DeFi community raises $1.4M for PoolTogether’s NFT defense fund

DeFi community raises $1.4M for PoolTogether’s NFT defense fund

Thanks to the sales of NFTs, the no-loss lottery decentralized finance (DeFi) platform “PoolTogether” has been able to reach 100% of its legal defense funding goal.

It took the platform ten days to attain its funding goal of 769 ETH ($1.4 million), pointing to the unity of the DeFi community who are rallying against a lawsuit that many feel is an attack on the decentralized finance industry as a whole.

Part of PoolTogether’s strategy to fight the class-action lawsuit filed against it is to auction three tiers of NFTs tagged “PoolyNFT''. The NFTs are priced at 0.1 ETH, 1 ETH, and 75 ETH. The project will eventually launch 'hodler utility' for the NFTs with time.

As of last week, PoolTogether’s fundraising project had hit around 471 ETH, courtesy of aid from big figures in the crypto space like Chris Dixon, who bought a Pooly Judge tier NFT for 75 ETH (roughly $141,000 at current prices).

As of press time, the amount raised stood at approximately 788.40 ETH ($1.474million). Meanwhile, the campaign still has about 16 days left to run.

Eventually, if all of its NFTs are successfully sold, the amount projected to be generated will be 1,076 ETH, which is approximately $2 million.

The PoolyNFT team is undoubtedly excited about the way things are going. It tweeted on June 6 that “over 4,200 unique wallets are now holding Poolys. Absolutely amazing to see what’s been accomplished by the community rallying together.”

PoolTogether co-founder Leighton Cusack expressed his amazement at how things panned out.

Former technology lead for Senator Elizabeth Warren’s 2020 presidential campaign, Joseph Kent, is said to be spearheading the class-action lawsuit in question. He filed a lawsuit against the DeFi project in January just after spending $12 dollars on buying lottery tickets via PoolTogether.

PoolTogether offers supposedly risk-free lotteries on stablecoin deposits in the platform by using ‘ticket-buyers’ and liquidity providers’ capital to generate interest using DeFi lending protocols. The lottery winner receives the largest share of the bounty, while a handful of runner-ups receive a smaller token and the remaining participants receive a full refund of their investment.

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