The leader of lossless lotteries on Ethereum, PoolTogether, is airdropping a new token to all its users who have joined it for the ride so far: POOL.
“I’m really excited about the potential for a consumer financial primitive rather than a financial financial primitive,” PoolTogether founder Leighton Cusack told CoinDesk in a phone call. “This is a much more approachable product to people and therefore I think the idea of user ownership becomes much more approachable too.”
Launched in 2019, PoolTogether is a lottery where there is no risk. Users put in assets that are sent to other decentralized finance (DeFi) apps in order to earn yield. Depositors get tickets that correspond to their deposits. One ticket from a given pool earns all the yield on everyone’s deposits. That said, the deposits can be withdrawn at any time.
At least that’s how it has mostly worked. When it released its latest version, PoolTogether opened up all the parameters to others who might want to create pools for lossless lotteries on all kinds of assets. More on that below.
“No-loss prize savings is one of the most, if not the most used consumer financial primitive in the whole world. If you look globally in the fiat world, the old-school money world, there’s probably