This is a step-by-step guide for absolute beginners to join a pool on PoolTogether. Keep in mind this guide outlines a specific set of tools you can use to join a pool — there are many other tools that could be used but for simplicity and clarity we will show you one specific set.
To join a pool on PoolTogether you’ll need four things:
- An account on Coinbase — Coinbase is a cryptocurrency exchange allowing you to buy your Dai and Ethereum using your bank account or credit card.
- Dai — Dai is the name of the cryptocurrency you use to join a “pool” on PoolTogether. The important thing to know about Dai is that it’s pegged to the value of the US Dollar. So 1 Dai = 1 US Dollar.
- Ethereum — Dai is built on the Ethereum blockchain, that means when you use Dai you must pay a very small transaction fee in Ethereum. So you’ll need a little Ethereum along with your Dai.
- A web 3 enabled wallet — a wallet stores your Dai and Ethereum and allows you to interact with the PoolTogether app.
Step 1: Setting up your Coinbase Account
If you already have a coinbase account, you can skip this step. If not, start by by going to Coinbase.com and set one up. Setting up an account on Coinbase.com requires four steps: verifying your email, verifying your phone number, verifying your identity, and adding a payment method. You’ll need to do each of these steps, for simplicity, we recommend just adding a debit card as your payment method.
Once you have your Coinbase account fully setup, you’re ready to move to the next step.
Step 2: Getting Dai
You can buy Dai using your debit card on Coinbase.com however, right now there is an even better way to get Dai that costs you nothing. Coinbase is currently in an educational partnership with the company that created Dai. That means you can earn 6 Dai on Coinbase’s Earn platform simply by watching a few short videos about how Dai works. (note Coinbase Earn is not available for residents of New York and Hawaii as well some other countries).
- Go to coinbase.com/earn and hit “Start Course” for the Dai course (see photo below)
- If you are already logged in you can start watching the first video to earn 2 Dai. If you are not already logged in, hit the login button at the bottom right corner and then watch the videos (see picture below)
- Finish all three videos and you’ll have earned 6 Dai! One ticket on PoolTogether costs 5 Dai so now you just need a little Ethereum and a wallet!
Step 3: Getting Ethereum (ETH)
- The easiest way to get Ethereum is to trade one of your Dai for a little ETH on Coinbase. Hit the “Trade” button at the top of the screen.
- Now hit the “convert” tab at the top right of the trade panel. Enter 1 Dollar as the value to trade and make sure you select from “Dai” to “Ethereum”. Once you have that setup like below hit “Preview Conversion”
- Then hit “convert now”
Congrats!! You now have Dai and Ethereum, just one last step — get a wallet and join PoolTogether!
Step 4: Putting your Dai and Ethereum in a wallet
- There are many wallets you can use but the easiest way will be to download Coinbase Wallet on your iPhone or Android Device (Note this app is seperate from the Coinbase App). Go to this link and download the app on your phone: https://wallet.coinbase.com
- Once you’ve downloaded the app, open it and hit “Create a New Wallet”. The app will walk you through the setup process and once you complete you’ll see a screen that looks like the below. Hit the “settings” button at the bottom of the screen.
- From there hit “Connect to Coinbase” and follow the steps to link your wallet with your Coinbase account. This will make it easy to get your Dai and Ethereum into your new Wallet!
- Once you’ve linked your wallet and account go back to your Coinbase Wallet app on your phone and hit “Transfer coins” seen in the image below.
- Choose “From My Coinbase Wallet” and then hit “Dai”, choose “Use Max” and then hit “Continue”. This will transfer the Dai into your wallet! Do the same thing for your Ethereum. It will take a couple minutes to show in your new wallet but once it does you are good to go!
You are now fully setup and ready to join the Pool!
To do that, in the Coinbase Wallet app hit the middle browse icon and at the top of the screen enter the address “pooltogether.us” into the browser. That will take you to the PoolTogether website, hit “Join the Pool” you’ll first be asked to confirm access to your Dai wallet and then on the second transaction you will get into the pool!
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