Get ready to Pool Party

Get ready to jump in the deep end…

Pool party is about to combine DeFi (Decentralized Finance) and DAOs (Decentralized Autonomous Organizations) to give you and your peeps a whole new way to save together and achieve your goals.

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We can’t get rid of COVID-19 and bring back the lost summer of 2020, but we can give you a new kind of pool party this August. Later this month Peeps is releasing a new product called…you guessed it…Pool Party. Why? Because we’re letting you “pool” funds together with friends, acquaintances, and strangers to save up for some big purchases, start an investment club, get your sou sou on, or whatever else you lords of DeFi can think up. Sounds fun? That’s why we added the party.

What is a Pool Party and Why should I care?

Have you ever tried to open a joint savings account with a bunch of acquaintances so that you all can buy a timeshare together or maybe even just season tickets to your favorite sports team (whenever they return)? Probably not. You probably have tried to coordinate saving up for a big trip or shared purchase with a group of friends (and friends of friends) only to have the plans fall through because someone in the group dropped the ball and didn’t save up and you didn’t find out until the last minute. Or maybe you’re a crypto-native OG yield farmer and want to start a sh!t coin cooperative investment club, but don’t want your funds to sit idle in a normal DAO while looking for the next token mooning. This pool party was built for you all.

Pool Party is a simple idea — combine DeFi and DAOs. Basically, we let you create a DAO (i.e. internet social community with a crypto “bank account”), that automatically invests the funds in Idle Finance’s DeFi protocol. With Idle Finance connected in the backend, your group will earn one of the best rates out there on $DAI, $USDC or $wBTC without needing to actively manage the portfolio.

Finally, you’ll be able to save together with friends and even strangers without having to trust some rando to hold your money. With a traditional bank account, each owner has access to the entire pot, but by using a DAO, each owner can only access their own principal, while the whole shares the collective interest. You also don’t need to worry about someone not pulling their weight, because you’ll be able to see how much the pool has saved and a projection on how long it’ll take to reach your capitalization goals.

How Does this Work?

For the crypto-curious, the first step will be getting setup with MetaMask, some DAI or USDC, and a little ETH (plus some other crypto friends). Don’t worry, when the beta is live, we’ll provide detailed instructions for the uninitiated.

Creating a pool party is a lot like starting any other DAO. You come up with a cool name, a description, choose a primary currency, and then invite some others to be a part of the founders party. Because we’re a goal oriented bunch, we also ask you to set a savings goal. This goal will represent how much the group needs to save before it can spend those funds on whatever. Once a group saves enough to hit the goal, it can then vote on spending all or part of the funds. Meanwhile, everyone is earning interest on their part of the savings.

Pool Party is a fork of the Moloch DAO framework and, more specifically, the Moloch 2x. That means there are only two ways to join a pool: As a founding partier, or via a vote of the existing members. Once you’re a member, you don’t have to do a proposal each time you want to add more crypto to the pool, unless you try to go over 50% of the voting shares — sorry no hostile takeovers.

The voting mechanisms work pretty much the same way — no quorum requirements, just yes votes > no votes means a proposal passes. The only differences are that you have to be a member of a pool to submit a proposal and you can only submit a spending proposal after you hit the goal.

RageQuitting also works pretty much the same way, except if you RageQuit before the group’s goal is reached, you’ll forfeit your interest to the community (you’ll still get all your deposits back of course). After the goal is reached you can quit and walk away with your interest and whatever part of your deposits are left, just don’t be a jerk to your fellow partiers.

The biggest difference, of course, is that whenever you make a deposit, we put that money into an Idle Finance pool where you’ll automatically earn interest on your deposits into the pool. We went with Idle because they’re almost like the original yield farmers. They find the best interest rates on trusted exchanges like Aave and Compound and put your funds there. This way we’re helping you maximize the interest you’re getting while soaking in the pool.

Cool…So What Can I Do with This?

That’s kinda up to you, honestly. We’ve got some ideas like pooling funds together to:

• Support an artistic project (e.g. a new album, studio time),
• Fund a mutual aid network to cover members’ rent or medical bills,
• Save towards a timeshare or other property (maybe a college in VT),
• Group purchases of season tickets or AWS credits,
• Taking are of public goods (i.e. buying swaths of the Amazon for conservation),
• Setting up investment clubs and sou sous,
• Or even just a way to peer pressure people into saving.

We’re just the BuidLers who want to empower you to do cool sh!t with your crypto and communities. And in exchange for getting some parties going, we’ll be creating a $POOL token soon to reward those who start parties and participate in the protocol. More to come on this later.