Note: As a member of the PoolTogether Pooltime Team, my insights are drawn from my direct involvement with the project. This article aims to provide educational content and is not intended as investment advice.
Intro
PoolTogether V5 introduces the option to seamlessly swap any token in your wallet into prize tokens, offering a convenient alternative to deposits. This feature enhances user flexibility, allowing for efficient participation in PoolTogether’s prize pools with ease. Alongside the option of deposits, users can now utilize Jumper, a multi-chain liquidity aggregator by LI.FI, for streamlined cross-chain swaps. Jumper simplifies the process of swapping any token in your wallet into PoolTogether’s V5 prize tokens. While this swapping method offers ease and speed, especially for smaller transactions, it's important to consider the impact of slippage and fees from decentralized exchanges, particularly for larger sums. For those transactions, depositing directly through a V5 interface may be more cost-effective. This tutorial focuses on using Jumper for efficient and convenient cross-chain swaps into PoolTogether V5.
Cross-chain swapping into V5 Prize Pools via Jumper
Step 1: Connect wallet.
Step 2: Click on the From box under Exchange and choose the chain and token you want to swap from.
Step 3: Click on the To box under Exchange, select Optimism as the chain (at the time of writing there is only an Optimism prize pool on V5), and type “prize” in the search bar to bring up PoolTogether prize tokens, then select which prize token to swap to.
Step 4: Enter the amount that you want to swap for.
Step 5: To the right side under You get, select a swap route.
Step 6: Review the bridge as shown. If everything looks good, select Start Bridging.
Step 7: From your wallet, select Token Allowance/Spending Cap and approve.
Step 8: From your wallet, confirm the bridge transaction.
Congrats, you are now in the pool! 🎉 To confirm, you can connect to one of the V5 interfaces and view your balance and winning chance. All prizes you win will automatically go straight into your wallet. That’s right, no more manual claiming! And if you use Rainbow wallet or Zerion, you will get notified as prizes land in your wallet.
You can learn more about V5 and its new features here. Good luck and have fun!
About LI.FI
LI.FI is a multi-chain liquidity aggregation protocol, enabling any-to-any token swaps across more than 20 networks by aggregating bridges and DEX aggregators. It significantly eases the process for users and developers in the multi-chain crypto environment. LI.FI simplifies the transition of assets across different chains and protocols, catering to dApps, yield aggregators, wallets, and DeFi protocols.
About PoolTogether
PoolTogether is a no-loss prize savings protocol. Born in 2019 from the philosophy of traditional prize savings models, PoolTogether has continually evolved, distributing over $10,000,000 in prizes through its various versions. Its latest iteration, V5, epitomizes this evolution as a permissionless prize-savings hyperstructure. It operates autonomously, requiring no human intervention, making it globally accessible and provably fair. With a focus on inclusivity and scalability, PoolTogether V5 allows anyone to deposit a range of assets into prize vaults, where the accrued yield is pooled and awarded as prizes in POOL tokens, fostering an engaging, no-loss saving experience.
How to Deposit to PoolTogether
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Getting Started with PoolTogether v5Â - Video Tutorial
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This is What Saving Looks Like: An Introduction to PoolTogether V5Â - Tutorial
PoolTogether Links & Resources
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Access V5 on app.cabana.fi or pooltime.app