Builders to Open-Source the Code

A “no loss” lottery built atop EthereumPoolTogether — quickly generated buzz in cryptocurrency circles this week in being the newest DeFi project on the block.

Yet the lotto’s hype was met with an initial wave of skepticism, too, as some cryptoverse stakeholders cautioned against using the dapp while its code remained closed-source. That caution was fair, and it got the PoolTogether team’s attention in short order.

Accordingly, the project’s builders announced on the June 25th MakerDAO Community Call that it would be open-sourcing the lottery’s contracts within the day and have since done so.

1,900 Tickets Already Purchased

Announced on June 24th by founder Leighton Cusack, PoolTogether has been designed to allow users to buy-in to a lottery pool that returns all invested funds at the end of every pool cycle. As Cusack explained on Medium:

“Here’s how it works: when you join a ‘pool’ on PoolTogether you get a chance to win a prize but even if you don’t win, you get all your money back! This is possible because the prize is funded by the interest accumulated from the money contributed to each pool.”

Backed by a MakerDAO grant and built using an Aragon DAO, PoolTogether relies on the Dai stablecoin for its contributions. One single ticket to join one of the dapp’s pools currently costs 20 Dai. Pooled funds are to remain locked for 15 days, until a winner is randomly selected to win the prize, i.e. the interest accrued from that cycle’s pooled funds.

At press time, more than 1900 tickets had already been purchased for the inaugural circle, with the dapp’s first estimated prize fund now over 170 Dai. Interest has been rising as the DeFi play points to novel…

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