How to Use Rainbow with PoolTogether

How to Use Rainbow with PoolTogether

What is PoolTogether?

PoolTogether is a global savings account with super powers. It’s a DeFi protocol enabling anyone to deposit and have the chance to win millions of dollars in prizes!

This is possible because PoolTogether is a decentralized protocol designed to help people save money.

When someone deposits into the protocol their deposit is combined and used to generate yield on other DeFi protocols like Aave. The yield generated becomes the prizes! Everyone has a chance to win, and no one loses. The greater your deposit, the better chances you have to win the largest prizes.

It almost seems too good to be true—but you can deposit money into PoolTogether for a chance to win big, and withdraw your full deposit amount at any time. As long as you keep money in the PoolTogether smart contract, you are eligible to win!

Still curious about how PoolTogether works or have more questions? They’ve got answers for you in their FAQ.

How do I use PoolTogether with Rainbow?

It’s easy to use PoolTogether with Rainbow!

1. Download Rainbow if you don’t have it already

Rainbow is the most user-friendly and fun way to connect with Ethereum dapps. You can download it for both iOS and Android.

2. Get some USDC for the prize pool of your choice

Rainbow supports assets on the Ethereum mainnet, Polygon and Optimism networks.

You can use Rainbow to swap for USDC on the network of your choice.

Make sure you have enough Ethereum in your account to cover gas fees for your transaction in addition to the USDC you want to save.


3. Connect to PoolTogether using Rainbow

Once you’ve prepared the funds you want to deposit, you’ll need to connect your wallet to send them to PoolTogether’s smart contract.

  1. Click the Connect Wallet button on the top right of the PoolTogether screen.
  2. Select the option for Rainbow.
  3. Scan the barcode with the Rainbow barcode scanner and confirm the transaction in your wallet.
  4. Rainbow will automatically connect you to the right network depending on the prize pool you’ve selected.


4. Deposit your USDC into a pool

You’re ready to deposit your USDC! Enter your deposit amount and follow the instructions in the modal, making sure to confirm transactions in Rainbow along the way.


5. Check PoolTogether regularly to see if you’ve won!

Now the waiting game begins to see if you’ve won. Check back on PoolTogether regularly to see if your savings have netted you any prizes.

Once you’ve won on PoolTogether, you have 60 days from the date you’re awarded to claim your prize.

Good luck and happy pooling!