Introduction

What is Moonpot?

• a DeFi crypto savings platform built to launch you to the moon

• a way to earn bank-beating interest on your assets

• a free weekly lottery to win big-cash prizes paid out in crypto

Moonpot is a crypto savings platform that uses blockchain and DeFi to help you earn bank-beating rates of interest on your assets. Anyone who saves with Moonpot is also entered into a free weekly lottery to win big-cash prizes — paid out in crypto! The way it works is simple. Imagine you’re holding CAKE (PancakeSwap’s token). Deposit it into their CAKE savings pot (the ‘Moonpot’) and you are automatically entered into a weekly prize draw.

Winners are announced every Monday. Each week five lucky savers will win more CAKE. Better yet: every single person in the Moonpot receives interest on their holdings (paid in CAKE) with no deductions on their deposit. Your deposit is always safe and always yours. And when it comes to withdrawing your assets you’ll never take out less than what you put in. You will only earn. And maybe also win!

Why Choose Moonpot?

In the world of traditional finance what we’ve just described is known as a “prized-linked savings account”, or a “no-loss lottery”. It’s a well-known model with a proven track record.

In the old system, banks encourage savers to deposit their money and then lend those assets out to other customers for a fee. They use those fees to pay interest to those who are saving — while a portion of the charges levied on borrowers is put towards the wider prize pool.

However, banks like to keep the majority of the money for themselves.

Those days are now over thanks to crypto, and thanks to Moonpot. Finance is being decentralized with banks taken out of the equation and their profits passed to the people. This is happening due to the emergence of blockchain and networks such as Binance Smart Chain.

This tech has led to the creation of transparent financial products built on code. The development team no longer need centralised intermediaries to enforce trust, and take unreasonable profits while doing so.

They have decentralized networks running computer programmes known as smart contracts, which can automatically execute agreements without interference from others.

This is what people mean when they talk about ‘DeFi’ — financial tools that can be trusted thanks to smart contracts on blockchains instead of an outdated reliance on banks.

MOONPOT’S NATIVE TOKEN $POTS

Moonpot has its own token called $POTS, acting as both a governance token and a revenue-sharing mechanism. $POTS will be minted on August 2, 2021, through a DODO IDO. There will be a fixed supply of 10 million $POTS tokens. You will be able to buy $POTS on DEXs, or earn them as rewards for joining a Moonpot. $POTS will also be available as farming rewards on some of their partner platforms, including Beefy.Finance.

By holding $POTS and staking it in their governance Moonpot, called Ziggy’s Pot, you will receive a proportional amount of the platform’s revenue. These rewards are distributed as $POTS that come from open-market purchases, creating buying pressure on the token. You will also be part of the Ziggy’s Pot monthly prize draw.

In addition to interest and monthly prizes, $POTS is a fair and equitable way of distributing voting power for the platform.

The more $POTS you have, the more voting power you have. The reason behind this is simple. Token holders are concerned with the health and success of Moonpot due to the reward mechanism mentioned above. Users with larger amounts have more of a stake in the platform and its longevity.

Their $POTS IDO has been designed to allow as many early adopters as possible to get their fair share of the $POTS token. Instead of letting whales get all the tokens and then sell them at a higher price, they have set a $200 personal cap for every whitelisted wallet.

Make sure that you have BNB and/or BUSD to purchase your $POTS. Each Cadet on the Whitelist can stake a maximum of $100 in each of the pools: $POTS-BNB and $POTS-BUSD. The maximum you can possibly receive from the IDO is 200 $POTS.

Tokenomics

How to buy POTS with PancakeSwap

Buying POTS only requires two things: a wallet that can connect to DApps and some crypto to swap for POTS.

SafePal or Trust Wallet are two possible options for mobile wallets. If you prefer a desktop browser experience, you can consider using MetaMask.

For this example, they’re going to buy some POTS with BUSD on PancakeSwap.

First of all, head to https://pancakeswap.finance/swap on your desktop or mobile browser. Connect your wallet by pressing the [Connect Wallet] button,

Choose the method you want to connect to PancakeSwap with

Once you’re connected, select the token you want to convert to POTS in the top field. They’re using BUSD in their example.

In the bottom field, press [Select a currency] and choose POTS from the drop-down.

Input the amount of cryptocurrency you want to swap in the top field. Here they’ve chosen to purchase 25 BUSD of $POTS. You should see the conversion rate underneath. Click [Swap] to start your trade.

Check the details of your transaction before clicking [Confirm Swap].

After a few moments, you’ll receive a receipt for your transaction once it has been processed.

Once you’ve bought your POTS, you can begin to stake them in Ziggy’s Pot. This way you’ll earn bank-beating interest and be entered into their monthly prize draw.