Binance Smart Chain DApp: MoonPot

A favored app in the BSC community, Moonpots has been championed as a safe way for many to store and earn digital assets.

Utilize Moonpots to Earn and Win Today

Moonpot is a savings game and service on Binance Smart Chain (BSC) powered by Beefy Finance. The product is favoured by many BSC users and has thus far established a reputation as a safe way to earn, gaining interest on your assets. 

Alongside accruing interest users are entered into a weekly prize draw at the same time as earning interest. The prize draws are spread across different ‘Pots’ that offer users a chance to stake different digital assets like $CAKE, $BIFI, $POTS, $PACOCA, and even stablecoins.

As can be seen below the weekly prizes vary and can be substantial. They are split between winning users on a set timely basis before beginning again at the turn of the set clock (some are a week, others much less).

Everyone in each pot is in with a chance of winning big-money Moonpot prizes paid out in crypto. So how does it work? Put simply, your deposit is your ticket for the prize draw. But even if you don’t win you are able to pull their crypto out with the interest that they’ve already accrued. 

An important factor to consider is the matter of the 10-day ‘Fairplay Timelick,’ on your deposited amount. Users are required to pay a 2.5% ‘Fairness Fee’ when exiting early (before the ten days). Winnings are also subject to the Fairplay Timelock with a Fairness Fee of a maximum of 5% employed.

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What is $POTS?

Through $POTS, Moonpot’s native token, holders share in part of the revenue of the platform. Users can stake $POTS in the Ziggy’s Pot and receive a portion of 5% of the interest earned across all Moonpots. Ziggy’s Pot is also one of the main pots described above that has a regular prize draw that pays out another 5% of the platform’s interest to the winners.

Just one more thing, $POTS will provide voting power in Moonpot’s DAO governance model. Holders can influence important decisions by making and voting on proposals created by the $POTS-holding community.

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Can You Lose Your Assets?

The team has built their whole DApp philosophy around one term they reiterate in their official docs:

“Moonpot is a win-win prize game. The whole point of Moonpot is that no one needs to lose. Everyone can win! So if you deposit assets in one of our Moonpots, you are taking a journey where every path leads to victory. You always win thanks to the interest received on your crypto. And you’re in with a weekly shot at a big prize win. With no risk to your deposit.”

The team reiterates the idea that even if you don’t win the lottery prize, you still do not lose your original stake or interest accrued. This means the original stake you enter is not tweaked. What users do need to be aware of though is the fortunes of the chosen asset they are staking. So whether it’s $CAKE or $BIFI you are, of course, still vulnerable to the fluctuations of that asset price. 

“Moonpot will never take your staked tokens from you. Your deposited tokens are always yours. No matter if you have a prize-winning ticket or not,” the team explains in their docs.

In crypto, however, you are naive to think that you are completely risk-free, and below are listed some ways in which vulnerability could ensue:

If there is a bug or exploit in Moonpot’s smart contracts, that can be taken advantage of.

If one of the DeFi products we’re using to earn interest for the platform has a problem or fundamental failure. 

The team also addresses these ideas in explaining the steps they’ve taken to avoid such vulnerabilities.

“We’ve worked hard to reduce these risks by having our code extensively audited by Certik — a third-party auditing service that specializes in smart contracts, and delivers the most advanced security audits in the crypto industry, creating a bug bounty with Immunefi.”

They also highlight that they are “very cautious about which partners and products we work with to earn interest. Currently, that’s limited to just PancakeSwap — literally the number-one-rated project on Certik’s safety leaderboard.” 

Let us know what you make of Moonpot and whether you decide to utilize its services.

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What is Moonpot?

Moonpot is a win-win lottery on Binance Smart Chain (BSC) with the mission to help as many people as possible grow their assets safely and securely while having fun doing so. Moonpot savings vaults make it simple for anyone to access the bank-beating DeFi interest rates available in crypto. A weekly lottery gives everyone saving via Moonpot the thrill of a possible big win while never putting their deposit at risk.

Where to find Moonpot:
Website | YouTube | Telegram | Discord | Twitter | GitHub |

Source : bsc.news