It has been good year for pooltogether, since inception it was dream for $10,000 weekly prize. Now this target has been achieved. With the advent of POOL token pooltogether saw influx of large deposits and weekly prize of DAI reached $1,00,000. However it is uncertain how whales behave and at any time they may withdraw assets once farming ends.
I would like to propose USDT pool to be launched as its most used stable across all platforms and its no surprise that there is no exchange which doesn’t has USDT pair on it. The marketcap itself stands at $34 billion. Given wide adoption of USDT by exchanges, Defi and its APR its no brainer how significant USDT is.
Pooltogether has gained momentum and this is the right time to include it.
Its uncertain initially who will fund the USDT pool even if its created. In this context pooltogether team may put funding request from Tether or some whale must help us.
Let us ride with wave not against the wave
I like this idea! Personally I’ve always been supportive of a Tether prize pool but I’ve also always wanted it to be a decentralized decisions as I know others are not.
I agree that now is the time to launch more prize pools as momentum is strong!
Here is probably the simplest way for it to happen…
It’s actually possible for anyone to launch a Tether prize pool right now using the builder (https://builder.pooltogether.com/), at first it would be classified as “community prize pool”. After creation though a governance proposal could then be put forward to add the prize pool to the registry of governance managed prize pools and also to setup a POOL token faucet to give POOL tokens to depositors. That would make it an official governance managed prize pool.
My only hesitation is that I know some community members have been talking about slightly updating the prize pool design to enable deposit batching which would lower gas costs. So we might want to wait for this.
I am strongly against an USDT pool at this stage.
Dont want to spread FUD but there is too much controversy around Tether and their ways of conducting business. No reliable audit of reserves available. It’s enough that the world’s financial epicenter forbids Tether to operate there.
PoolTogether should be a safe space where newbies can start learning about DeFI amongst others, and newbies shouldnt be exposed to a stablecoin that is facing such controversy and negative press. When there’s full transparency and clarity on collateral and compliance, it can be reconsidered. A USDT-unwind is a very small likelihood but huge impact risk and we shouldnt expose PoolTogether to this. There are enough other pools available.
I would rather focus on other pools at this time. We have 2 USD stable coin pools already, a decentralized and a centralized. I don’t really care all that much either way but feel we should focus on growing the existing USD pools and exploring other assets before adding USDT.
What risk is the PoolTogether protocol exposed to adding tether? It is the users that choose to own and hold tether that carry the risk. It also already partially backs DAI so it is at least indirectly already supported by Pooltogether, just I have to spend a bit extra gas to change my tether to DAI first.