Introducing party, a new way to win more prizes while saving. Party allows INK users to link their deposits together under one party for a higher chance to win prizes. If the party wins, the prize is split proportionally according to how much deposit is contributed.
Now you can win prizes for saving money together with your peers.
Party with INK
There are three key roles that make the cooperative party.
User: Anyone on INK Protocol that has not created or joined a party.
Party Leader: A user that has created a party.
Party Member: Any user that has joined by depositing to one or more parties.
How it works
Users deposit UST directly into a party and become party members. In turn, the party will batch those deposits into a single transaction and deposit them into the INK prize pool smart contract. INK draws the pool weekly for up to 10 random winners.
From a technical perspective, a party is treated like a single deposit.
A party can win multiple prizes depending on their odds, the odds are the total deposit of the party to the INK TVL.
Users can leave a party by withdrawing their entire funds. Please note that applicable fees apply.
Our ethos remains the same, the more you save the better your odds of winning.
The party's odds are calculated based on the total deposit of all members within the party. In most cases, the odds of a party are higher than the odds of an individual deposit.
For example, if the total deposits in the INK protocol are 1,000,000 UST.
Individual A deposited 100,000 UST, the odds to win a prize would be 1 in 10.
Party TERRA has 20 members which have a total deposit of 200,000 UST, then the odds to win a prize for this one party would be 2 in 10.
If the randomized winner is a party, the prize is split proportionally according to how much deposit is contributed.
For example, if Party LUNAtics wins a 12,000 UST prize with only 3 members and a total party deposit is at 100,000 UST.
Party leader A deposited 50,000 UST so the reward distribution is 50%
Member B deposited 30,000 UST so the reward distribution is 30%
Member C deposited 20,000 UST so the reward distribution is 20%
Party leader A would receive 6,000 UST, member B would receive 3,600 UST and member C would receive 2,400 UST.
Claiming the prize
Claiming the prize is a two-step process. If your party wins one of the prizes:
Any party members or party leader have to click "Claim" to get the prize from the INK smart contract. By doing this you are pulling the prize from the contract into the party. ALL deposits and withdrawals are frozen until a member or party leader claims the prize.
Once the prize is in the party, the party leader and members can individually claim their prize by going into their account page and claiming the prize.
It is the users' responsibility to claim the prize as soon as the prize draw ends. An unclaimed prize for more than one prize round (7 days) could potentially be unclaimable and the admin cannot assist in any way to reclaim the prize.