After $34,000 in prizes awarded, 12,000 global users, and zero dollars lost it’s time to upgrade the no loss prize game protocol!
This V3 release adds more prizes, improves decentralization, and enables all new prize pools! The key features are:
- Bigger Prizes
- Deposit rewards for everyone in the pool
- Referral Rewards for helping the pool grow
- New asset types, yield sources, and prize distributions for pools
- Instant eligibility for prizes
- Provable randomness with ChainLink VRF
- No admin keys for prize pools
Upgrading from V2 to V3
PoolTogether is a decentralized protocol. That means we don’t control your funds. All money deposited into the V2 is secure and can remain in the V2. You do not have to move your money. The user interface for the V2 is available here: https://v2.pooltogether.com/
To gain the benefits of the V3 you must withdraw from the V2 and redeposit into the V3 here: https://app.pooltogether.com/
The V3 release is a major step towards our long stated goal of full protocol decentralization. Specifically as compared to the V2, the V3 improves by:
- Removing upgradeability from the core prize pool contract storing deposits
- Eliminating the need for a privileged administrator to manage prize awards
- Removing reliance on the core team for randomness generation with Chainlink VRF.
The protocol does continue to need management of a limited set of parameters and is architected to allow governance to serve key functions around prize pool creation and management.
More details on what each function entails can be found in our documentation. Governance of the protocol is currently controlled by PoolTogether, Inc. We plan to decentralize control of the PoolTogether protocol as soon as possible.
The protocol enables the creation and management of no loss prize games. All prize games share three attributes: no loss, the ability to withdraw at anytime, and fair prize distribution. Prize games are differentiated with different yield sources, methods of distributing prizes, and asset types.
The heart of the protocol is the “prize pool” contract, this is a non-upgradeable contract storing all deposited funds and managing interaction with the yield source. Every prize pool is paired with a “prize strategy” contract, this contract is upgradeable and swappable by the protocol. The prize strategy distributes the interest accrued to the prize pool.
The design ensures the protocol is non-custodial while also providing flexibility to adjust how prizes are distributed based on the communities desires.
The protocol can be extended, governed, and built on top of. If you’re a developer learn more at docs.pooltogether.com.
Risks & Disclosures
Using the protocol includes substantial risks of losing some or all of your funds. The protocol has undergone two professional audits with more audits on-going. However, these audits DO NOT cover 100% of the current code base. The PoolTogether core team and community have made every effort to ensure the security of funds. Read more about risks and security in our documentation.
By using the protocol you are assuming 100% of the risks.