As per the reports, the No-loss lotteries have found a product that is going to be a huge success among the crypto-users. The product has already started gaining a lot of adoption right after the launch and is turning out to be very promising in near future.
It was just recently announced by PoolTogether that it was going to launch a POOL token that is going to be its governance asset. The platform revealed that initially, it was going to be airdropped so the users on the platform can collect as much as they can.
This time, the platform has announced a “savings game” that has helped PoolTogether gain a lot of value for the platform. It has been revealed that right after the launch of the savings game, the platform has managed to gain a total value locked of $50 million.
At the time of writing, the total value locked for the platform is sitting at $51 million. The total value locked (TVL) currently being observed by the platform is spread among lottery pools such as COMP, DAI, UNI, and USDC.
According to the details, PoolTogether allows users to deposit their funds with the platform. Then, PoolTogether deposits these funds into the savings protocol that is based on the decentralized finance (DeFi) platform.
Once deposited, the interest generated from the pools is used as the lottery prizes for the players that are selected randomly through the lottery pool. Once the lottery winners are announced, the deposits made by the players are transferred back to their accounts.
As a result, the participants in the game do not face any loss and simply get all of their deposited money back so they can play another game.
It had been a while since the project was around but it was not able to gain a lot of recognition and value. For several months, the protocol was struggling to cross the $10 million total value locked (TVL) figure.
However, the announcement for the launch of the POOL governance token worked like a charm from PoolTogether. The airdrop for the POOL governance token was held by the platform on February 17, 2021, which observed a huge volume of adoption and participation.
It was only on February 19, 2021, when PoolTogether had announced that its total value locked at that time was $34. However, the project managed to grow by 33% in a matter of 24 hours and was sitting at $50 million.
The management at PoolTogether also bragged about their recent product through the Twitter platform. The team announced on February 19, 2021, that their TVL had increased to $34 million. Furthermore, the platform had given out $47,000 worth of prizes to the lottery winners.