Data released by crypto provider Messari shows that the risk-free V3 lottery platform PoolTogether has gathered more than 6,000 users since its launch in October.
Messari claims that PoolTogether’s user base considers it “one of the most used protocols” in DeFi, with the exception of decentralized exchanges.
In a separate report released on March 23, Messari indicated that PoolTogether V3 has raised $ 134 million from TVL since the incentives were launched for liquidity providers, placing the platform in the 30th largest of DeFI protocols on Hegic and PieDAO.
PoolTogether offers a risk-free stack currency lottery that leverages the capital of ticket buyers and liquidity providers to generate interest rates using decentralized lending protocols. The lottery winner receives the majority of the accrued interest, and usually many participants receive a smaller share of the payout. All other participants received a full recovery.
Currently, 4,593 accounts have tickets for the next PoolTogether lottery, according to Dune Analytics.
Messari estimates recent weekly prize payouts have ranged from $ 60,000 to $ 90,000, and PoolTogether’s prize pool has totaled over $ 750,000 since launch.
PoolTogether V3: Messari’s cumulative premium payments
PoolTogether V3 currently maintains an interest reserve of 5% which is charged to total funds to top up its balance. However, on March 20, the governance proposal was posted on the PoolTogether forum with the requirement to increase the protocol reserve to 50%.
The proposal states that liquidity providers are currently earning between 30% and 40% per year, and it is estimated that “the money they contribute to the interest rate pool only fetch an 8-15% premium”.
The author of the proposal believes that by increasing the reserve rate, PoolTogether will be able to “support major jackpots in the future if the whales withdraw money.”