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Frequently Asked Questions
What is Pool Party? Pool Party is a Prized Linked Savings Protocol (Also called, No Loss Lottery) built on Solana. Users save tokens in our savings pools and automatically get a chance to win tokens in a weekly lottery.
What is Prized Linked Savings? A Prized Linked Savings, is a savings account that is incentivized with lottery prizes based on portions of the interest generated by the deposits. This concept is that through research it is proven to both mitigate damaging gambling behavior and generally increase savings. Read more here: https://en.wikipedia.org/wiki/Prize-linked_savings_account
What is a No Loss Lottery? I can't lose? A no-loss lottery is a type of lottery where participants can't lose any money nor pays for any lottery tickets but are still able to participate and win. The prizes are usually generated from interest on deposits, as with Pool Party.
What tokens does Pool Party support? We have pools for SOL, BONK, and USDC
How much do I need to deposit to the pool to be eligible to win? The minimum deposit is 1 USDC for the USDC pool, 1 BONK for the BONK pool, or 0.1 SOL for the SOL pool.
Can I withdraw my tokens from the pools whenever I want to? Yes! Your tokens are your tokens, and you can withdraw them at any time. However, if you withdraw your funds within 7 days of your deposit, you will be charged a 0.5% fair play fee, as we yet have to involve deposit time duration-based odds mechanisms.
How often is the lottery draw The lottery draw happens once a week, each Thursday. You can follow the countdown in the app.
Are there any fees? Yes. There is a fair play fee of 0.5% if you withdraw earlier than 7 days. The purpose of this fee is to make it fair for everyone participating in the pool as the draw is once a week and one can deposit and participate at any time.
Do I get a better chance of winning if I save more tokens in the pool? Yes! The odds of winning are based on the size of your share in the pool. You can see your odds on the account page in the app.
How does the referral link work? If your referee wins the weekly prize pot, you get 10% of the total yield of that week! You can read more about it here: https://docs.joinpoolparty.io/overview/referral-program