Skinny dipping is so DeFi Summer…We’re Quadruple (4x) dipping

Pool-Parties are built for you and your peeps to save up together for a goal. Maybe your crew wants to buy a lake house, perhaps you’re starting a HackerVilla for tropical hackathons, or possibly you want to coordinate on buying that Mystic Axie that’s otherwise out of reach. These are all reasons to start a pool-party, but there’s more.

When we say we combine DeFi and DAOs, we mean that we’ve built DAOs that will auto-deposit the shared funds into DeFi protocols like Idle (live) or Aave (coming soon). Not only does this mean that your group is earning interest on that DAI, USDC, wBTC, whatever, it means that the DAO is yield farming for you, sometimes farming as many as four fields at once.

How Does this Work?

So remember, if you start a Pool-Party that uses DAI as its primary token, every time a member makes a deposit or joins the Party with new DAI, that DAI gets converted into IdleDAI.

That IdleDAI is spread across a couple of trusted DeFi lending protocols, like Compound, so the DAI earns interest for you. BUT, because you indirectly have DAI in Compound, you also earn some COMP.

And, because Idle.Finance also rewards it’s pool participants with their own token, your Party is earning IDLE.

Additionally, Pool-Party is aiming to launch its own POOL token to reward Pool-Party summoners and participants (swimmers). That means your Party is stacking tokens while your OG party funds grow in an interest-bearing asset. P.S. if you have any good token design input jump into our Discord.

Depending on the currency you choose to use for your Party, you could be earning up to three governance/rewards tokens plus some nice interest on whatever your Party is using for its primary token.

This means your Party members get a nice bonus when it’s time to cash out the DAO funds to make that long-sought-after purchase or achieve that lofty goal. Not only can you vote to use the group’s original DAI to purchase stuff, but when you do, the governance tokens your Party farmed will get injected into the Pool’s bank.

What should you do with those tokens? That’s completely up to your Party…everyone can quit with their pro-rata share of those bonus tokens or you could (potentially) cash them in as a group to make further purchases — add a fire pit to that lake house.

How to Make My Party a Pool-Farming-Party

Again, it depends a little bit on the currency you’ll use. If your Party uses any of the Idle-supported assets (right now, DAI, USDC, wBTC, SUSD, TUSD), then the Party earns COMP, IDLE, POOL, and interest. When we introduce Aave tokens, your Party will still earn POOL and interest (along with any rewards tokens Aave may offer in the future). Basically, ETH / WETH pools are the only ones that don’t earn interest, only POOL — though we’re super bullish on ETH prices anyway.

Claiming these tokens for your Party usually happens automatically, either when you withdraw funds from the Party if it’s an Idle asset or, for POOL when it launches, via a claims button that will magically appear on your profile page. To get any tokens deposited in the Party, you might need to call a special collect tokens method (email us and we’ll help), but then exiting the Party will auto-transfer your share of those tokens to your Party bank to be withdrawn to your wallet.

Welcome to passive income yield partying with a purpose. Get yield while saving to do cool shit together. Slay some Moloch and get some bonus tokens. That’s responsible DeFi and what we call cooperative finance. Get involved.