Funmo implements a Rewards-linked Savings Account model. The model creates a behavioural nudge to save. We were inspired by the UK's Premium Bonds which have been offered since 1956, and by the Yotta savings account ( The prize-linked savings account model has been proven to be an effective incentive to encourage savings. There is over 112 billion Pounds of equity locked in Premium Bonds. Over 21 million people hold Premium Bonds in the UK, earning 12X the ROI of a traditional savings account.

With most investments, there is a trade-off between risk and reward. A standard savings account is low risk, but you’ll only earn around 0.2% APY. Bonds and stocks are riskier, but offer higher returns. In order to have a chance at huge returns, you normally need to risk your money with cryptocurrencies or even early-stage startups. But Funmo offers the best of both worlds: a low-risk account where you can’t lose funds, plus extra lottery tickets so you can potentially win a large jackpot.

Please follow us on Twitter: @HeyFunmo

What it does

  • Prize-linked savings account
  • As a reward for holding a balance in your savings account, you get free lottery tickets every week
  • The more crypto you save, the greater your chances of winning
  • Shatters the normal paradigm of risk-reward correlation in investments because with Funmo, you can't lose the principal (the funds that you've deposited)
  • But at the same time, you get lottery tickets, each of which has a chance of winning up to $10M worth of crypto

How we built it

We focused on developing 3 parts of the Funmo project:

  1. The front-facing website for the project that acts as an onboarding tool and helps newcomers learn about Solana, the world of crypto, and the Funmo project.
  2. Funmo App is the central hub for savers to interact with Solana blockchain by buying FUN token, entering weekly prize draws, and tracking their rewards and savings.
  3. Funmo Solana Programs (smart contracts) are the backbone of the project. Programs are designed to act as a decentralised automated rewards distribution systems ensuring a fair chance for every participant to win.

We are developing a collection of Programs to run the core of the Funmo backend:

  • FUN token issuance program, with the FUN token issued as an SPL token
  • Lottery program
  • Yield-earning program, including staking, lending, and converting to other yield-earning assets (and back)
  • Loans program
  • Savings accounts program
  • Deposits program (converting currencies to the FUN token or USDC via Raydium)
  • Withdrawals can use existing AMM programs to convert to other tokens

Challenges we ran into

  • Adapting traditional rewards model for blockchain
  • Developing smart contracts

Accomplishments that we're proud of

We believe that our idea has a great potential to create a new model for a DeFi app that encourages saving and holding money on blockchain that is more secure and responsive to user needs in comparison to the outdated savings accounts of a traditional banking model.

From the gaming perspective, we use behavioural economics to encourage people to save. By offering different saving options – holding FUN token or lower-risk USDC – we ensure that there is something to appeal to every saver. We are proud of creating a system that promotes sustainable gamified savings solution, as you don’t need to spend money in order to win.

By decentralising on Solana and introducing a decentralised governing body, we ensure the reward distribution is fair and transparent, powered by a suite of Solana programs.

Join the fun on Twitter: @HeyFunmo

What we learned

  • Solana ecosystem research
  • Software development in Rust, JavaScript, React, front-end engineering, and more
  • Crypto-economics
  • Solana program development
  • Issuing a new SPL token

What's next for Funmo

  • Get funding to build out the MVP and roll out a test version to early access users
  • Validate the idea, iterate on feedback
  • Grow the project alongside Solana
  • Develop integrations with Phantom, USDC, Raydium, Solend, and more

We have a number of private GitHub repositories where our code is available. Please email for access.

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