Thursday, July 25, 2024

PoolTogether reaches 100% of legal defence funding goal via NFTs.

def It took the project 10-days to reach its funding goal of $1.4 million. This shows the strong support from the DeFi community.

The platform is currently selling three tiers of non-fungible tokens as part of a funding campaign dubbed “PoolyNFT”. This is an effort to fight a class-action lawsuit that it believes has no merit. Priced at 0.1 ETH, 1 ETH, and 75 ETH, the NFTs vary in the number of total minted tokens. The project will eventually roll out hodler utility for the non-fungible tokens.

On June 1, PoolTogether’s fundraising project hit around 471 ETH. Big figures in the crypto space like Andreessen Horowitz, and Chris Dixon have supported this project. Chris Dixon is said to have purchased a Pooly Judge tier NFT for around $141,000. The fund raised so far stands at $1.474 million. The campaign has another 16 days to go and more funds would definitely be raised. If PoolTogether manages to sell all its NFTs, it would mean $2 million. The PoolTogether team tweeted that over 4,200 unique wallets are now holding Poolys. The team is very much excited to see what it has accomplished with the community rallying together. Leighton Cusack, PoolTogether co-founder, feels blown away by the community’s support.

The legal case which brought PoolTogether into the spotlight is in regards to Joseph Kent, former technology lead for Senator Elizabeth Warren’s 2020 presidential campaign, who spent $12 on lottery tickets. He filed a lawsuit against PoolTogether in January alleging that the DeFi project is operating an illegal lottery in New York. Kent is seeking compensation worth double the value of funds he spent on PoolTogether, as well as, attorney’s fees and the cost of legal action.

PoolTogether offers risk-free lotteries on stablecoin deposits in the platform by using ticket-buyers and liquidity providers’ capital. It generates interest using DeFi lending protocols.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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