The no-loss prize pool
Pool your staking rewards for a chance to win the no-loss prize pool
Last updated
Pool your staking rewards for a chance to win the no-loss prize pool
Last updated
The Rakeoff dApp's prize pool offers an opportunity to enhance returns on staked ICP, similar to a raffle. The more ICP you contribute to the pool, the greater your chance of winning. We utilise a weighted selection algorithm to determine your winning odds based on your contribution and the pool's current size. This method ensures a fair distribution of winnings. Winnings are distributed on a podium basis: 70%, 30%, and 10% of the total pool amount distributed to three winners.
Advantages of the Rakeoff prize pool:
No-loss: Users retain their initial stake and use their new ICP tokens that they got from their staking rewards.
Earning potential: Use the Rakeoff dApp's prize pool to potentially increase returns on staked ICP.
Larger participation, higher chances: The more ICP entered, the higher your odds of winning.
Win a portion of the pool: At the end of each round, the smart contract selects three winners.
Go to your staked ICP details, and view your rewards, when you have at least 1.06 ICP in rewards the "Spawn rewards" button will unlock and you can spawn new ICP tokens that you have earned.
After seven days, unlocked ICP with a "Disburse" button will appear in your dashboard. These are newly created ICP tokens that you got from your stake.
Use the "Disburse" button mentioned earlier, and you'll be presented with two disbursement choices. For the purposes of this guide, we'll select the "Enter prize pool" option.
On the dashboard, you can now monitor your chances of winning the prize pool. Please note, as contributions to the prize pool increase, your odds of winning may vary.
Congratulations! If you've reached this stage, you have disbursed your rewards into the prize pool and stand a chance to win big! Here, you can view the current number of participants, the distribution amounts for each podium position, the total pool amount, historical pool data, and the ongoing countdown clock.
