on the crypto
PoolTogether, the lottery lossless (without losses) on Ethereum (here the quotation in real time), released its third version a few days ago. The site, first launched in June 2019, makes sure that only one player wins all of the returns earned on many people's deposits in a pool, but all still keep their initial deposits anyway.
That is why it is called "lossless". So far only two pools have participated in the lottery, one using MakerDAO's Dai stablecoin and the other using Centre's USDC. But that is all about to change with the third version (v3), which will enable far more ERC-20 tokens, more income sources and more reward distribution schemes.
New financing
To complete its third version, PoolTogether raised just over $ 1 million in a funding round led by ParaFi Capital, with the participation of Robot Ventures, OpenLaw's The LAO, MetaCartel DAO and some angels, including Kain Warwick and Aave. by Synthetix Stani Kulechov.
Ben Forman of ParaFi Capital said “Lossless lotteries are an underrated and compelling alternative to high yield savings accounts. It is a great example of a use case that works more elegantly on a blockchain than on a traditional financial infrastructure. " In this way, PoolTogether represents a good entry point into decentralized finance (DeFi) and the cryptocurrency sector.
New version
As of Thursday, there will only be one pool on the PoolTogether website, a Dai pool. Once this pool's prize has sufficient deposits to support a $ 10.000 prize, the community will vote which other pools to add first.
The PoolTogether site does not release any further information at the moment. PoolToether Build has also been launched alongside v3, whereby anyone can build additional pools with their own unique reward strategies. With this third version, the pools are moving towards decentralization. The new pools will no longer be controllable by the PoolTogether team. No one who creates a pool will be able to touch the user deposits in those pools. All this is part of the PoolTogether process to achieve complete decentralization.
"Pool Builder"
The PoolTogether company will retain control of the PoolTogether website for now and will not publish any further prize pools until the $ 10.000 payout is reached. But others will be able to build new pools right away.
And they will have to create a front-end with another URL. PoolTogether Build is more like PoolTogether's development tools. Build will support the creation of prize pools for any ERC-20 token that can be deposited on the DeFi Compound or Yearn.Finance platforms (for now, but more sources of returns are on the way).
