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Maven 11 Capital invests in PoolTogether

18 May 2021

Maven 11 Capital is proud to announce our participation in the latest USD 6M PoolTogether treasury fundraise alongside early backers such as Nascent, ParaFi Capital and new investors like Dragonfly Capital and Galaxy Digital with whom we aim to support and accelerate PoolTogether’s growth.

PoolTogether is a decentralized no-loss lottery; previously this concept was known as “prize linked savings accounts”. These have an estimated total addressable market of anywhere between USD 200-500 billion in traditional finance. In other words, no-loss lotteries are chance based games where the prize consists of the yield on the deposited assets. The initial is never paid out, therefore none of the participants can lose any capital on their deposited funds.

PoolTogether was founded in 2019 and has been live on mainnet since the same year. The v3.0 that is currently live attracted over USD 200M TVL. The cumulative prizes awarded to participants exceeded well over USD 2M in prize money. As of now, the protocol has 8 pools live with over USD 180K being distributed weekly. It is safe to say that PoolTogether has product market fit and is ready to take over a large chunk of the no loss lottery market.

TVL PoolTogether

 

The PoolTogether DAO is one of the most active and epic communities we have seen in the industry. Proposals are debated with integrity and vigor, setting an example for every upcoming DAO. We are keen to become a part of this decentralized organization.

We view PoolTogether as one of the perfect use-cases of a decentralized smart contract platform. Additionally, the yields in DeFi offer attractive prices for participants. We look forward to working with the PoolTogheter DAO as well as the founding team to make the protocol an even bigger success” - Balder Bomans, Managing Partner Maven 11 Capital

In addition to participation in the treasury diversification, we have also allocated capital as a “sponsorship” into PoolTogether. This essentially means that Maven 11 deposited capital, of which the yield is used to increase the rewards for PoolTogether participants. Next order of business is to get prizes up to 1 million USD per week and we are happy to be able to contribute to reaching that goal in the foreseeable future.