Crypto ‘No Loss’ Lottery Winner Turns $74 Into $40,000

In transient

  • One fortunate winner on crypto lottery PoolTogether has turned $74 into simply shy of $40,000.
  • PoolTogether gamers deposit crypto tokens, with the yield generated going into the prize pool.

A crypto-powered lottery has helped one fortunate winner flip $74 into simply shy of $40,000.

PoolTogether doesn’t price cash—in a way—to play; as a substitute, you enter it by depositing cryptocurrency tokens. It makes use of these tokens to generate a yield, and it’s this yield that’s put into the lottery and shared out amongst those that take part. So, it’s a matter of perspective: You’re not dropping something by collaborating, though you might be lacking out on some yield that you just in any other case might need gained.

On March 14, 2020, this specific person put $74 value of the DAI cryptocurrency—a decentralized stablecoin pegged to the US greenback—into one of many swimming pools. It sat there, producing a really small quantity of yield, which was being put into the lottery.

On April 9, the person struck fortunate, profitable the lion’s share of the $33,100 prize (made up of DAI) and the $32,700 loot field, which includes 4 tokens together with Compound and STAKE. There had been 4,754 gamers within the lottery. In complete, they gained $39,600.

Because the quantities concerned had been so small, the person had a 1 in 289,812 likelihood of profitable the Grand Prize (the most important reward on supply). In distinction, one of many runners up had greater than $10 million in DAI with a 1 in 2.48 likelihood of profitable.

While the cash is substantial, the person already has a good chunk of cryptocurrency. According to Etherscan, they have already got $14,600 of Ethereum (ETH) of their pockets, with their PoolTogether winnings bringing their holdings of Ethereum-based tokens as much as $195,000.

Launched in June 2019, PoolTogether has grown significantly over the previous yr or so. It now has not less than $170 million locked up in its numerous swimming pools, the bulk in its DAI and USDC swimming pools. According to crypto analysis unit Messari, PoolTogether has paid out $750 million in prizes because it started. While most of that can go to the whales who’ve deposited massive funds to the platform, occasionally a smaller holder can strike it fortunate.

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About the Author: Daniel