'No loss' lottery protocol PoolTogether among most utilized protocols in DeFi: Messari

'No loss' lottery protocol PoolTogether among most utilized protocols in DeFi: Messari

Data published by crypto analytics provider Messari indicates that PoolTogether’s V3 no-risk lottery platform has amassed more than 6,000 users since launching in October.

Messari asserts that PoolTogether’s user base ranks it “one of the most utilized protocols” in DeFi excluding decentralized exchanges.

Our top trading bots

In a separate report published on March 23, Messari notes PoolTogether V3 has amassed a $134 million TVL since launching incentives for liquidity providers, ranking the platform as the 30th-largest DeFI protocol above Hegic and PieDAO. 

PoolTogether offers risk-free stablecoin lotteries by using ticket-buyers’ and liquidity providers' capital to generate interest using decentralized lending protocols. The winner of a lottery collects the majority of accrued interest, with several runner-ups also typically receiving a smaller share of the yield. All other participants are refunded in full.

According to Dune Analytics, 4,593 accounts currently hold tickets for PoolTogether’s next lottery.

Messari estimates that recent weekly grand prize pool payouts have ranged from $60,000 and $90,000, with PoolTogether having paid more than $750,000 in cumulative prizes since launch.

'No loss' lottery protocol PoolTogether among most utilized protocols in DeFi: Messari
PoolTogether V3 cumulative prize payouts: Messari

PoolTogether V3 currently maintains a 5% reserve rate on interest accrued from pooled funds to grow its balance sheet. However, a governance proposal advocating the protocol increase its reserve rate to 50% was published on PoolTogether’s forum on March 20.

The proposal notes that liquidity providers currently earn APYs of between 30% and 40%, estimating that “the funds they supply to the interest pool are only earning 8-15% for the prize.”

By increasing the reserve rate, the proposal's author believes PoolTogether will be able to “support high prizes into the future if whales withdraw liquidity.”

Continue reading at Cointelegraph
Bitfarms purchased more than $43M in Bitcoin to start the new year
Canadian crypto mining firm Bitfarms has already bought 1,000 Bitcoin in 2022, making its total holdings of the crypto asset more than $177 million.In a...
Polygon network activity spikes as NFT sales reach new height
The number of nonfungible tokens (NFT’s) sold on the layer-two protocol Polygon reached an all-time high last month at just short of 2 million. According...
Sequoia China leads $25M equity round for DeFi wallet DeBank
DeBank, a cryptocurrency wallet focused on decentralized finance (DeFi) solutions, has closed new funding led by major venture capital firm Sequoia China.The...
Price analysis 12/6: BTC, ETH, BNB, SOL, ADA, XRP, DOT, DOGE, LUNA, AVAX
Bitcoin (BTC) is attempting to extend its recovery by rising above the psychological mark at $50,000, but several popular analysts believe that BTC could...
Circle to invest in Japanese yen stablecoin as part of expansion to Asia
Circle, the United States-based issuer of USD Coin (USDC), has set its sights on thriving Asian crypto markets. In a move to strengthen its presence in...
Data shows Polkadot crashes after reaching $1B open interest — Will it happen again?
Whenever there is relevant growth in the number of derivatives contracts currently in play (open interest), it usually means that more traders are involved....
Shiba Inu surge continues as Robinhood hints at listing
By Samuel IndykInvesting.com – Shiba Inu was up another 25% on Wednesday morning after executives from the popular US trading platform Robinhood (NASDAQ:HOOD)...
CoinMarketCap hack reportedly leaks 3.1 million user email addresses
CoinMarketCap, a price-tracking website for cryptocurrencies, has reportedly fallen victim to a hack that leaked 3.1 million user email addresses. The information...
IMF managing director: 110 countries are 'at some stage' of CBDC development
International Monetary Fund, or IMF, managing director Kristalina Georgieva said more than half of all central banks in the world are exploring how to launch...
Ethereum alternatives and layer-one solutions see steady gains in September
The competition among layer-one smart contract platforms has been on the rise in the past couple of months as traders and developers continue to embrace...
Polygon eyes record high as MATIC's 150% price rally activates textbook bullish pattern
A recent price rally in the market of Polygon's native MATIC token pushed its prices above $1.56 for the first time in more than two months.The MATIC/USDT...
Binance halts KRW pairs amid tightening crypto exchange regulations in Korea
Binance has halted Korean won (KRW) trading pairs as part of a raft of changes to its operations in South Korea.In a notice issued on Friday, the crypto...
DOGE dumps as Dogecoin-sponsored NASCAR driver crashes
A Dogecoin-donned race car hit a wall in spectacular fashion over the weekend as DOGE fared much the same in the markets.Saturday’s National Association...
‘Pointless but incredible'— New electric car mines crypto while it's parked
Canadian light electric vehicle manufacturer Daymak has announced an upcoming electric car that can mine Bitcoin, Ethereum, and Doge — when it’s charging...
Gold Pulls Bitcoin Investors From BTC, Says Van Eck Associates CEO
In 2017-2018 bitcoin bit gold as bait for investors. However, the situation is expected to change in 2019 as investors already hope more for the gold than...