What is PoolTogether (POOL)?
PoolTogether is a prize-saving protocol run on a smart contract enabling you to win by saving, depositing USDC, and participating in daily prize draws to win prizes. On the platform, you can withdraw your deposits at any time, even in the instance of not winning.
The protocol is operated when users deposit into the network. These deposits then yield interest after the yields are drawn randomly to reward winners with prizes. Besides, no one ever loses their principal, creating a Win-Win situation.
PoolTogether is solely run by a DAO, meaning no single person has ultimate control over the direction of the protocol. Instead, the governance of the project is carried out by holders of POOL tokens. Thereby the more POOL you have the more decisions you can take. On the price chart above, you can find the recent PoolTogether price.
Use Cases of POOL Tokens
The POOL token controls the PoolTogether protocol to ensure decentralization and community ownership. Token holders can manage protocol parameters. Thus, POOL is primarily a governance token. As mentioned before, the more POOL you have, the more decisions you can make, and the more POOL rewards you can receive.
Besides, in the early stages of the project, the distribution of the POOL crypto token serves as an additional incentive to deposit into the protocol when prizes are not yet large enough. Larger prizes trigger the organic growth of the platform. As organic growth increases and becomes self-sustaining, the distribution of the POOL token can be reduced.
You can observe the current POOL price and its recent movements on the PoolTogether price chart above.
Who Founded PoolTogether?
The developers of the project are anonymous. However, as mentioned before, PoolTogether is run by a decentralized autonomous organization, as well as is a community-funded and developed project. To date, different developers have improved sections of the project’s open-source code.
Tokenomics of POOL
The maximum supply of POOL tokens is 10 million. 48% of POOL tokens were allocated for governance. The remaining 52% of the supply, was allocated to early users, early contributors, investors, the development of the ecosystem, and for rewarding active participants in the protocol. You can check the PoolTogether price chart above for the live POOL price.
