PoolTogether

PoolTogether Celo Rollout! 🤫

The PoolTogether protocol is being deployed to Celo! Celo is an “EVM” compatible blockchain similar to Polygon. It offers incredibly low fees, while being compatible with much of the existing Ethereum infrastructure.

Due to Celo being a different blockchain connected to Ethereum the ability to directly link governance is still nascent. As such, we are following the lead of other protocols like Aave and initially governance on Celo will be controlled by the core team. Functionally, this will control very little and only be needed to 1) set reserve rates on Celo and 2) ensure any reserves and / or farming rewards accrued are distributed back to Ethereum governance.

The Celo deployment will be officially announced by Celo this Monday (August 30th). A few details below:

  • Initially there will be prize pools for two asset types cUSD and cEUR
  • Both prize pools will be launched with special incentives in Celo tokens (similar to Polygon launch)
  • Both prize pools will stake prize pools as a compatible yield source as not yet been launched on Celo. Once a compatible yield source is launched, new prize pools leveraging that yield source will be created

I’m quite excited about this overall as Celo is a solid blockchain that is simple to use for anyone familiar with Ethereum. The initial incentives will make it quite appealing to get started. This furthers the vision of seeing PoolTogether become a truly cross chain protocol and sets the stage for a V4 prize pool on Celo connected with the others

12 Likes

Members of the community have suggested increasing the number of winners on the CELO prize pools from 10 weekly winners to 30 weekly winners. This would improve the odds of smaller depositors winning prizes.

Because governance has not yet been bridged to CELO, we will need to do a more informal governance poll to judge support for this change.

  • Change number of weekly CELO winners to 30
  • Keep winners unchanged at 10 per week

0 voters

4 Likes

Heck
and
YES!

Lets Go.

6 Likes

imo maybe keep it 10 for now - lets try it on for size, get feet wet etc etc and see how it goes.

maybe after the sponsorship we can re-evaluate/re-group. but its only been one drawing thus far and not really much time to get a feel for how it will go with 10 draws. which btw is like 2-3-5x more than the other pools as it is, isnt it?

IMO, It makes sense to have 30 winners in CELO. In ETH, I would want a big prize to compensate the big fees. In CELO with the low fees, having small prizes will possibly make more people getting involved as they earn at least some prize.

5 Likes

It just makes sense!

2 Likes