PoolTogether - Leighton Cusack | Meet the Nation
Bankless
Bankless
4.7 • 1.2K Ratings
🗓️ 22 April 2021
⏱️ 46 minutes
🧾️ Download transcript
Summary
Bankless Nation, meet PoolTogether and its founder, Leighton Cusack. PoolTogether is a DeFi protocol offering a no-loss lottery generated by its pooled interest.
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Meet the Nation: PoolTogether
Guest: Leighton Cusack
PoolTogether is one of the oldest DeFi Protocols, having been around for about two years. It offers users access to no-loss lotteries; founder Leighton Cusack describes it as a savings account, and the interest generated by the collective deposits are combined into randomly selected lotteries. Like most DeFi project, it is permissionless, trustless, and powered by smart contracts.
Unlike legacy lotteries, which require purchasing tickets, access to PoolTogether lotteries only requires depositing funds which can be pulled out in full at any time. There are currently $225 Million in assets deposited in PoolTogether, earning the interest that becomes rewards for the PoolTogether community.
PoolTogether also has a reserve, which contributes to an increasing treasury. These sponsorships are deposits that are not eligible to win prizes. Instead, these returns are circled back to the pool to yield further interest. This is a perpetual growth mechanism for increasing the reward sizes over time.
PoolTogether recently decentralized with its POOL governance token, and POOL was retroactively airdropped to all users earlier this year. It is also distributed to everyone who deposits in one of the lottery pools. The POOL token controls the protocol by managing the reserves, the number of winners announced weekly, integrations and new pools, and the distribution mechanism of the remaining POOL.
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Resources:
PoolTogether
https://pooltogether.com/
PoolTogether Discord
https://discord.gg/hxPhPDW
PoolTogether on Twitter
https://twitter.com/PoolTogether_
Leighton on Twitter
https://twitter.com/lay2000lbs?s=20
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Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.
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Transcript
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| 0:00.0 | Hey, Bankless Nation, I'm excited to bring you my conversation with Layton QSAC, who is |
| 0:09.4 | the founder of Pool Together. |
| 0:11.5 | And for those that don't know, Pool Together is a prize linked no-loss lottery. |
| 0:16.5 | And basically what that means is that when you come together, come to Pool Together, |
| 0:20.5 | you come and deposit your stable coins, your crypto dollars, but also now DeFi tokens |
| 0:24.6 | as well or into the future, many more. |
| 0:27.6 | So what it does is it's kind of like depositing your money into compound or into Ava, and |
| 0:32.0 | you get a yield. |
| 0:33.2 | But instead of getting your interest, the interest goes up for a lottery, right? |
| 0:38.2 | So you actually don't get the interest unless you win. |
| 0:41.5 | But if you win, you not only get your interest, but you get everyone's interest. |
| 0:45.5 | And so it's a way to get outsized, high-risk, outsized value capture of many people's |
| 0:52.9 | yields, right? |
| 0:53.9 | And so it's a little bit of a gamification. |
| 0:56.1 | It's a really interesting app. |
| 0:57.4 | And just a number of weeks ago, they released the Pool Token, which helps governor over the |
| 1:01.4 | protocol. |
| 1:02.4 | We go into all of these details and more in this episode with Layton, this Meet the Nation |
| 1:07.2 | episode. |
| 1:08.2 | Before we do, though, we want to take a moment to talk about some of these fantastic sponsors |
| 1:12.1 | that make this show possible. |
| 1:13.5 | Thankless is proud to be supported by Uniswap. |
... |
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