We're bringing you some Sunday reading, and this time it's no other project than 1 of the winners of #MVBIII Monthly Stars for August - Moonpot.
Learn more about their win-win savings game, meet the team, learn how they protect their users and funds, and more.
Let's jump into it!
Spotlight on Moonpot
IMPORTANT: Please note the following content does not constitute an endorsement or approval of any of the products, services, or views of the project, organization, or individual interviewed in this article.
Hello Moonpot! To kick this off, can you introduce us to your project? What's your vision and mission?
Moonpot is here to offer players a unique opportunity to take part in prize draws on Binance Smart Chain where users always win. That’s right, it’s a win-win prize game. We reward absolutely everyone who takes part.
We’re here to help as many people as possible grow their assets safely and have fun at the same time. In our vision for a Moonpot future, saving is enjoyable, profitable, and open. Our savings Pots and win-win prize games will deliver financial freedom to all.
We plan to bring DeFi to the general public because decentralization is for everyone. And leading up this whole dream and mission is Ziggy Moonpot, the DeFi space’s premier astronaut with more moon experience than Neil Armstrong.
Can you tell us a bit about the team behind Moonpot?
Moonpot is powered by a core team of Beefy Finance developers, marketers, and Cowmoonity Heroes. The project is essentially a new product and brand extension of the Beefy team, giving Moonpot its backing and blessing. Beefy already safely manages over half a billion dollars of assets, which we leverage to make sure the code, savings pots, and prize draw mechanism are entirely secure and trustworthy.
We also can’t forget Ziggy Moonpot. Ziggy’s our fearless space explorer and the Captain of the Moonpot Space Program. It was Ziggy Moonpot who first launched the Moon mission and uncovered the crypto savings Pots we use today. Without Ziggy, we wouldn’t have had the help needed to take every Cadet on their crypto to the Moon.
How exactly do win-win prize draws work?
All you need to do is deposit crypto in one of our savings pots. It’s as simple as that! You’re then automatically entered into a weekly prize draw. Moonpot prizes are worth tens of thousands of dollars (paid in crypto) and continue to grow. Your deposit is essentially your entry ticket - but it’s never at risk. Even if you don’t win a Moonpot prize, your deposit will always get bigger thanks as you earn interest.
When you deposit your crypto in a Moonpot, we take the funds and place them in an auto compounding Beefy vault. Half of the interest goes back to you as interest and the other half is added to the Pot’s prize draw. On top of these, we also have Ziggy’s Pot. Holders of our native token $POTS can stake in the Pot to earn a percentage of the overall project’s interest, as well as enter a large prize draw every two weeks.
Win-win savings exist in the legacy financial market for years. How did you come up with the idea to bring them to blockchain?
One of the key problems with finance is that consumerism and historically low interest rates mean that society that no longer saves. Without savings, you have no security. We can’t trust the money we leave in our bank accounts to actually do any worthwhile financial work for us. So we identified a problem here and then needed a solution.
After some thought, we looked to the DeFi space and saw the great work that yield aggregators like Beefy Finance were doing. So, we put two and two together and decided to add the fun aspect of prize draws. We’ve taken the fairly serious world of yield-farming and created a fun twist that rewards players and gives people life-changing amounts of money. What’s not to love?
Why should I use Moonpot and not some other similar product?
In our vision, DeFi and Moonpot offer an alternative to banks. Savers are rewarded with real growth rather than punished by inflation. For example, our Stablecoin pots currently offer you roughly 16% in APY, plus the chance to win a prize.
Banks around the world offer small rates of interest that are constantly outstripped by inflation. In some countries, banks even charge negative interest rates. If that’s not a reason for using Moonpot, then I don’t know what is!
What is your security strategy? How do you keep your users and their funds safe?
Moonpot is audited by Certik, the industry’s leading team of experts on analyzing smart contracts for code deficiencies. The code behind our smart contracts has been extensively analyzed and audited.
Certik has conducted rigorous audits for trusted blue-chip blockchains and DeFi protocols, including Binance, PancakeSwap, Paxos, and 1Inch. The results provide provable trust for all and peace of mind. We also regularly improve the code within our Moonpots to further strengthen their security.
And the final questions – How can I start with Moonpot? Do you have some how-to guides?
Getting started with Moonpot is as easy as heading to Moonpot.com with some crypto, connecting your wallet, and depositing it in some of our Pots. However, to make the process even easier for newcomers, we’ve got a huge amount of guides available on Moonpot Alpha, our blog and news portal for all things Moonpot.
To get started right now, read here how to connect your wallet and stake in Moonpot.