BSCDaily.com hosts Piggy Finance: A protocol bringing the maximum possible liquidity for $BNB holders.
BSCdaily – Admin: Hello and welcome to BSC Daily, @mannyreimi! How is your day?
mannyreimi: How is everyone doing today! We are so excited to talk to the community about PIGGY!
BSCdaily – Admin: Happy to hear! Ready to start our AMA?
mannyreimi: Yes!
BSCdaily – Admin: Nice
Q1: What is Piggy Finance all about? Give us a little summary
mannyreimi: Of course. Piggy is about bringing the maximum possible liquidity for $BNB holders. We wanted to bring to BSC a protocol that not only allowed users to maximise the utility of their $BNB but also do so in a resilient way with basically no governance. The best way to do that, it turns, is to offer zero-interest loans in our own stablecoin, $PUSD, which allows us to maintain a very low collateralization ratio (110% during normal conditions) without compromising the security and viability of the protocol.
You could say Piggy is about next-generation DeFi loans, something we felt was missing for $BNB, which is odd, since this is the fastest growing ecosystem in DeFi.
Q2: Could you tell us a little bit about yourself and your team? What are your past experiences?
mannyreimi: Sure thing, well, I have been a product manager and growth hacker for many years, worked for the AI sector before but in my private time I have followed Crypto since 2016. I have helped design protocols and mechanism in DeFi for close to a year now, working closely with Ethereum projects such as Pickle Finance, which is closely related to Yearn, Sushi, and others.
As for the team, they have also backgrounds in crypto and technology. Most of our engineers worked at one time for Facebook, Google, Apple, or the big technology companies in China like Tencent. Baidu, and Alibaba. Our backers have been involved in many different sectors in Crypto like for both retail and institutions, particularly in Asia–Pacific.
Q3: Why did you and your team decide to build Piggy Finance?
mannyreimi: We were inspired by the launch of Liquity in Ethereum, which basically was the first real rethink of a borrowing protocol that issues its own stablecoin since MakerDAO, the creators of DAI, the first crypto-backed stablecoin. Turns out that just as we were about to launch, problems with lending protocols started to become very serious in BSC. Take, for example, the recent Venus exploit where the $XVS token was manipulated and left that protocol with a lot of bad debt. We knew we were onto something with the innovative design that Piggy brings to BSC.
Q4: Now let’s dive into your token $PIGGY. Can you share with us your tokenomics? And what are some of $PIGGY use cases?
mannyreimi: $PIGGY is quite a unique token. Basically, it is a secondary token that our protocol mints. Albeit there are some reserves of $PIGGY for specific community-building use cases and for the team and advisors, the main way to obtain $PIGGY is to deposit in our “Stability Pool”. You see, in Piggy, we don’t rely in auctions to liquidate collateral when loans become risky, as that has proven to be slow and inefficient. Instead, we incentivise users to become Stability Providers, by depositing their $PUSD in the Stability Pool, which is then used to pay risky loans automatically, giving the user a pro-rata share of $BNB. Basically, being in the Stability Pool is like “auto-buying the dip” for $BNB, but you also get $PIGGY rewards on top.
Once you have $PIGGY, you can stake it immediately.
In the Staking Pool, $PIGGY gets both $PUSD and $BNB rewards. The $PUSD comes from the one-time borrowing fee users pay when they borrow from Piggy at zero interest. Whereas $BNB rewards come from “redemptions”, which is how $PUSD keeps its peg. Basically, $PIGGY is the only token in BSC right now that gives you both a stablecoin reward and a $BNB reward for staking, both rewards which come from usage of the protocol. This is meant to be an organic and sustainable model. There are zero Ponzinomics or shenanigans, and no one can intervene and modify these parameters either.
Q5: Does $PIGGY get audited?
mannyreimi: Piggy is based on the audited and battle-tested code of Liquity. However, for the adaptations we have done to bring it to BSC we are currently undergoing an audit by Certik, the report which is expected to be released by the end of July.
Q6: So, for people who are interested in $PIGGY, where we can buy it?
mannyreimi: You can head to PancakeSwap and use the following contract for the Piggy token: 0x1bEaC6DF550be0ad146DD99b4726c6bec9C5c6a5. However, you don’t need to buy it! You can come and take a loan in our platform (without going too crazy) with your $BNB at app.piggy.fi/#/borrow. Once you receive a $PUSD loan, head to the Stability Pool and deposit your $PUSD here app.piggy.fi/#/stability-pool to start earning $PIGGY
Q7: What can we expect in the next 3 months and in 2021 as a whole?
mannyreimi: We are looking forward to an explosion in our TVL once we get the word out about the advantages of Piggy and the use cases of both $PUSD and $PIGGY, our two tokens. We have had a great start with $30M in TVL in the first three days but this is just the beginning.
Basically, 3 things will happen in the following 3 months:
1. We will launch Liquidity Mining for a variety of pairs with both $PUSD and $PIGGY. This will increase the availability of both tokens across the DeFi space, making zero-interest loans the new normal and supercharging the utility of $BNB.
2. We will announce our Contributor Mining, where 10% of the total $PIGGY supply will be given as grants to individuals that demonstrate a commitment to the Piggy community and the decentralized future of Piggy.
3. We will conduct one of the largest airdrops the BSC ecosystem has seen, targeting active governance accounts, traders in major DEXs, and $BNB holders in BSC. We want to spread the porcine love as far and wide as possible.
For the rest of 2021, we have big plans which are too early to reveal, but we are working hard to solve the technical challenges to make Piggy cross-chain. Quite a lot of design, engineering, testing, community building, and activity are needed to take us there but we are confident in our team. This would basically be Piggy v2, since the changes are quite major. We hope to reveal more details as we hit our milestones for the protocol’s growth.
Q8: Where can we find out more about Piggy Finance?
mannyreimi: Make sure you stay tuned to all our news:
Telegram: t.me/piggyfinanceofficial
Twitter: twitter.com/Piggy_Fi
Medium: piggyfinanceofficial.medium.com/
Head over to our page www.piggy.fi/ where you can find links to our app, docs, and Whitepaper.
BSCdaily – Admin: With this we are now at the end of our AMA session with Piggy Finance
Time for wrapping up, any last words you would like to say to our community? @mannyreimi
mannyreimi: Thanks for having us, we hope to have answered all your questions, and hope to have driven the point that zero-interest loans are not an everyday thing. It’s almost like making a pig fly, which is exactly what Piggy and its winged porcine mascot do.
Hope to everyone around and visit us here: www.piggy.fi/
BSCdaily – Admin: Thank you so much for spending time with our community & all the very best for Piggy Finance.
Source : cryptodaily.io
