🏧Deposits & Withdrawals
Last updated
Last updated
Anyone can Deposit into an active Pool at any time by simply signing and broadcasting a MsgDeposit transaction to the Lum Network. The transaction upon acceptance by the network launches the following flow:
N.B: The flow for Local Pools is executed instantly upon receiving the transaction and does not require any IBC/ICA operation.
Each deposit by default specifies a Winner Address, the address which is actively being used by the Prizes Draws.
A Deposit Drop is a deposit for which the winner address is not equal to the depositor address. Meaning that the depositor in this case transfers chances to be selected during Prizes Draws to a chosen wallet address.
This option to make a Deposit Drop is available at this URL https://cosmosmillions.com/drops. It can be used usually via the Lum Command Line Interface lumd by doing a deposit transaction with the --deposit-drop flag.
On the main web app, a user can see the Deposit Drops made on the My Savings page with the mention "Manage Deposit Drop". A user can also see the Deposit Drops received (i.e. made by another user) displayed with the mention "Deposit Drop 🎁".
Any deposit can be of type Sponsor, meaning that the Depositors in this case wave their chances to be selected during Prizes Draws. Compared to other types of Deposits, a Sponsorship Deposit does not grant any drawing chances.
The goal of this feature is to allow anyone, but especially grant programs or project teams to boost Pools APY by providing yield generating tokens without any drawing chances. Meaning that all other depositors benefit from this proportionally to their deposited stakes.
N.B: This option to mark a deposit for sponsorship is usually not provided by frontend interfaces but is always available via the Lum Command Line Interface lumd. See how to do it with the PDF guide below.
Any deposit can be withdrawn at any time by simply signing and broadcasting a MsgWithdrawDeposit transaction to the Lum Network. The transaction upon acceptance by the network launches the following flow:
It is important to note that it is impossible for Millions or the Lum Network to reduce the N days (usually 14 to 28 days) unbonding time as mentioned in this flow since it is part of the remote chain governance to define this duration.
N.B: The flow for Local Pools does not require any IBC/ICA operation. The undelegation of the assets is executed instantly upon receiving the transaction but still waits for the unbounding time to elapse before sending the funds back to the user.
