#38 | Reimagining an Ancient Financial System for the Digital Age
· 2 min read
In the latest development within the Nibiru ecosystem, Nibiru is proud to announce an exciting partnership with Cosmos Millions, a prize-linked savings protocol. This collaboration creates an opportunity for the vibrant community members of Nibiru to earn prizes by participating in the Cosmos Millions platform.
Unpacking Nibiru and Cosmos Millions Approach to DeFi Rewards
Cosmos Millions’ prize-linked savings account (PLSA) is inspired by a 17th-century savings system used to finance public initiatives and has been adapted for the digital age of cryptocurrencies. This partnership offers a compelling chance for Nibi token holders and Cosmos Millions users to participate in the Nibiru Prize Pool to win Nibi tokens. By staking Nibi tokens, participants are automatically entered into a weekly draw for the possibility of winning prizes derived from staking fees. As long as the participant keep their tokens staked (aka bonded), they will continually be entered into draws. If a participant doesn’t win in a draw, they will have ongoing opportunities to enter future draws as long as the tokens remain staked in the prize pool. Participation in Nibiru's Prize Pool not only helps secure the network but also promotes long-term participation in the ecosystem. Prize pools are truly a great way for DeFi enthusiasts to engage with both Nibiru and Cosmos Millions ecosystem.
A Look at the Mechanics of the Prize Pool
To participate in the prize pool users will need a Kepler or Leap wallet. When tokens are locked in a prize pool they are returned to their native blockchain to generate staking rewards. These rewards form the basis of the prizes distributed to users. Cosmos Millions partners with reputable validators in the Interchain to ensure the safety and security of deposited funds. Security is everything after all! To offer users of the platform peace of mind, the Cosmos Millions protocol is open-source and has been thoroughly audited by Oak Security.
Deepening DeFi Engagement for All
The integration of Nibiru and Cosmos Millions represents a commitment to enhancing user engagement and value in web3. The prize-linked savings account model offers users a secure and engaging way to participate in DeFi, while providing a rewarding experience. This collaboration is the epitome of web3's decentralized and innovative nature.
Interested in exploring or building on Nibiru? Visit Nibiru's website for more details and opportunities.
About Cosmos Millions
Cosmos Millions is an open-source DeFi protocol featuring the Cosmos Ecosystem's first Prize-Linked Savings Account (PLSA). It seeks to revolutionize the traditional savings landscape by offering a dynamic and stimulating approach to saving money.
About Nibiru
Nibiru is a breakthrough L1 blockchain and smart contract ecosystem sporting superior throughput and unparalleled security. Nibiru aims to be the most developer-friendly and user-friendly smart contract ecosystem, leading the charge toward mainstream Web3 adoption by innovating at each layer of the stack: dApp development, infra, consensus, a comprehensive dev toolkit, value accrual.