Hi there. In this crypto post, I talk about no loss lotteries. This sort of concept sort of blew my mind as I have never heard of such a thing until I heard about PoolTogether.
Note that I have never used any of these no loss lotteries. Play at your own risk.
Screenshots are taken from the websites themselves.
Pool Together is where you can win by saving. It is a crypto-powered savings protocol. Save money in a pool and have a chance to win a prize every week.
In a regular lottery if you do not win the amount paid is non-refundable. With a no loss lottery, you still keep your money if you do not win. It is win nothing or win something.
The App
On the app page, you can see that there are different draws available. The prizes are mostly stablecoins. In terms of crypto wallet conncetivity, you have MetaMask, WalletConnect, TrustWallet, Ledger, Trezor, Fortmatic, Coinbase Wallet and others.
The largest prize pools have prizes in USDC (MATIC or ETH network), CUSD & CEUR on the Celo Network and DAI on the Ethereum network. You can also find details on the prize breakdown. The screenshot below is based on PoolTogether v4.
Staking Rewards
There is also staking rewards in a liquidity pool, governance rewards & sponsorship rewards. You would have to check out this page for more information.
Iconex Lottery
With ICON (ICX) you can participate in their own lossless lottery. This lottery is powered by the ICON blockchain where the fees are low and transaction speeds are fast. Compatible wallets include Ledger and the browser based ICONEx wallet. For the lottery participants, each winner is selected every Sunday on Sunday 12PM UTC.
Wanchain No Loss Lottery - Jack's Pot
Wanchain has its own no loss lottery called Jack's Pot. Compatible wallets include WalletConnect, WanMask or with WanWallet. At the time of writing the price of 1 WAN is about 70 cents USD. You do need to supply 10 WAN for one lottery ticket. Each ticket contains a four digit number that can be chosen randomly or random selected with a random number generator.
There is an interesting claim from the screenshot below is that they use a true random number generator. A large number of random number generators are pseudo random number generators. Numbers may appear random with pseudo random number generators but are not truly random.
The idea of a no-loss lottery sounds cool and it does sound less risky. Do consider that the crypto is staked on the platforms and are not yours. Players who have deposited funds are automatically entered for multiples draws until the funds are withdrawn.
It is not known about the amount of whales with large amounts of crypto that are in these no-loss lotteries. Whales who desposit large funds in these lottery pools have a much larger chance of winning compared to someone who puts in $5 of crypto.
Not losing does not sound like much but there is an opportunity cost of trying out these no-loss crypto lotteries. Money that is put into these lotteries could have been invested in a staking protocol for earning interest or for investing into altcoins or BTC.
Thank you for reading.</center
