Pool Together, an Ethereum-hosted DeFi application that gives users access to prize-linked savings pools, has raised over $ 1 million to secure defense funding. In this project, users can deposit crypto tokens and stablecoins, mainly USD Coin (USDC), and profit from yields.
After depositing, users may have access to prizes daily and the odds of winning one time will depend on the amount of the stake. By winning, the user can withdraw all of the principal and winnings.
Fundraising project
Ten days after launching the $ 1.4 million or 769 Ethereum (ETH) funding project, the platform raised total funding. Leighton Cusack, the project’s CEO and co-founder, was amazed at the community’s efforts to raise that amount for defense funding goals.
Recommended Reading | Bitcoin reaches $ 100,000 when the bear market ends, these analysts predict
This reveals extensive support from the community of PoolTogether crypto token holders.Also, funding is underway Proceedings Many think that there is no merit. It’s worth noting that PoolTogether will take another three weeks to complete its funding campaign.
Joseph Kent fights Pool together in proceedings in proceedings
The ongoing lawsuit against Pool Together is led by Senator Elizabeth Warren’s former technical leader in the 2020 US presidential election, Joseph Kent. Joseph Kent deposited $ 12 worth of stablecoin on the network and subsequently enacted a law against the protocol. CEO / co-founder Layton Kusak, And numerous project partners. All of this happened in January this year.
According to Kent, in a corrected complaint, Kent accused the company of running an illegal lottery ticket in the United States and argued that the protocol might never provide the expected benefits. He claims that the platform is holding back about half of its weekly prizes in its reserves. Kent has stated his general dislike of cryptocurrencies and is ready to oppose them entirely.
In response, the NFT Project is selling three levels of NFTs in a funding campaign known as “Pooly NFTs” to combat current class actions. We sell NFTs for 0.1 ETH, 1 ETH, and 75 ETH, and sell a total of mint tokens. In addition, Pool Together will eventually deploy a “hodler utility token” to advance the NFT.
Interestingly, the protocol community responded positively to NFT purchases, reaching around 471 ETH last week. In addition, cryptographic influencers such as Andreessen Horowitz’s key partner, Chris Dickson, supported this cause. He bought one of the PoolyJudge NFTs for 75 ETH at the current price of about $ 141,000.
Recommended Reading | Former BitMEX CEO says Ethereum is still able to hit $ 10,000 by the end of 2022
Currently, the protocol has raised about 788.40 ETH. That’s about $ 1,474,000. The protocol funding campaign has 16 days left, but selling all NFTs will generate 1,076 ETH, for a total of about $ 2 million at current prices.
Featured image from Pexels, chart from TradingView.com
