Gluwa platform starts brand-new initiative designed to allow every investor to take part in collective liquidity pool
- Gluwa platform launches The Lottery Account for sUSDC-G holders
- Gluwa incentivizes retail investors: $250,000 liquidity boost and 3,000 CTC bonus prize
Gluwa, a decentralized “open finance” (OpenFi) platform, introduces the novel product The Lottery Account to allow crypto holders to benefit from a collective liquidity pool.
Gluwa platform launches The Lottery Account for sUSDC-G holders
According to the official announcement by decentralized micro-lending platform Gluwa, its second investment product The Lottery Account goes live today, on May 3, 2022.
— Gluwa (@gluwa) May 3, 2022
This product is a lottery-style stablecoin account that works with Dollar-pegged sUSDC-G (Gluwa’s sidechain-native USDC). Every stablecoin holder can deposit coins within a predetermined period of time to be eligible for the daily prize draw every 24 hours.
The protocol pioneers the “gamified prize savings” concept: every crypto owner can benefit from his/her holdings: those who are not selected by the mechanism can just keep their funds, with the option to redeem them anytime.
Brendan O’Toole, head of product (Invest) at Gluwa, is fascinated by the game-changing design of the new platform and the advantages it has over the majority of competitors in the DeFi segment:
This has been a challenging but exciting product to bring to market. Think PoolTogether but instead of generating yield from DeFi protocols like Aave or Compound – we are harnessing the power of OpenFi by bridging our crypto ecosystem with real-world off-chain opportunities to offer our users a chance at winning big in a low-volatility environment.
Initially, the aggregated volume of the liquidity pool for all participants will be set at $1 million, while the maximum deposit for a single player is set at $50,000.
Gluwa incentivizes retail investors: $250,000 liquidity boost and 3,000 CTC bonus prize
To celebrate the launch of this unique liquidity mechanism, the Gluwa team decided to inject additional liquidity into the lottery funds. Besides the contributions of participants, Gluwa platform is set to add another $250,000 into the pool.
Also, whoever wins the first Lottery Account prize draw will be awarded another massive 3,000 CTC bonus prize. The promotional prize campaign will be active for the next few months.
As covered by U.Today previously, Gluwa is a crypto-first microtransaction start-up. It brings reliable banking instruments to previously unbanked populations.