post about bundling deposits into a intermediate smart contract which would then exchange deposits for raffle tickets: IFF a certain amount of deposits were made (100k usdc for example), AND/OR a certain gas fee was prevailing (fast gas below 100gwei), AND/OR a certain number of wallets have participated (50+wallets for example). I have used - on main net - a solution like this via PieDAO’s oven feature

Again I see it as an interim solution - but it could bring gas fees down enough to grow the community. If it could be forked and integrated from PieDAO it may be worth it

1 Like

非常感谢大家对社区所做的贡献;2021年我将发动身边更多的朋友来玩转PoolTogether!

2 Likes

I’d love to see PoolTogether build on Polkadot this year!

I think there is a limited amount of us humans, and having to make an account for a forum on each projects is a bit draining, is anyone working on a consolidated solution for DAO projects communications? Just really wondering.

Thanks pool together team for what you have done and hope this keeps getting push ahead and growing!!

1 Like

For sure! This is annoying, there are a few projects working on it… here is one: https://www.withtally.com/

Hopefully there will be more soon and we can deprecate this.