PoolTogether Launches V5 Iteration
Upgrades Include Permissionless Prize Vaults and Automated Claims
By: yyctrader •DeFi News
PoolTogether, the popular prize-linked savings protocol, has unveiled the latest version of its platform, PoolTogether V5. This major upgrade aims to enhance decentralization, automation, and incentivization within the protocol, making it more accessible and user-friendly.
The PoolTogether protocol, which was launched in 2019, offers a unique approach to traditional savings accounts through the concept of prize-linked savings. Users can deposit their funds into prize vaults, with the yield generated used to pay out rewards to winners. Unlike traditional lotteries, even if users don't win, they still keep their deposited funds.
With the introduction of PoolTogether V5, the protocol allows anyone to launch their own Prize Vaults, backed by a wide range of ERC-20 compatible yield sources. This provides users with more options to personalize their savings strategies.
Another notable feature of PoolTogether V5 is the elimination of the need to claim prizes manually. In previous versions, winners had to claim their prizes within a set timeframe. However, with V5, once users deposit or swap into prize vaults, any winnings are automatically distributed to their wallets. This simplifies the process and ensures that users never miss out on their prizes.
With the launch of V5, users can now deposit or swap into prize vaults, create their own vaults for new assets, arbitrage yield being liquidated for POOL, earn fees by claiming prizes for winners, and participate in complete draw auctions.
The smart contracts have been audited by Code4rena and Macro Security. The protocol also underwent a six-week-long private beta and continues to maintain an ongoing bug bounty program.
The release also brings with it new user interfaces. Users can choose between Cabana.fi or Pooltime.app to engage with the protocol.
The V5 launch is accompanied by a commemorative NFT series called "Prize Printer," which will be available for minting over the next 30 days.