No-loss lotteries appear to have found a snug product-market fit.
Just a few days after the airdrop of their governance token, POOL, the self-styled “savings game” PoolTogether has cracked $50 million in total value locked with ease, currently sitting above $51 million spread between DAI, USDC, UNI, and COMP lottery pools.
PoolTogether aptly ‘pools’ user funds and deposits them into decentralized finance savings protocols, using the interest as prizes for randomly-selected winners and returning the initial funds to buyers — thus creating a “no-loss” lottery.
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While the project stalled below $10 million in total value locked for months, growth has been explosive ever since the POOL governance token airdrop on February 17. According to a Tweet from the team, a day ago the project had $34 million in TVL — it has since grown 33%.
$34 million deposited!
~$47,000 in no loss prizes being awarded this week! https://t.co/wYA1wO1NHY pic.twitter.com/lfpgu7bWZN
— PoolTogether (@PoolTogether_) February 19, 2021
PoolTogether founder Leighton Cusack
