Where does the prize money come from?

Prizes are generated on the rewards earned from staking Ethereum. Learn more about staking.
When a deposit is made on UltraStake, the ETH is automatically forwarded to Rocketpool (a fully decentralized Ethereum staking protocol) to begin earning rewards. In exchange, our protocol recieves rETH.
The rETH token accrues staking rewards over time. This means that rETH's value effectively always increases relative to ETH. Learn more.
UltraStake and Rocketpool are both non-custodial protocols. That means no one has the ability to control the funds deposited. All deposits and withdraws are conducted automatically by the smart contracts making up the protocols.

Is there a cost to enter?

No! There is no cost or fee to enter.
When you make a deposit, a 100% of it goes towards staking Ethereum.

Do I have to enter for each prize?

No! Even if you only make a single deposit, you are automatically eligible for all future prizes.
As long as you have ETH staked via the UltraStake protocol, you have a chance to win prizes forever.

Is there any penalty to withdraw?

No! You can add to or withdraw your deposits without any penalty or fees!
Any deposits you make can be withdrawn back for the exact same amount.
However, your chances to win prizes are based on your balance (savings) in the protocol.

What are my odds of winning?

Your odds of winning a prize = (your UltraStake balance) / (the total amount of ETH staked via UltraStake).
Additionally, if you win a prize and do not withdraw, your ETH balance in the protocol will increase, which means your odds of winning future prize will also increase!

Why is the minimum stake 0.01 ETH?

The UltraStake protocol is built on top of Rocketpool - a fully decentralized Ethereum staking protocol. Currently the minimum deposit set by Rocketpool is 0.01 ETH. This might change in the future.

Is there a maximum to how much I can stake?

Yes, currently the maximum deposit/stake is 500 ETH per wallet.
This can be adjusted in the future if necessary.

Why do I have to wait up to 4 days to withdraw after a deposit?

When you make a deposit, the UltraStake protocol automatically stakes 100% of your ETH deposit via the Rocketpool protocol.
However, Rocketpool currently has a 0.05% deposit fee. This is security measuer taken on their part to prevent sandwich attacks. Learn more. It takes approximately 4 days of staking rewards to account for this.
Alternatively, if you stake rETH instead it only takes 1 day after a deposit before you can withdraw. As long as UltraStake received some staking rewards you can withdraw. 1 day is enough for rETH rewards are added every 24 hours.

Is it a lottery?

No! UltraStake is not a lottery. You never lose what you deposit, there is no entry fee, and no gambling involved!
Deposits in the UltraStake pool always have a positive expected value. You save (by staking) for a chance to win!
UltraStake is a protocol based on the global financial product of “premium bonds” & “prize savings” and is often times called a “no loss lottery”.

How are winners chosen? How is it fair?

The UltraStake protocol is decentralized and open source. That means anyone can view and audit the code to verify it is fair and secure.
Specifically for choosing winners, UltraStake relies on ChainLink VRF (Verifiably Random Function). The ChainLink VRF ensures that winners are chosen in a verifiably random way.

Can I lose my money? What are the risks?

Assuming the protocol operates as intended, there is no risk of losing your money.
However, there are still many risks inherent in using a blockchain-based protocol like this. These risks could result in losing some or all of your money.

Are my deposits insured?

Your deposits are not insured.

How often are prizes distributed?

Prizes are automatically distributed everytime we reach enough staking rewards to award a prize.
Specifically, UltraStake relies on ChainLink Automation which checks at every new block if the prize is ready.
Once the prizes are ready, the protocol sends ChainLink VRF a request for random numbers which are then used to select random winners. Prizes are automatically awarded to the winners balances.

How do I get my prizes?

Once you win a prize, it is automatically added to your balance in the protocol.
You can claim / withdraw your prize at any time (See below for how to withdraw). However leaving your prize in your balance increases your odds of winning future prizes!

How can I withdraw my balance?

You have 2 options when withdrawing.
1) You can withdraw your balance as ETH.
2) You can withdraw your balance as rETH.
The benefit of holding rETH is that it accrues staking rewards over time. It is a "staked" form of ETH. This means 1 rETH is always more valuable then 1 ETH and as time goes even more so!

Why UltraStake?

We wanted to make saving a little more fun, cool, and productive for the world.
By using UltraStake, even if you don't win, you are doing something good for the ecosystem and for yourself.
1) You are helping the Ethereum blockchain stay secure and decentralized 😎
2) You are saving money 💰
3) Plus you get a chance at winning nice prizes forever 🚀