The groundbreaking INK Protocol, which was introduced in mid-December 2021, has already reached a number of milestones, demonstrating its potential to grow even stronger in the future. INK Protocol has announced the thrilling Party feature as part of its road plan to success, which improves the project and provides a no-loss savings game on Terra.
Ink Protocol is the Terra blockchain’s first decentralized passive income and prize savings protocol that allows you to win by saving. They intend to gamify savings for users that prefer high and fast returns with no risk of losing money. Their mission is to make Ink Protocol a secure and enjoyable place for individuals all around the world to earn high yields.
Ink Protocol offers you the following:
- Unlimited upside: Their weekly prize grows in proportion to the pool’s deposits. Every week, the reward pool grows larger. If you are one of the ten prize winners, you will most likely earn a large return on your investment in a short period of time.
- No-loss savings: You are eligible to participate in the weekly prize draw by depositing till you withdraw. You still have all of your money if you don’t win. The good news is that you can keep your money and try again the following week for a higher payout.
- In control of your luck: For the first time, you have complete control over your chances of winning life-changing prizes. The more you deposit, the more likely you are to be one of the top ten winners. The Ink team urges you to save regularly and deposit for the long term.
Users deposit UST into the INK Protocol, which earns a return from the Anchor Protocol. Deposits placed into Anchor may earn up to 20% APR. All accumulated interest is pooled into the INK protocol as incentives, with 10 weekly winners chosen. Deposits are locked for seven days with an early withdrawal fee to discourage players from depositing prior to a prize draw and then withdrawing deposits while still eligible for a reward.
As Terra’s INK Protocol kicks into high gear, the crew turns its attention to the future. The major goal is to concentrate on increasing deposits and adding new features according on what the community requests. The Party function was just added as a new method to save money while winning more rewards. INK customers can link their deposits under one party to increase their chances of winning rewards. If the party wins, the award is divided proportionally based on the amount of money put down.
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:
How it works
Users deposit UST into a party and become members of that party. The party will then combine all of the deposits into a single transaction and deposit it into the INK prize pool smart contract. INK selects up to ten winners at random each week from the pool.
A party can win several prizes according to their odds, which are equal to their entire payment to the INK TVL. Users can opt out of a party by withdrawing all of their cash. Please keep in mind that there are fees to be paid.
The odds of the party are computed using the total deposit of all party members. In most circumstances, the chances of a party are better than the chances of a single deposit.
If the randomized winner is a group, the reward is shared equally based on the amount of deposit made.
Claiming the Prize
It takes two steps to claim the prize. If your party is the winner of a reward:
- Any party member or leader must click “Claim” to get the award from the INK smart contract. You’re bringing the prize from the contract into the party this way. Until a member or party leader claims the reward, all deposits and withdrawals are halted.
- Once the award has been delivered to the party, the party leader and members may claim their prize by going to their account page and claiming it.
It is the duty of the users to collect the reward as soon as the prize draw is completed. An unclaimed reward for more than one prize round (7 days) may become unclaimable, and the admin will not be able to help you recover it.
INK Protocol’s Milestones
INK Protocol’s debut on Terra is off to a strong start. The company has over $7 million in deposits from 13,000 members fighting for weekly rewards of more than $29,000. All of this happens during the first ten days of the website’s introduction. In addition, one player received $1,992.44 in rewards after just depositing $13.96, resulting in a return of nearly 15,000 percent in less than seven days.
What to expect from INK Protocol in the future
The team intends to obtain seed round funding as the protocol develops. They could also develop a native token and move to a decentralized autonomous organization to offer users more power over the protocol. Continue to investigate the yield on deposits route for a chance to win rewards and NFT airdrops.
INK Protocol is going to start yield on deposit in March, which means that consumers may deposit into INK Protocol and receive large rates on their savings. Furthermore, customers have the opportunity to win life-changing rewards every week.