Crypto folks... don’t overlook Moonpot ($POTS)!23.08.2021, 07:44
Provided it doesn’t get hacked, which is a risk to bear in mind at this stage of the de-fi / decentralised finance game, the Moonpot project and $POTS token will go further beyond the moon where it’s now landed. But a hack is unlikely: Moonpot has been put together - or is ‘powered by’ - the Beefy Finance team, which remains one of the strongest projects on the Binance Smart Chain.
But what is Ziggy's Moonpot and how can there be a 'no-loss lottery'? Find out below...
Here at Prizes Drop, we're always on the lookout for exciting passive income and investment projects which may help our members, in between earning our points for completing simple tasks and watching adverts. When you have enough, you can even swap them out for leading cryptocurrencies like Bitcoin and Ethereum.
Now, back to Moonpot. The new $POTS token allows players to participate automatically, in a rolling lottery, as well as earn interest. You may have heard of the POOL token on Ethereum, Polygon (and now BSC) which is the governance and main crypto token for PoolTogether. It’s another strong project, and clearly an inspiration for Moonpot. However, Ethereum is congested, and transaction fees for using PoolTogether are currently off-putting to regular folk. Enter... Moonpot, which have drawn in 'potters' by the high rates of interest.
The more POTS you have, or buy, obviously: the more chances you have to win. You can stake (or withdraw) your POTS in a lottery pool, or... you can stake CAKE, one of the most successful tokens on the BSC, in the second pool. There are more pots planned, selected or voted on by the community.
Note: although you can add or withdraw from the pots at any time, you need to be aware there are some fairplay time-lock caveats associated with the pots if you wish to qualify for the winnings.
The POTS token will also be a governance token, but the best, most alluring aspect is the interest you still earn on tokens staked at Moonpot, despite winning or losing the main prize.
There has been rapid growth since its launch. This is likely because of the existing CAKE pool, you could say, that the POTS token has seen associated value: everyone is staking CAKE to get a higher APY than the automatic pool offered on Pancakeswap.
Don’t miss out! This project is well worth a look and could see more growth to come as it concentrates purely on being a ‘no-loss’ decentralised lottery 'station' with regular - and quite decent - chances of winning. Much better chances, than a national lottery or many one-off ticket buys.
We users in de-fi however: we are attracted by the chance to win big, but we also don’t want to lose out on yield for staking and 'hodling' already valuable tokens. The current Moonpot CAKE pool was a combination of everything attractive to de-fi users, and it looks set to continue.
There are other lotteries, such as the Pancakeswap lottery itself. However, users do not like losing their tokens forever for a slim chance to win. With a large enough pot, everyone earns interest as well as having a pot for a few winners.
Therefore, the POTS token and Moonpot project is off to a winning start and is indeed a token to HODL, strong in the crypto force on BSC.
A note about the BSC network: It may not be as decentralised a network as Ethereum, but its growing community is strong, it has financial backing from the largest, most influential exchange in the space, and it has also been a valuable 'filler' to take the strain off Ethereum as it takes its time to upgrade. The BSC has enabled de-fi to progress, and many of the projects built on it will overflow onto other networks in the future. ‘Ce-de-fi’ also has some strengths, in that you can be sure professional people are involved and serious about their tokens. It's probable that the BSC will move towards a more compliant, decentralised future also.
Once you've staked your POTS, CAKE etc. in a Moonpot, and while you're waiting for the next lottery draw, be sure to keep on earning our points here at Prizes Drop! Get your personal dashboard today by signing up today!