'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
Willy Woo: 'Rick Astley' hodlers a key force again and on-chain signals suggest 'recovery'
Bitcoin technical analyst Willy Woo believes that this is not a bear market because on-chain indicators are signaling a recovery and the asset is still...
Blockchain Capital secures $300M funding from PayPal, Visa
PayPal and Visa are among several major investors to have participated in a $300 million funding for Blockchain Capital.In a release issued on Tuesday,...
Bitcoin recoups some losses in Asia after plunging on Chinese crackdown
By Alun John and Andrew GalbraithHONG KONG (Reuters) -Bitcoin regained some ground on Tuesday, a day after touching a two-week low when China's central...
Beer and horses? Combination takes to the digital space with branded NFTs
The United Kingdom arm of pilsner beer brand Stella Artois is partnering with a digital horse racing game to release a series of nonfungible tokens (NFTs).In...
Ethereum's $1.5B options expiry on June 25 will be a make-or-break moment
On June 25, Ether (ETH) will face its largest options expiry in 2021 as $1.5 billion worth of open interest will be settled. This figure is 30% larger than...
Inflation winds stiffen as Bitcoin ballast on balance sheets proves its value
As corporate finance leaders prepare to set sail into the post-COVID-19 world amid inflation storm warnings, an increasing number of corporations are taking...
Investment app Betterment still not ready to offer crypto services, says CEO
Betterment, a major financial advisory company providing robo-advising and cash management services, has not yet decided whether it will introduce cryptocurrencies...
Ransomware task force calls for aggressive Bitcoin transaction tracing measures
Government and industry have teamed up to fight a major increase in ransomware, with a newly formed ransomware task force calling for new measures to more...
Nifty News: NFTs for Trump-haters, carbon offsets, fractionalized CryptoPunks and more
A group of anon uni students has come up with a way to hit former President Donald Trump where it hurts: by using his Tweets against him to raise money...
Chinese mining pools’ hash power plummets amid regional blackouts
The hashing power of top Bitcoin mining pools located in Northwest China appears to have plummeted due to a regional blackout to enable safety inspections.The...
Litecoin Climbs 10% In Bullish Trade
Investing.com - Litecoin was trading at $222.857 by 18:04 (22:04 GMT) on the Investing.com Index on Monday, up 10.21% on the day. It was the largest one-day...
At what Bitcoin price will Satoshi Nakamoto become the world's richest person?
It is estimated that Satoshi Nakamoto, the creator of BTC, will become the world's richest person if the price of Bitcoin (BTC) hits approximately $182,000.As...
Each Coin Is A Barrel: Meet The OilCoin
US Bankers and Bart Chilton, a former member of the Commodity Futures Trading Commission, announced the creation of the oil cryptocurrency OilCoin. It...
Apple New Patent Shows Company’s Interest in Blockchain
For the first time blockchain was implemented in 2009 as a nucleus element of bitcoin. “The technology behind bitcoin lets people who do not know or trust...
7 Steps to Protect Cryptocurrency Assets
Now you can protect cryptocurrency assets much better than at the beginning of the decade. Nevertheless, investors still face many risks. New fraud schemes...