Who Wants to be a Millionaire?

Megapot is growing. We're increasing our jackpot to $1M in October to meet growing forecasted ticket demand, and we're looking for new backers to help fund it.

What Is Backing the Pool?

Backing the pool is like being the house. Backers fund the prize pool and earn a percentage of ticket sales for taking on the risk of a large win. In order to support a $1M jackpot the pool needs more capital standing behind it, which is why we're looking for new backers.

Why Raise the Cap?

Over the last couple of weeks we've seen a 200+% increase in baseline ticket sales, driven by increased consumer interest and by integrations of our programmatic prizes product. These sales have increased profitability for our LPs who are averaging 75% in realized yields the last 7 days.

More importantly, our growing pipeline of companies looking to use Megapot tickets as incentives hints that the time is right to grow the pool so we can offer a $1M jackpot prize. A $1M prize will make our products even more attractive to businesses and consumers alike, helping drive ticket sales.

Backing the Bigger Pool

Raising the cap means room for new backers, and we'd like to get a head start on identifying backers that want to join the pool.

If you want in when the cap goes up, tell us here.

What This Means for Current Backers

To accommodate the change smoothly, we're extending backer incentives through October 29th at the same per-drawing terms. Every drawing accrues exactly what it has accrued all summer. We are also paying a prorated amount of the current backer incentive program on September 7th to allow anyone that needs to the chance to exit.

Key dates:

• September 7th: the prorated Summer Backer Bonus pays out after this drawing, covering the 75 drawings since the program started on June 25th. Shares withdrawn before this drawing are not eligible.
• September 8th: the Fall Extension begins and takes its eligibility snapshot at this drawing. Anyone holding USDC in the pool at that drawing is in, new depositors included.
• October 29th: the program ends and the bonus pays out after this drawing, covering 52 drawings.

Full terms for the extension are in the docs.

No protocol parameters are changing, the points rate stays the same, and nothing about gameplay changes.

Contact us at megapot.io/support, email support@megapot.io, find us on X, join the community on Telegram, or browse the docs.