Sorry, I have been out of the loop recently and have not been present for calls. However, just going to state the obvious here, PoolTogether currently gives around ~8% APY and is arguably one of the best-audited protocols around, along with being one of the oldest with a spotless track record. I feel like it’s the eye of the storm in this terrible market nowadays, as an optimal place to park your funds.
So, I’m just sort of confused, because our yield and track record are unmatched in this bear market when everyone is desperate for even 3-4% of APY in yield. I don’t see any real competitors. Yet, I rarely see us mentioned and our TVL has actually gone down during the market downturn. This seems like a clear example of information asymmetry and us just not being visible.
So, I wanted to open the discussion here about ‘bear market outreach,’ because I think this is our moment since so many people are parked in stables, but something is not adding up. I’m sure this has been talked about before, but I wanted to hear some thoughts as to why. Thanks!
There needs to be some hype about saving money, even during a bear market. Why aren’t people using PoolTogether for our more than competitive yield?
Does it have to do with our APY being projected vs realtime?
For example yes you might get 9% APY but the way yield is distributed might be a different experience than what yield farmers are accustomed to (some days you earn interest, others you don’t).
Just to play devils advocate, PT being a prize savings account some users might be withdrawing from their savings to take advantage of this bear market to buy other volatile assets. (I know I personally am)
This could be a good topic to bring up to the Marketing Working Group.
I think that @underthesea has said it best: PoolTogether’s selling point isn’t the yield, it’s the prize. The chance to win should be enticing for small depositors, but it’s not going to attract the whales. This audience will slowly build over time as we reach out to Play to Earn/Own communities, onboard normies, and work to promote in places like the Phillipines, India and Brazil.
The short term big play is this: We don’t want to court whales to milk our sweet sweet (currently propped up) prizes. We want whales/treasuries/grants to hold their stables in PoolTogether and delegate their prizes to their communities, causes they care about, or use the prizes to build engagement and reward contributors.
I also think that PoolTogether needs more lines of business. It can’t just be the prizes. It’s got to be other stuff too: web3 recruiting, startup incubator, vc fund, web3 consulting, PODCAST COMPANY?!?!!?
As I’m going through my 24 leads for the multi-delegator tool rn, I’m finding that web3 is very small. There’s just not a lot at the top of the funnel for established projects who trust Polygon and are willing to deposit massive amounts of USDC to delegate to their peeps. We’re about to land a couple big accounts (PLEASE GOD), so hopefully that creates a snowball effect.