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 DeFi platform 10 days to reach its 769ETH funding goal ($1.4 million). This shows the strength and unity of DeFi members who have come together to resist a lawsuit they feel is an attack against decentralized finance.

Part of PoolTogether’s strategy to fight the class-action lawsuit filed against it is to auction three tiers of NFTs tagged “PoolyNFT”. These NFTs can be purchased at three different prices: 0.1, 1 and 75 Ethereum. The NFTs will soon be able to access the hodler utility that is being developed by this project.

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).

At press time the total amount raised was approximately 788.40ETH (1.474million). The campaign is still running for 16 more days.

If the NFTs can be successfully sold, it is expected that 1,076ETH will be created, approximately $2million.

PoolyNFT is excited by the progress. 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.”

Leighton Cusack (founder of PoolTogether) expressed surprise at how everything turned out.

Not a lot to say right now. I am overwhelmed by the support PoolTogether Inc has received. Today, the #PoolyNFT campaign surpassed 100%.

— Leighton (@lay2000lbs) June 5, 2022

Former technology lead for Senator Elizabeth Warren’s 2020 presidential campaign, Joseph Kent, is said to be spearheading the class-action lawsuit in question. After spending $12 on lottery tickets through PoolTogether, Kent filed a lawsuit against DeFi.

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. A lottery winner will receive the highest share of the bounty. However, there are some runner ups who receive smaller tokens and those remaining receive full refunds of their investments.

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