Yearn’s Dai strategy now holds $40m / $65m of the deposits. They are capturing and dumping more and more of the pool every day. But we now have Pods.
Pods are a unique addition to the PoolTogether protocol; they combine tickets together to give users a higher chance to win. Instead of tickets, users hold Pod shares.
Pod shares are distinct from Pool tickets in that they’re fully fungible: I can swap my shares with someone else and it doesn’t affect my chances of winning. Pod shares are simply tokens that can claim a randomly increasing amount of collateral.
This is a huge boon for PoolTogether: Pod shares can be bridged to other networks with no risk to the protocol. We can push these tokens out to every single EVM out there. Shares will likely get arb’d and so users can pull their winnings directly from the AMMs.
How can we do this?
We incentivize LP positions across our favourite AMMs on different networks. This has two effects:
- Liquidity is put into PT. LPs must mint Pod shares in order to create positions.
- Liquidity is bridged across blockchains.
For example, by creating an LP position for Pod shares in Quickswap, users will deposit into the Pods then move shares over to Quickswap. Boom. Pods are now cross-chain. LPs earn POOL by doing “work”.
I propose we incentivize LP positions for Pod shares across all of the popular AMMs. This will:
- Increase TVL
- Make Pods available across all AMMs.
To do this efficiently, we’re going to need to:
- Select our favourite AMMs
- Bridge Pod shares to the relevant networks
- Bridge POOL to the relevant networks
- Deploy faucets on those networks for the LP pairs and fill them up with POOL.
Who’s with me?