PoolTogether, Lossless Lottery Releases its V3

October 26, 2020


The lossless lottery on ETH, PoolTogether that is made to gamify saving is launching its v3 today at 16:00 UTC. The website, first released in June 2019, makes it so the individual player wins all the yield gained on several people’s pool deposits, but everyone holds their first deposits, however, this is the reason it is known as ‘lossless’. Initially, when PoolTogether was launched it aimed to shave off a little bit of the yield earned on its pools to keep the lights on.


To finish its third form, PoolTogether raised somewhat over $1 million out of a seed augmentation round drove by ParaFi Capital, with extra interest from Robot Ventures, OpenLaw’s the LAO, the MetaCartel DAO, and a couple of holy messengers, including Synthetix’s Kain Warwick and Aave’s Stani Kulechov. 


As of Thursday, there might be one pool on the PoolTogether site, a dai pool. When the prize for the dai pool has enough stores for supporting a $10,000 prize, there will be a network vote on what pools to include first. The firm, PoolTogether, will hold power over the PoolTogether website for the present and it won’t post some other prize pools until the one it has arrived at that $10,000 payout. 


PoolTogether additionally will have new features such as reference prizes and HODLer rewards. As the investors can win additional tickets if they enroll others into a pool or they can get additional tickets on the off chance that they leave their assets in a pool over numerous cycles.


Essentially, each PoolTogether price pool will have 2 smart contracts, where the first contract holds the deposits and that pool cannot be edited after its creation so that only depositors can withdraw the value, while the other contract collects the yield to distribute the prize pool


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