General

Where does prizes come from?

Wooy has two ways to finance the prizes:

a) Prizes are paid with the interest earned on deposited funds.

When you deposit money into our platform, we automatically route it to well-known decentralized finance protocols, like Aave and Compound.

These protocols are fully liquid, which means deposits can be withdrawn at any time. Additionally, earnings are credited every ~15 seconds. Anyone who borrows from Aave, for example, must deposit a collateral that is greater in value than the amount they are borrowing. This ensures that loans are never defaulted on.

b) Prizes are paid by sponsors

We create highly viralizable content and work with nonprofit organizations, two key elements that draw the attraction of companies who care about making an impact while rewarding their community and lowering their own marketing costs. It’s a win-win scenario!

Do I have to join each pool individually?

No, once you deposit money, you’re in for all current and future prizes. The longer you keep your funds deposited, the more chances you generate in each pool: we reward you for staying with us! To stop participating, you have to withdraw your money in full.

How are winners chosen?

Wooy’s protocol is decentralized and open source which means anyone can view and audit the code to verify it is fair and secure. Several professional third parties have audited our platform’s code.

Wooy relies on Chainlink VRF, a verifiable random function that provides a unique output (the winner) and can be publicly verified. Alternatively, we also use Blockhash RNG (Random Number Generator) to select winners. You can read more about these services in the “Choosing winners” section.

How do you calculate my chances?

Your exact chances to win dynamically change in real-time based on how many others are depositing and withdrawing. However, don’t forget that the longer you keep your funds deposited, the more chances you generate.

For example, let’s say that, 24 hours before a pool closes, you deposit $1. Your average balance for this prize would then be $1. But let’s also say that, 12 hours before the pool closes, someone else deposits $2. Despite it being a larger amount, their average balance would also be $1.

Is there a penalty for withdrawing my money?

Of course not! You can deposit and withdraw money whenever you want. However, if you withdraw your money in full, you’ll lose the extra chances we give to participants who keep their money deposited for long periods of time.

What are the risks?

There is actually no risk of losing your money if the protocol operates as intended. However, there are still many inherent risks while using blockchain-based protocols. These risks could result in losing some or all of your money. Please read the "Risks" section for more details.