About Monthly Prize Pools

Please Note: Peak Money is currently in closed beta. All features, functionality, and details described in this article are subject to change as we continue to develop and improve the product.

The Monthly Prize Pool gives you a chance to win prizes just by depositing money into your Prize-linked Account. The current prize amount is displayed on your Monthly Prize Pool screen. Your money stays yours: withdraw anytime with no penalties while you automatically earn entries for the drawing.

How It Works

Follow these steps to start earning prize entries:

  1. Deposit FLOW into your Prize-linked Account. Navigate to the Monthly Prize Pool section and click "Add More" to make a deposit. Your deposits are processed instantly.
  2. Earn entries automatically. The amount of FLOW you deposit and how long those funds stay in your Prize-linked Account during the drawing period determine how many entries you receive.
  3. Keep your money accessible. Your deposits remain fully accessible at all times. You can withdraw your entire balance whenever you need it without any penalties or fees.
  4. Wait for the drawing. At the end of each drawing period, one winner is randomly selected to receive the prize amount displayed in your Monthly Prize Pool section. The drawing happens automatically.
  5. Receive notification if you win. The winner receives their prize and a notification via their Peak Money account's email address by 10:00 a.m. PST (Pacific Standard Time) on the day after the drawing ends.

How to Make a Deposit

Follow these steps to deposit FLOW into your Prize-linked Account:

  1. Navigate to the Monthly Prize Pool section in your Peak Money account. Look for the banner that says "Enter The Monthly Prize Pool!" and click the arrow button on the right side of the banner.
  2. Review your current deposits in the "My Deposits" section. This section displays your current deposited balance and shows how much you currently have earning entries.
  3. Click the "+ Add More" button located at the bottom left of the My Deposits section. This button opens the Add Deposit dialog.
  4. Enter your deposit amount in the "Deposit amount" field. You can type the amount directly or use the up/down arrows to adjust the value. The maximum available balance is displayed in the top right corner.
  5. Review the proration notice if depositing mid-period. The system displays information about how your entries will be calculated based on when you deposit during the drawing period.
  6. Click the "Add Deposit For Entries" button to complete your deposit. Your deposit processes instantly and begins earning entries immediately.
  7. Confirm your deposit appears in the "My Deposits" section. Your deposited balance will update to reflect your new deposit amount.

How to Withdraw Funds

Follow these steps to withdraw FLOW from your Prize-linked Account:

  1. Navigate to the Monthly Prize Pool section in your Peak Money account.
  2. Locate the "My Deposits" section on the left side of the screen, which displays your current deposited balance.
  3. Click the "Withdraw" button located at the bottom of the My Deposits section.
  4. Enter the amount you want to withdraw. You can withdraw any amount up to your total deposited balance.
  5. Confirm your withdrawal. The funds are processed immediately with no penalties or fees.
  6. Note that withdrawn funds no longer count toward entries for the current drawing period. Any funds that remain deposited continue earning entries.

Understanding Your Entries

Your prize entries are calculated based on when you deposit and how long your money stays in your Prize-linked Account during the drawing period. The specific entry calculation method for the current drawing period is displayed on your Monthly Prize Pool screen.

Full-period deposits: If you deposit at the start of a drawing period and keep your funds deposited through the end, you earn entries based on your deposit amount. For example, if the current entry rate is one entry per FLOW deposited, keeping 100 FLOW deposited for the full drawing period earns you 100 entries.

Mid-period deposits: If you deposit partway through the drawing period, your entries are prorated based on the remaining time. For example, if you deposit funds halfway through the drawing period, your entries for the current drawing will be approximately half of what you would earn for a full period. Your full deposit amount then counts toward earning entries in the next drawing.

Withdrawals before the drawing: If you withdraw funds from your Prize-linked Account before the drawing period ends, those withdrawn funds no longer count toward your entries for that drawing period. The funds you keep deposited continue earning entries.

Key Details

Prize amount: The current prize amount for each drawing is displayed as "This Month's Prize Amount" on your Monthly Prize Pool screen.

Drawing schedule: Each drawing period runs for a set duration. You can see the exact time remaining until the next drawing in the countdown timer displayed on your Monthly Prize Pool screen.

Current deposits: Track your total deposited amount in the "My Deposits" section of the Monthly Prize Pool screen. This shows how much you currently have earning entries.

Winner selection: One winner is selected randomly at the end of each drawing period. All participants with entries have a chance to win, and higher deposit amounts create more entries, increasing your odds.

Current prize information: The prize amount, drawing schedule, and entry calculation method for the current drawing period are always displayed on your Monthly Prize Pool screen. Check your account for the most up-to-date details.

Important to Know

No lockup periods: Your deposited funds are never locked. You can add deposits or make withdrawals at any time without restrictions or waiting periods.

Instant deposits: When you add a deposit to your Prize-linked Account, the funds are credited immediately and begin earning entries right away (prorated based on time remaining in the current drawing period).

Withdrawal flexibility: You can withdraw any amount from your Prize-linked Account anytime. Withdrawals are processed immediately with no penalties, fees, or restrictions. Keep in mind that withdrawing funds before the drawing ends means those funds no longer contribute to your entries for that drawing period.

Automatic rollover: If you deposit late in a drawing period, your entries are prorated for the current period, and your full deposit amount automatically rolls over to count toward the next drawing at full value.

Feature updates: Prize amounts, entry calculations, and drawing schedules may change over time. Always refer to the information displayed in your Monthly Prize Pool screen for current details about the active drawing period.

Common Questions

How many entries do I get for my deposit?

Your entries are calculated based on your deposit amount and how long you keep funds in your Prize-linked Account through the end of the drawing period. The specific entry calculation method is displayed on your Monthly Prize Pool screen. If you deposit partway through the drawing period, your entries for the current period are prorated based on the remaining time, and your full deposit counts toward the next drawing.

What happens if I need to withdraw my money before the drawing?

You can withdraw your money anytime with no penalties or fees. The withdrawn funds will no longer count toward your entries for the current drawing period, but you won't face any charges or restrictions for making the withdrawal.

When will I know if I won the prize?

The winner receives notification via email to their Peak Money account email address by 10:00 a.m. PST (Pacific Standard Time) on the day after the drawing ends. The prize is deposited directly into the winner's account.

Can I add more deposits after the drawing period starts?

Yes, you can add deposits at any time during the drawing period. Deposits made after the drawing period begins are processed instantly and earn prorated entries based on how much time remains in the current period. Your full deposit amount then rolls over to count toward the next drawing. You can add deposits by clicking the "+ Add More" button located at the bottom left of the My Deposits section.

Is there a minimum or maximum deposit amount?

You can deposit any amount of FLOW available in your Peak Money account balance. There are no minimum deposit requirements to participate in the Monthly Prize Pool, and you can increase your deposits at any time by clicking the "+ Add More" button located at the bottom left of the My Deposits section.