Before we get started, this is not a recommendation or endorsement to buy any token mentioned.
What is PoolTogether?
PoolTogether is one of the first protocols to secure an OP grant from the Optimism Governance fund, for work deploying their signature protocol on the Ethereum L2. You may recall previous write-ups on PoolTogether, which is a no-loss savings game that’s been live for over three years. Since its inception, the protocol has distributed over $5 million in prizes to depositors, with the luckiest winner to date having deposited $74 and won over $40,000.
PoolTogether allows you to permissionlessly and trustlessly deposit tokens (commonly stablecoins), lend the pooled tokens to Compound and Aave, and award the aggregate yield to a randomly chosen winner. Some of the most beloved benefits of PoolTogether are:
- No risk to your deposited principal (barring an exploit)
- Easy and fun to play–deposit and you’re auto-enrolled in each drawing!
- The gamification of saving with the chance to win a larger prize!
Today, I’ll show how I can earn 9.7% vAPR in OP rewards just for depositing USDC in PoolTogether on Optimism, with the added bonus opportunity to win the daily drawing every 24 hours at 3 pm EST, for a prize currently worth $4,732.
How to Earn Up to 9.7% vAPR with USDC on PoolTogether on Optimism
Before we get started, please be aware of