'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
Meitu now holds $100 million in BTC and Ether after latest Bitcoin purchase
Hong Kong tech company Meitu has taken the total value of its cryptocurrency holdings to approximately $100 million after the firm disclosed the purchase...
You don’t own me: XRP price surge defies SEC’s clamp-down on crypto
After the United States Securities and Exchange Commission initiated a lawsuit against Ripple alleging that the firm had been indulging in the sale of securities...
Digital asset manager behind Canada's first BTC fund hopes to launch Bitcoin ETF
Investment fund manager 3iQ has partnered with Coinshares to launch a Bitcoin exchange-traded fund in Canada. According to an announcement from 3iQ, the...
Decentraland announces layer-two MANA token transfers, plans for full migration
Just a day after two decentralized finance powerhouses announced layer-two integrations via the Polygon sidechain, a major nonfungible token and gaming...
South Korean internet giant Naver reportedly joins Bithumb stake race
Major South Korean internet company Naver has reportedly begun negotiations to acquire a stake in the country’s largest cryptocurrency exchange, Bithumb.Naver...
Ethereum network in a fee spin: Can the Berlin upgrade save the day?
Though Ether’s (ETH) value has continued to showcase increasing signs of stability around the $1,800 range over the past fortnight or so, users of the premier...
Canada Reports Blockchain To Be Amongst Its Highest Paying Industries
A report recently published by the Canadian Digital Chamber of Commerce proves that the money involved in the blockchain industry of the nation is at the...
Kim Kardashian Acquires Her First Physical Bitcoin
One of the most important personalities in the modern beauty and entertainment industries, American-Armenian socialite Kim Kardashian West has got her own...
German Prosecutors Had To Sell Seized Cryptos Worth $14 mln Under A Loss Threat
German authorities had to urgently sell confiscated cryptos worth more than €12 million ($14 million). The case would not be there unless crypto-assets...
PayPal Clients Receive Dubious Cryptocurrency Warnings
Last week several PayPal clients complained both online and to the media about receiving emails, which looked like official ones from the company, containing...
Qiwi Founder Invested $17 Million In Telegram ICO
Qiwi founder Sergei Solonin invested in ICO Telegram $17 million; he told journalists on the sidelines of the Russian Investment Forum in Sochi.Previously,...
The Most Disappointing Cryptocurrency
Analytical service CoinDesk called the Ripple-XRP cryptocurrency the biggest disappointment for investors.It is noted that XRP in January was able to grow...
Microsoft Announced Bitcoin Payment Revival After a Halt Over “Volatility”
What some could have referred to as to the change of the position is no longer applicable. This week, the technology giant Microsoft has renewed the BTC...
Stellar Made More Than 150% Gain For The Year Already
Recently, the crypto-currencies, which were created by the developer Jed McCaleb, demonstrate outstanding performance. First Ripple, whose rate grew by...
Most Known Persons in Blockchain in 2017
2017 has become a true breakthrough for the crypto-industry. The rapid growth of bitcoin has attracted the attention of all media. Digital money from the...