PoolTogether – a permissionless no-loss raffle – has tokenized the protocol’s tickets into fungible Ethereum-based ERC-20 tokens.
PoolTogether will now mint “plDAI” and “plUSDC” which represents ownership of tickets eligible to win prizes. With the launch of these tokenized no-loss raffle tickets, anyone can now build on top of the PoolTogether protocol by using these tokenized assets, bringing a new primitive to Ethereum’s composability for financial applications.
To demonstrate this, PoolTogether launched ticket giveaways and chatbot integrations with the announcement. Prospective US ticket holders can now text “JOIN” to (616) 369-9060 to earn a free ticket which is eligible to win the weekly prize.
PoolTogether tickets are now tokenized! This means you can now send tickets to different wallets, friends, and family.
To showcase what’s possible, we’ve built a chatbot that will give you a free ticket! Just text the word JOIN to (616) 369–9060 pic.twitter.com/dZNWSOcIEb
— PoolTogether (@PoolTogether_) February 27, 2020
PoolTogether has seen significant growth in the past few months with the prize pool reaching over $1M. The no-loss lottery now gives away over 1,300 DAI per week from accrued interest on the underlying pool. In addition, PoolTogether also recently launched daily prize pools for USDC – now distributing over $42 per day to its participants.
The tokenized tickets are created upon purchase and will show in your wallet when they are eligible to win (instead of when you initially deposit them). This is important to note as users will not see their tickets immediately after depositing.
Users who are having trouble viewing their tickets can do so by adding the contract address directly into their non-custodial wallet:
PoolTogether’s tokenized tickets are launching with native support to Coinbase Wallet and Trust Wallet – two popular non-custodial wallets from leading exchanges.
Key Takeaways
The launch of tokenized tickets provides a new money lego for DeFi developers to build unique applications leveraging these fungible tokens. PoolTogether has seen tremendous growth in recent months since its launch in 2019. The protocol has increased its prize pool to over $1M with the help of sponsored capital while also receiving a $1.05M investment round led by DeFi investment firm IDEO coLab Ventures, Ethereum development studio ConsenSys, and Spencer Noon’s DTC Capital.
A no-loss lottery is a new paradigm for a savings application within DeFi, with a potential avenue to disrupt the $80B spent on lottery tickets each year in North America alone.
PoolTogether has continuously shipped new features in recent months and we can expect even more from their camp in the coming year. One of the biggest features to keep an eye out are PoolTogether Pods – allowing users to pool their tickets together for a higher chance to win.
If you’re interested in participating in the weekly or daily prize pool, you can do so by visiting the PoolTogether website. If you’re looking to stay up to date with the world’s first no-loss lottery, you can follow the official Twitter account.
Analyst at Bankless – one of the leading resources for open finance. Lucas is an active contributor to the DeFi ecosystem with appearances in other notable DeFi outlets including The Defiant and Our Network. He has years of experience working with dozens blockchain and token startups where he focused on token economics, marketing, and growth.