In less than 10 minutes create your own automated on-chain cryptocurrency pool
Learn about how you can set up your own on-chain cryptocurrency pool with a custom allocation and deposit and withdrawal fees that you can set.
How much does it cost to set up a pool?
Setting up a pool will involve a X fee for OpenPool and will require you to pay for the corresponding Gas fees.
Each pool on OpenPool is created using the OpenPool smart contract on the Ethereum blockchain. As a result, it will both operate based on the respective governance rules you set for it and have a corresponding governance token that you design to represent its shares.
Before getting started
Before you create your pool, there are a few things you will need to have ready:
Ethereum in your wallet to pay for gas feesand the deployment fee
Once you have that covered, the process for setting up a pool then involves two main steps, providingyour pool information and deploying your pool.
Setting up your pool
The information needed for your pool can be broken down into the following buckets:
Your pool details (Your pool's name, description & image)
Your governance token details (Your pool's token or coin)
Your pool's governance rules (What your pool is invested in and your fee structure)
To get started you will first need to connect the wallet address of your choice, and if you'd like, enter an email that you'd want to be contacted with.
What is a wallet address?
Your wallet address represents the account you will use to send and receive Ethereum and Ethereum based tokens.
Please be thoughtful in choosing the wallet address here, as you will be required to use the same one for depositing, withdrawing, and collecting fees.
Your pool details
Here is where you can provide a name, description, image and members you'd want to have invited to your pool.
Your governance token details
Design your pool' governance token by setting its name, symbol, and image.
What is a governance token?
Your governance token represents a share of your pool and is structured as an Ethereum based token. When people deposit and withdraw to/from your pool, they will either (for deposits) receive back a corresponding amount of your pool's governance tokens or (for withdrawal) exchange their governance tokens.
Your pool's governance rules
Set your pool's portfolio allocation and deposit and withdrawal fees.
These are the respective cryptocurrencies and tokens that your pool will be comprised of, along with the percent of your fund for each of them. For example, an allocation for a fund can be set as 50% Ethereum 50% Dai.
As the creator of your pool, you will be able to update these allocations once your pool is deployed.
Deposit & Withdrawal Fees
These are fees that you can set for when a given pool member will deposit or withdraw from your pool. Both of these fees are capped at 20%.
As the creator of your pool, you will be able to update these fees once your pool is deployed.
Deploying your pool
Once your group information is provided, all you need to do now is just deploy your pool on the blockchain. To do this, all you need to do is click deploy, thats it!
Once your group is deployed it will be able to receive deposits and withdrawals, as well as have its respective governance rules updated.
Not sure you're ready to deploy pool yet? Simply save it for later and access it from your profile page to deploy at a later time