Decentralized Finance Ecosystem || Defi Ecosystems [Gaming] || PoolTogether

Introduction

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Have you thought of a period when you would not need an intermediary to transact or need to trust them? That time has come and it is the days of Defi. Since the days of Bitcoin in 2008, we started to look at a period where we do not need an intermediary to perform several financial processes, following the fact that Bitcoin didn't need an intermediary, rather it was a peer-to-peer transaction process.

Defi has led to the peer-to-peer process of transactions such as lending and borrowing, wallets and asset managements, Stablecoins, and many more. Compared to the traditional financial system that uses a centralized mode of operation that is managed by central authorities, institutions, and networks, Decentralized finance (Defi) is a set of applications that runs on code on a decentralized infrastructure (blockchain) and keeps information on decentralized nodes.

Defi Ecosystems [Gaming]

In the Defi world, there are several ecosystems that Defi has been impacting ranging from Decentralized Autonomous Organisations, Decentralized Exchanges (DEX), Identity, Margin trades, and many more. In this case, I will be writing about decentralized gaming platforms.

Decentralized gaming platforms fall under Defi as they deal with incentives and other financial activities alongside gaming. A good example of such gaming Dapp is PoolTogether.

PoolTogether

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PoolTogether, is regarded as a no-loss platform for gaming where users save their funds in a pool. PoolTogether is built on the Ethereum blockchain and allows DAI as a means of payment. In other to be a part of this, you need to join using your Ethereum address which can be connected using a Web 3.0 wallet such as MetaMask, Trust Wallet, and so on.

After connecting the wallet, the Wallet should have DAI, the official token for Maker DAO, or other assets such as UNI, COMP, USDC, and POOL which needs to be available in the wallet. When users deposit DAI into the Pool, they get tickets at a ratio of 1 DAI = 1 Ticket. Then, Compound Smart Contract is used to determine the interest to be received by each user based on their ticket.

Every week, a winner is randomly picked from the list of users who deposit in the pool. When the winner is selected, the entire interest made from the pool is given to the winner and for those who didn't get picked, their DAI remains intact and can be removed at any time of the day.

Conclusion

Defi is changing a lot of things including the way we game. having a game like PoolTogether is innovative and thanks to Defi, it is possible. In the nearest future, we will be having so many games dealing with finance.