Data published by Messari’s cryptanalysis provider suggests that PoolTogether is V3 risk – free lottery platform it has accumulated more than 6,000 users since its launch in October.
Messari claims that PoolTogether’s user base ranks it among the “most widely used protocols” in DeFi, in addition to decentralized exchanges.
To date, V3 PoolTogether has collected over 6,000 continuous lottery players, making it one of the most widely used protocols besides DEX. pic.twitter.com/KLK2K63pRl
Messari (@MessariCrypto) March 23, 2021
Independently message Released on March 23, Messari notes that PoolTogether V3 has raised $ 134 million in TVL since launching incentives for liquidity providers and ranked the platform among DeFI’s 30th largest protocols over Hegic and PieDAO.
PoolTogether offers risk-free lotteries of stablecoins through the capital of ticket buyers and liquidity providers to generate interest through decentralized lending protocols. The winner of the lottery collects most of the accrued interest, while several finalists also usually receive a smaller share of the proceeds. All other participants are refunded in full.
According to Dune Analytics, 4,593 th most common accounts currently contain tickets to the next PoolTogether lottery.
Messari estimates that recent weekly major payouts have ranged from $ 60,000 to $ 90,000, with PoolTogether paying cumulative prizes of more than $ 750,000 since its launch.
PoolTogether V3 currently maintains a 5% reserve rate on interest accrued from the funds to increase its balance sheet. However, the draft report enforcing the protocol increased the reserve rate to 50% published at the PoolTogether forum on March 20.
The proposal states that liquidity providers currently earn APY between 30% and 40%, with an estimate that “the funds they supply to the interest rate fund earn only 8-15% at a price”.
The draftsman believes that by increasing the reserve rate, PoolTogether will be able to “support high prices in the future if whales choose liquidity”.