Place/Date: - January 18th, 2022 at 9:11 am UTC · 3 min read
Source: INK Protocol
INK Protocol launched on the Terra blockchain last December and keeps achieving milestones ever since. The no-loss prize savings game lets users win by saving and provides unlimited upside to potential prizes while ensuring users control their odds based on how much funds they deposit.
The decentralized finance industry has given rise to many opportunities. Anyone in the world can control their wealth and access financial products and services with the potential to generate passive revenue and interest. More importantly, many different blockchains and ecosystems provide exposure to DeFi options, with Ethereum remaining the largest chain followed by the fast-growing Terra chain.
Speaking of the Terra chain, it is home to over $18 billion in Total Value Locked with only 17 active projects as of writing this. Anchor Protocol remains the most significant project, representing nearly half of that value. Additionally, the TerraUSD (UST) stablecoin has surpassed $10.5 billion in market cap, representing a near 40x increase compared to a year ago.
The launch of INK Protocol on Terra will introduce a decentralized passive income and prize savings protocol to the ecosystem. Players can win by saving, creating a gamified spin on savings for users who like to see significant and fast returns without risking losing money. INK Protocol users can tap into three main benefits:
Users deposit 11 UST or more into INK Protocol, which earns yield from Anchor Protocol. Deposits made into Anchor can earn roughly 20% APR, and all the accrued interest is pooled into INK protocol as rewards, of which five weekly winners will be drawn. Deposits are locked for seven days with an early withdrawal fee to prevent players from depositing before a prize draw and withdrawing deposits right after while remaining eligible for a reward.
The launch of INK Protocol on Terra is off to a good start. The platform notes $2.4 million in deposits across 9,000 users competing for $10,000 in weekly prizes. All of this is achieved within the first ten days after launching. Furthermore, one user won $1,992.44 in prizes deposited just $13.96, providing a return of over 15,000% in less than seven days.
As the INK Protocol fires on all cylinders on Terra, the team begins looking toward the future. The main objective is to focus on growing deposits and building more features based on what the community wants to see. As the protocol grows, the team may introduce a native token and transition to a decentralized autonomous organization (DAO) to give users more control over the protocol itself.
Ink Protocol is the first decentralized passive income and prize savings protocol on the Terra blockchain that lets you win by saving. We aim to gamify savings for users who favor big and fast returns with no loss on their money.