No-loss lottery PoolTogether blows 50M in deposits later token airdrop
Feb 20, 2021 06:42 UTC
Feb 20, 2021 at 06:42 UTC
The self-styled ‘savings game’ is hoovering operator deposits, foremost to meaty lottery payouts
No-loss lotteries seem to have originated a snug product-market fit.
Just a few days after the airdrop of their governance token, POOL, the self-styled ‘savings game’ PoolTogether has fractured $50M in total value locked with comfort, presently sitting overhead $51M banquet between DAI, UNI, USDC, & COMP lottery pools.
PoolTogether aptly ‘pools’ operator funds & deposits them into DeFi savings protocols, using the interest as prizes for haphazardly designated winners & returning the early funds to buyers — thus making a ‘no-loss’ lottery.
Though the project delayed below $10M in total value locked for months, growing has been short-tempered ever since the POOL supremacy token airdrop on Feb. 17. Rendering to a Tweet from the team, a day ago the project had $34M in TVL — it has meanwhile grown 33%.
PoolTogether creator Leighton Cusack’s opinions on the delivery model for POOL as an incomplete explainer for the protocol’s development.
‘As portion of the early decentralization, 5% of total POOL supply (500,000 tokens) were owed to be distributed mechanically to all no loss prize pool depositors over the following 14 weeks,’ he held in an interview with Cointelegraph.
The distribution program, one which is theoretically alike to liquidity mining, is a share of a larger exertion to ‘get the token into the hands of users.’ Cusack states that of the 1.5M tokens airdropped on the 17th, (15% of the total supply), 600,000 have been demanded.
An extra reason for the development is completely organic, though: the more depositors, the more attractive the prize pool.
‘The prizes are much larger than they have ever been. Right now the protocol is on track to aw1ard over $60K in prizes in the next seven days. So the higher prices are attracting more people to deposit,’ he said.
The following step for the protocol will be to build on the promising development. Cusack states that assimilating with more savings protocols & moving to a layer-2 in an exertion to duck ETH’s rising gas fees are urgent, but ultimately those decisions are today out of his hands.
‘Since the protocol is now decentralized, however, it is actually up to members of the community to the energy that process. There is a robust community around the protocol previously & if anyone needs to get complicated just hop into the Discord.’
Published at Sat, 20 Feb 2021 06:42:38 +0000