RATE Group | DeFi’s First “No-Loss Lottery” Raises $1 Million as Interest Accrues
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DeFi’s First “No-Loss Lottery” Raises $1 Million as Interest Accrues

04 Feb DeFi’s First “No-Loss Lottery” Raises $1 Million as Interest Accrues

Posted at 09:11h in Cryptocurrency News by

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The “no-loss lottery” concept pioneered by PoolTogether has gained significant traction in recent months. With a fresh $1M equity injection and a new USDC pool coming to the protocol, PoolTogether is aiming to build a DeFi primitive for the ages.

PoolTogether Offers Crypto Lottery Tickets

If an avid user of DeFi had just a few DAI in their wallet, there would be no reason for them to deposit it into a money market such as Compound. 

Rather, if the user deposited these funds into PoolTogether’s contract in exchange for lottery tickets, they set themselves up for a healthy windfall.

Even a small deposit can yield returns upwards of $1,000 a week and the current pool estimates a $1,530 payout this week. 

More importantly, even if a user doesn’t win, they get their deposit back, according to a blog post from PoolTogether. 

The current pool has approximately a million dollars of DAI in total locked in it. A majority of this comes from sponsored funds, meaning they merely provide…

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