Tired of losing money to your friends every season? A new PoolTogether use case just dropped to help you out!
Originating from a collaboration between the Thales and PoolTogether communities comes a concept to change the world of fantasy sports forever.
Below is a step-by-step guide on how to create your own No Loss fantasy sports league. 👇
PoolTogether is a protocol for no loss prize savings. A crypto-based savings account with superpowers! Every dollar you save equals one ticket in a daily prize draw. So on top of just saving money, you have the chance to win prizes every day. The twist: even if you don’t win, you still keep your money. No Loss!
But how does that help your fantasy football league? Let me explain…
A quick overview of what happens:
Create a Gnosis Safe
All players deposit into PoolTogether
The deposits are delegated to a dedicated multi-sig
Cup winners take home all prizes & rewards earned by the multi-sig
No Loss – at the end, everyone gets their entry fee back!
Each of the steps is simple and doesn’t take more than 2 minutes. We’ll begin with setting up a multi-sig.
A Gnosis Safe will serve as your league’s treasury. Because of the extra low network fees and super fast transactions, all of this will happen on Optimism.
Collect the wallet addresses of all participants
Browse to gnosis-safe.io/app/welcome and click on Create a new Safe
All you have to do now is:
Connect your wallet and make sure you are on the Optimism network
Choose a name for your Safe (only members can see it)
Add all wallets of your participants
Specify how many confirmations are required to execute a transaction
Sign the transaction to create your Safe
Voilà, your league treasury was born!
Example: In the case of our Thales & PoolTogether league we’ve used a 6/10 multi-sig that includes all 10 league participants. If you have no trust issues in your league you could set up a multi-sig as low as 2 of 3.
In your regular fantasy league, all entry fees make up the pot for the winners. Most likely you’d never see any of your money again… but this is where it gets interesting! Since PoolTogether is No Loss, everyone gets their entry fee back. It even goes a step further: all players keep custody over their own entry fees during the whole season!
To start the magic ask every participant to deposit their fee in form of USDC into PoolTogether on Optimism. The process is simple and takes less than a minute!
Enter the amount & hit review
Approve USDC tokens
Confirm the USDC deposit
Follow this link for a more detailed guide to share with everyone in your league:
The next step is for all league members to delegate their entry fees to the newly created Safe using PoolTogether’s Deposit Delegator feature.
**What is this delegation you are talking about?
**Delegating your deposit means you are making another wallet eligible to win on your behalf. You still remain in control of your funds and can withdraw at any time. Or to say it in other words: You’re keeping custody but sharing your chances to win a prize. This means all players actually keep their entry fee the whole time!
To delegate, just:
Navigate to tools.pooltogether.com/delegate
Create a new delegation
Enter the address of your league Safe as Delegatee
Fill in your entry fee as amount
The lock duration is optional! Locking the delegation means you can’t withdraw or change it for a set amount of days.
Queue the delegation
Click on Save Changes
Confirm the delegation & sign the transaction in your wallet
This guide with screenshots has got you covered in case you need help:
Once everyone has delegated to the Gnosis Safe your league is all set and will be earning prizes and any existing rewards throughout the season.
Hint: Anyone can delegate to any address. In the case of the PoolTogether <> Thales League, each DAO is delegating $10,000 from their treasury to boost the prizes. Again, once the season is over, each treasury is returned the $10,000. No cost incentives! 🥳🏆
Is this a DAO community league? Perhaps your DAO would be willing to sponsor your community league by delegating a deposit. Reach out to us and we’ll help to figure out the details!
The otherwise idle money is now winning prizes and earning Optimism rewards while your league goes on.
Prize draws are daily and you can check for prizes and claim your league’s rewards within the PoolTogether app. If you want to receive Prize Notifications look here. More details about prizes and winning can be found in the FAQ.
Note that claiming prizes must be done within 60 days of the prize being awarded.
At the end of the season, the Safe signers can award the winner the accumulated prizes & rewards, and everyone can take back their principal deposit. True No Loss fantasy sports thanks to DeFi and powered PoolTogether, Gnosis, and Optimism.
Enjoy your season, players! 🏈
If you want to learn more about Delegation, have a look at the User Documentation
If you’re ready to start saving & earning $OP rewards, deposit here
If you still have any open questions, join our community on Discord
The PoolTogether Protocol is non-custodial and autonomous, be sure to understand the risks of using decentralized finance software before using the protocol.