So I am someone who has interacted with pool together protocol in the past. My Uniswap bag is locked in the pool together protocol.
A small introduction about me for the understanding about where i am coming from and whats the basis of my ideation.
I am from India where public banking is a recent phenomenon before as the banks branches were far off people were not able to save large sum of money in their tiny and secluded homes.
So what they did were to pool their moneys in committees having peoples with good backgrounds, reputations and referrals and they come to a contract with the understanding to pool a same amount of money every month and that money can either be withdrawn in a round robin way so that every participants gets the chance to withdraw the money once during the round robin round.
Every month people will come together to check if someone has an ask for the pooled money. If not they just pick a random call from having paper chits of every participant name written on it. Whomsoever wins he would be eligible to take the pooled money but keep contributing his share of the contract for the rest of the tenure till every participants contracts settles
However if any participant is with some urgency to redeem his contract to withdraw the pooled money, he is allowed to do that by taking a haircut on his share of the pooled money. This will act as an incentive for the rest of participants of the contracts.
Given for a month there are more participants who are eyeing to redeem their contract to withdraw the pooled money. This can create a arbitraging phenomenon where all the participants will get into Reverse Auction to decide who takes the deepest cuts to redeem his contract and to be awarded the pooled money.
Let us presume there are 12 people who have decided to join a committee with an individual contribution of 10 bucks contract with a tenure of 12 month. They decided they will meet on the 5th of Everyone to execute their contractual obligations.
First Month - Everyone gathered and checked upon each other. No one wanted to put a ask for the money. They decided to Randomly pick anyone from themselves by paper chit lottery, and Bob won and his contract got executed. He gets 120 bucks; However he will still be paying his 10 dollars instalments every month for the next 11 months.
Second Month - Again Everyone gathered and check upon each other; This time Alice stood up and put an ask that She is willing to redeem her contract with an haircut of 5 dollars and effective payout can be 115usd credited to her.Now that 5 dollars haircut for Alice will be effectively the yield for the rest of the participants for the next 10 months till the contracts isnt expires.
Third Month- As expected everyone gathers on the same date and checks upon each other; and this time there are 3 parties who are interested in redeeming their contract. They can put up their bids for haircut and whoever is the highest would get to redeem his contracts which can be the effective yield for all the participants for the contract during the rest of the tenure.
This shall continue till the last participants' contracts with other participants gets settled and in the money people with excess change are able to earn some yield on their contributions.
I can see this as a good credit product in a pool together portfolio that too without any market related risk.
This will also enhance the engagement on the platform with contracts like weekly, monthly and Quarterly could also be thought of.
Credit worthiness due diligence so that all the participants involved are able to pay off their obligations on time is something which i think is something that pool together protocol have to do the necessary due diligence.
I have not thought of a possible name for the product.
Pool Together Committee Banking Services