BSCDaily.com hosts Piggy Finance: A protocol bringing the maximum possible liquidity for $BNB holders.ADVERTISEMENT
BSCdaily – Admin: Hello and welcome @nevermoreok @Zayuschka and @leekuanjew How are you today?
Carl (Won’t PM you first): Doing great, can’t wait to start!
Zayuschka: Hello! Very good, thank you.
LKJ: HI @rachelll88, all great! Thanks for having us.
BSCdaily – Admin: Happy to hear! Ready to start our AMA?
LKJ: Ready as ever
BSCdaily – Admin: Great
Q1: Could you please introduce yourself and tell us more about Piggy Finance? What is the essence of Piggy Finance?
LKJ: I’m Manny I am the Head of Research at Piggy. I have worked as a Product Manager in DeFi for a number of years.
Zayuschka: Hi, I am Zaya. I am the Project Manager at Piggy.
BSCdaily – Admin: Nice to see you all here
LKJ: Piggy is a borrowing protocol that seeks to provide the maximum liquidity to $BNB holders. On Piggy you can open a PiggyBank with your $BNB and you can draw a zero-interest loan, which is denominated on $PUSD which is a stablecoin minted by our protocol. You can put this $PUSD to work immediately by participating in our Stability Pool, which is part of the novel liquidation mechanism of the protocol. Or you can swap your $PUSD for any other token in the BSC ecosystem.
Q2: When did you start to develop your project? What are the main obstacles you wanted to overcome?
LKJ: We started a little over 3 months ago when we became inspired by the launch of Liquidity on Ethereum. We thought the concept of zero-interest loans was just too good to leave only to Ethereum users and also as a bonus the ecosystem is enriched by having a truly decentralized stable coin. Only after we started working on adapting Liquidity for BSC did a host of issues become apparent with platforms such as Venus, which suffered $200M in losses due to poorly executed liquidations, which left the protocol with bad debt.
BSCdaily – Admin: Great.
Q3: So, what are the main benefits you offer to long term holders?
Zayuschka: For long-term $BNB holders, we offer financing at the lowest cost. With Piggy borrowers paying only a small one-time fee for their loan, the longer they borrow the more beneficial it is going to be as there is no interest and thus no possibility of being crushed by debt. For example, if you are long on $BNB, you can buy more $BNB with your Piggy loan without worrying about your cost of financing increasing as you wait for the $BNB price to moon.
Source : bscdaily
