The Evolution of DeFi — PoolTogether and Bidali team up to combine saving and spending
If cryptocurrency is the future of money, then stablecoins are the perfect gateway. There are better interest rates than bank accounts, they don’t fluctuate so wildly in value, and you have more control over your own money compared to more traditional finance.
More importantly, this next generation of financial infrastructure enables programmable, transparent and fair money.
These are undeniable truths that have grown the community to where we are today, and will continue to grow cryptocurrency adoption going forward.
The DeFi ecosystem is an essential part of continuing the digital money evolution, and is showcasing examples of what a decentralized or automated financial system could look like. It demonstrates a world with reduced fees and intermediaries, unlimited creativity and access.
Quite truly, money for the people.
This puts more saving and spending power in the hands of the consumer, and eventually more retained earnings in the hands of the merchants or companies who choose to join the new financial system.
Does it mean that the ecosystem is fully fleshed out, and there is all of the same utility as with our traditional Fiat system? No. In most cases you still need to cash out your stablecoin to Fiat through the traditional system in order to get real utility. But we’re getting there.
Stablecoins have hit an all-time market high according to Coin Metrics data showcased April 20th. In the last month alone, their market capitalization has grown over 30%. With all this liquidity rushing in, it’s no doubt that people will be looking for ways to put that value to work.
So far this has generally meant trading and arbitrage, and in 2019 we saw the boom of lending. At the end of the day, the borrowers in the lending market, and the traders in the trading market, if they’re not trying to grow their wealth, will need efficient ways to pay for goods and services with it. This is where Bidali comes in. We enable people to easily spend their stablecoins on real things at over 1,000 brands around the world.
Recently we teamed up with PoolTogether to bring all of this together. What’s better than a lottery where you could win, but if you lose you get your money back? 🤔
Being able to immediately take your winnings and splurge on that thing you’ve always been wanting!
With PoolTogether you can take your USDC or DAI and put it into a prize pool. This pool then earns interest and at the end of the prize period, one lucky winner earns the prize pool and even if you don’t win, you keep all your money. 🤯
To make this even better, we’ve decided to give an extra $250 to the next 4 prize pool winners.
Win, win, win! 🙌
Awesome, how does this work?
Starting May 1st, Bidali will sponsor the winnings of the weekly PoolTogether prize pool by contributing an additional $250 to the winners. Simple.
This means that outside of what is won from the interest earning collateral locked up in PoolTogether, there will be an additional $250 donated from Bidali to the winner in DAI for the next 4 weekly prize pools.
Why are you guys doing this?
Bidali and PoolTogether are both on a mission to make DeFi more accessible and easier to use. By combining both beautiful platforms we are demonstrating just how amazing and easy to use this programmable money really is.
What the PoolTogether team has done is freaking genius! The fact that people can get their endorphin hit in a game of chance, while still ensuring that they never lose is amazing. This could lead to a whole new world of more fair, transparent, and equitable gaming and we’re happy to close the loop in enabling people to actually do something with their winnings! We can’t wait to see what their team does next and are proud to support their effort.
Eric Kryski, CEO of Bidali
Bidali provides the simplest way to use cryptocurrency to buy the things you need! Right now converting your Dai to a local currency is both an expensive and time consuming process. Using Bidali gives you a free and instant way to convert your Dai and make purchases when you need to!
Leighton Cusack, from PoolTogether
Great! How do I get started?
To Save your stablecoins in PoolTogether and be eligible for the extra 250 DAI bonus go to https://app.pooltogether.com/.
To Spend your stablecoins on real things visit https://spend.bidali.com/.
