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Main Hall - June 6, 2022

DeFi community rallies behind PoolTogether to hit $1.4M NFT defense funding target

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No-loss lottery decentralized finance (DeFi) platform PoolTogether has reached 100% of its legal defense funding goal via the sale of NFTs.

It has taken the project just ten days to reach its funding goal of 769 Ether (ETH) or $1.4 million, signaling strong support from the DeFi community who are rallying against a lawsuit that some feel is an attack on the greater sector as a whole.

PoolTogther is currently selling three tiers of NFTs as part of a funding campaign dubbed “PoolyNFT” to fight a class-action lawsuit that it feels has “no merit.”

The NFTs are priced at 0.1 ETH, 1 ETH and 75 ETH a pop, and vary in the number of total minted tokens, and the project will eventually roll out ‘hodler utility’ for the NFTs moving forward.

Cointelegraph previously reported on June 1 that PoolTogether’s fundraising project had hit around 471 ETH last week, with support coming from big figures in the crypto space such as general partner of Andreessen Horowitz, Chris Dixon, who bought a Pooly Judge tier NFT for 75 ETH, or roughly $141,000 at current prices.

At the time of writing, the figure for funding raised now stands at 788.40 ETH, or roughly $1.474 million. Notably, the campaign has another 16 days to go, and if all of its NFTs are sold it will have generated 1,076 ETH, or $2 million.

The PoolyNFT team tweeted the milestone on June 6 and noted that “over 4,200 unique wallets are now holding Poolys. Absolutely amazing to see what’s been accomplished by the community rallying together.” While PoolTogether co-founder Leighton Cusack also stated:

“Don’t have a lot of words right now. Blown away by how the community has rallied around PoolTogether Inc and myself.”