How to Make Money with PoolTogether in Australia

Imagine if you could enter a lottery and no matter what happens you won’t lose any money? Well that’s exactly what PoolTogether is. It’s a crypto based lottery where no one loses any money.

I’ve been testing out PoolTogether for the last few weeks. This is my guide on how to make money using PoolTogether

How does PoolTogether Work

The concept behind PoolTogether is genius. When you deposit money into the lottery it gets pooled together with everyone else’s deposits. This money is automatically lent through smart-contracts on DeFi lending services. The interest that it earns is awarded as prizes. If you don’t win a prize, you can still withdraw the funds you deposited or keep them in the pool to win future prizes.

PoolTogether awards prizes everyday and the prize varies depending on the number of deposits.

How to Use PoolTogether from Australia

I’ve been playing around with PoolTogether to find the best way to use the app. Using this method, you’ll save a fortune in crypto transaction fees and it makes it worthwhile.

Using Polygon and PoolTogether

To take part in the PoolTogether lottery you need to deposit the USDC Stablecoin. You can deposit using the Ethereum network or the Polygon (Matic network).

We’re going to be using the Matic protocol. Matic is a layer on top of Ethereum where developers can build scalable apps without having to pay the huge Ethereum transaction fees. You’ll be able to deposit USDC and pay a transaction fee of just a few cents. Where as if you tried to deposit using Ethereum you would pay $10-$100 (or more) in fees.

Here’s my step-by-step guide on how to use Pool Together from Australia:

While this may look like a lot of steps I promise you it’s all super easy!

Step 1 – Setup Metamask to work with Matic

I use Metamask to interact with Defi apps like PoolTogether. If you want, you can use another wallet.

1.1 – Download Metamask

MetaMask is a good wallet to use with PoolTogether. You’ll need Chrome to download metamask. Make sure you get it from the official website.

1.2 – Create a new Metamask Wallet

If you’re already using Metamask you don’t need to create a new wallet.

1.3 – Add Matic Details

Follow the instructions on this page to add Matic (polygon) to Metamask.

Step 2 – Buy Matic

The best place to buy Matic in Australia is on CoinSpot. They support the polygon chain, which is what we’ll be using to interact with PoolTogether.

2.1 – Create a CoinSpot account

You can create a CoinSpot account here if you don’t have one.

2.2 – Deposit AUD

CoinSpot makes it super easy to Deposit Australian dollars using PayID. It’s instant and free.

2.3 – Buy Matic/Polygon

Visit the Buy/Sell page on Coinspot and search for Polygon (searching for Matic will work too).

Tip – If you sign up to CoinSpot using a referral code, you’ll get a bonus $10 worth of Bitcoin!

Step 3 – Send Matic to Metamask

We’re now ready to interact with the world of Defi using Polygon. First up, lets send our Matic on CoinSpot to our Metamask wallet.

3.1 – Copy Metamask Address:

In Metamask copy the wallet address for your Matic wallet.

Copy Matic address in Metamask

3.2 – Send Matic from Coinspot

Go to CoinSpot > Wallets > and select Polygon. Send the Matic you just bought to your Metamask wallet. Make sure you choose to send it via Polygon. This won’t work if you choose Ethereum or Binance.

Send Matic from CoinSpot to your Metamask wallet

As you can see the fee to send via Polygon is super cheap compared to Ethereum!

Once you’ve sent the Matic wait for it to appear in your Metamask wallet. I find withdrawals on Coinspot to be super fast.

Step 4 – Convert Matic to USDC

Now we need USDC. While you can buy USDC on CoinSpot, we need USDC that is on the Polygon network. We’re going to use Sushi to swap matic for USDC. Sushi is a decentralised exchange that supports the Polygon network.

4.1 – Visit Sushi

Open up the Sushi app in your browser. Make sure Metamask is set to your Matic/Polygon wallet.

4.2 – Trade Matic for USDC

Make sure you leave a few Matic set aside to cover transaction fees going forward. You’ll pay a tiny fee to convert and we’ll also need to pay some transaction fees when depositing on PoolTogether.

Swap matic for USDC on Polygon

Wait for the transaction to go through. When it does you should now see USDC in your Polygon/Matic wallet 🙂

Step – 5 Deposit on PoolTogether

That’s pretty much it. Now all you need to do is visit PoolTogether and then deposit the USDC. Make sure you are depositing on the V4 app. This version supports Polygon and makes it super cheap to use.

Deposit money on PoolTogether

Can you make money with Pooltogether?

The great thing about PoolTogether is that you can’t lose. Once you’ve deposited money, you’ll be eligible for all future draws until you choose to withdraw. You can withdraw your USDC at anytime. If you want to cash out, just convert your USDC back to Matic on Sushi, send it to CoinSpot and then sell it back to Australian dollars. The process is cheap (you’ll pay about $0.50 in fees) and pretty fast.

I won my first prize last week using PoolTogether. While it was only $10, I have kept it deposited and next week I’ll have more money deposited which equals a greater chance of winner. Your winnings will compound over time and there is a chance you will win the Big prizes too.

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Jamie Benedict
I've been covering all things crypto over the past 5 years. I invest in Bitcoin and DeFi projects.

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