Weshare is a deceptively simple DeFi Dapp that rewards users for depositing funds with the chance to win prizes.
There are two types of prize pools in Weshare: Daily Draw Pool and Quiz Betting Pool.
To use Weshare, you’ll need either a Metamask wallet or another supported Polygon wallet with enough funds to stake. Go to the Dapp page and select the pool you want to play in.
What is Weshare?
Weshare is a deceptively simple DeFi app that rewards users for depositing funds with the chance to win prizes. It is referred to as a “no-loss lottery” because it distributes prizes like a lottery. When you deposit funds into Weshare, you will receive $Share in return. These are your point receipts as well as your deposit proof. You can keep these points in your Polygon wallet just like any other token. The more you deposit, the more points you will receive, increasing your chances of winning. However, if you don’t win the lottery, you just lose the cost of your points. You keep your initial stake with Weshare, so there are no additional costs to participate.
Weshare, like many DeFi projects, has its roots in traditional finance. The project is based on the concept of prize-linked savings accounts, which are intended to encourage people to save money.
There are no costs associated with the prizes. Isn’t that a little too good to be true? Weshare effectively capitalizes on the advantages of pooling user-staked funds to generate yields on DeFi applications, which fund the prizes. So there isn’t any catch. Here is how it works.
How Does Weshare Work?
Weshare is a polygon-based application that manages its prize pools through smart contracts. There are two prize pools: the Daily Draw Pool and the Quiz Betting Pool.
Daily Draw Pool
There is the main prize pool, into which users can deposit USDC tokens. Each token deposited is equivalent to one $Share point. The total value of the pool represents all of the user funds deposited into that pool for that daily draw, and there is no maximum number of points a player can purchase.
Each pool is a smart contract that sends all deposited funds into lending pools on Aave Finance, where they earn interest. At the end of the day, a random number generator selects the winners, who receive all of the pool’s interest and their points back. Unless the user opts to withdraw their winnings, they are converted to points and entered into the next draw. Users who never withdraw their winnings will thus increase their chances of winning again by purchasing more points. Everyone else’s original stake is returned, and the game is reset for the next daily round. If a user does not withdraw their points, they are automatically entered into the following daily draw.
Quiz Betting Pool
Weshare also created a pool for quiz betting. They share three key characteristics with the main Weshare prize pools: users will not lose funds; they can withdraw funds at any time, and there is a chance to win prizes. The quiz pool lottery, unlike the daily draw pool, is held on an irregular basis, and the distribution time of each event prize is also different.
The recent quiz betting pool’s prize amount is around $200-$300; the prizes for the quiz betting pool are generally significantly lower than the daily draw pool, but the chance of winning in the quiz pool is much higher than in the daily draw pool.
How to Use Weshare?
Weshare has a clean and user-friendly interface when compared to many of its competitors, such as DeFi Dpps. To use it, you’ll need a Metamask wallet or another Polygon wallet that holds a sufficient amount of the funds you want to stake. Go to the Dapp page and select the pool you want to play in.
When you select a pool, you’ll see more information about it, such as the prizes on offer, the time until the next draw, and historical payouts.
After clicking “Connect Wallet,” you’ll be asked to connect your crypto wallet. The wallets that are supported are listed below.
At the top of the pool page, click the “Review Deposit” button and enter the amount of $USDC you want to stake it.
So there you have it! You will be entered into the next draw as soon as your transaction is confirmed.
Weshare, in contrast to many DeFi applications, is very user-friendly. It has a simple interface and requires no prior knowledge of financial instruments or markets. Users can simply stake their money and leave it in the protocol to win a prize. Even with a small initial stake, the odds of winning are significantly better than in most state lotteries.