Introducing WPC (WePiggy Coin)
WePiggy Coin (“WPC”) is the governance token of WePiggy protocol, officially goes live on Dec 22, 2021!
WPC contract address: 0x6F620EC89B8479e97A6985792d0c64F237566746 (all networks the same)
Review of WePiggy’s First Year
During this first year, WePiggy lending protocol has:
- Launched on 8 chains, including Ethereum, OEC, BSC, Polygon, Heco, Arbitrum, Optimism and Moonriver.
- Reached up to 300 million U.S. dollars TVL, providing on-chain lending services for more than 45,171 users around the world.
- Listed a total of 85 crypto assets and provided lending services to almost all mainstream assets in different public chains and layer-2 networks. These assets have passed strict risk assessment, set risk control parameters, and passed community discussions and official governance voting.
On average, a new version is updated every week. A total of 52 versions have been updated so far, for the best user experience.
As long as we modify the smart contract involving the security of user funds, a third-party security audit will be conducted. So far, we have passed 4 audits in total.
Since the establishment of WePiggy community on October 27, 2020, community members have written a total of 1,066 risk control frameworks and related product usage documents with a total of more than 500,000 words, completed 368 community daily reports, and proposed 31 governance proposals. A total of 667 user addresses holding more than 12.94% of the total WPC have participated in on-chain governance.
On the premise of ensuring the security of user assets, more than 100 projects in the blockchain industry have established in-depth partnerships with WePiggy or achieved product-level integration, including mainstream media, software or hardware wallets, data analysis platforms, DeFi applications and multiple public chain development teams or foundations.
All the above were achieved under the premise that WPC is not open for claim.
For the greater good, it’s time to bring WPC to next stage.
WPC is completely generated through mining, no VC allocation, no private sale, no pre-mining.
Total amount: 8,000,000,000 WPC
For every 1 WPC mined, WePiggy Foundation will receive an additional 0.39 WPC as a reward. That is to say, the community will account for about 71.94% of the token distribution and WePiggy Foundation will account for about 28.06%.
0.12 WPC for risk reserves, which can only be auctioned to pay off debts in the case of extreme market conditions or contract risks, accounting for 8.63% of the total;
0.10 WPC for business development, will be used for new strategic partners development in the future; expand more applications in WePiggy’s ecosystem and resource integration. This part would not be circulated in the secondary market, accounting for about 7.19% of the total;
0.08 WPC for team voting, to ensure that the core team has enough voting right in the development of the protocol. This part would not be circulated in the secondary market, accounting for about 5.76% of the total;
0.07 WPC for team funds, are used for the salary expenditure of the core team, will be circulated in batches after the protocol is officially launched, as a source of team funding, accounting for about 5.04% of the total;
0.02 WPC for contributor rewards, will be distributed to outstanding contributors in the community through proposals and votes after the protocol is officially launched, accounting for about 1.44% of the total.
WPC Distribution Rules
Phase 1 (Ended):
Based on Ethereum mainnet, from Block #11222000 (Nov-09–2020 07:45:09 AM +UTC) to Block #13768709 (Dec-09–2021 03:25:48 AM +UTC).
1390 WPC tokens were generated per block, setting every 5760 blocks as a day, with a reduction of 1‰ for every day.
Phase 2 (On going):
Starting from block #13768709 (Dec-09–2021 03:25:48 AM +UTC), each block generates 280 WPCs, setting every 6545 blocks as a day, and halves every 6545 x 4 x 365 = 9,555,700 blocks (~4 years).
Initial Circulation When WPC Is Open for Claim:
At the block #13853550 (Dec-22–2021 07:00:00 AM +UTC), WPC tokens are officially open for claim.
WPC Initial Total Circulation: 2,814,378,358 WPC
According to the WIP27 proposal, this airdrop will be divided into two main parts, namely the active user airdrop and the crypto community airdrop.
Active users airdrop, including:
- User basic airdrop
- Gas refund airdrop
- Governance voting airdrop
- NFT or POAP holder airdrop
Crypto community airdrop, including:
- Active users of Compound in the past 3 months
- Participants of Piggy’s Great Navigation Events
- Discord sever booster
To allow users to claim even small amount airdrops, the airdrop pool is moved to the BSC mainnet, where Gas costs are relatively low and user acceptance is high.
Airdrop rewards are 100% unlocked immediately, no lock-up period.
The claim function of this airdrop will be valid for one year after the airdrop is open to claim. After one year, the unclaimed WPC tokens will return to the community treasury and wait for reallocation.
The Contributor Rewards is managed by WePiggy Foundation and is divided into three main parts:
- Individual volunteers
- Institutional contributors (Ecological Partner)
- KOL Partner
Initially, 50% of the total claimable WPC tokens will be unlocked immediately, and the remaining part will be unlocked linearly within 6 months.
Liquidity Mining Program V2
According to the WIP29 proposal: https://gov.wepiggy.com/t/topic/1076
The mining logic of all networks is unified into deposit and borrowing mining.
WePiggy protocol will periodically adjust the WPC distribution speed for each network.
The core development team believes that the WPC allocated to each chain should be proportional to the total value of funds contributed to the protocol by that chain.
It is helpful to objectively reflect the comprehensive development and user activity of the protocol on each chain, and avoid excessive or ineffective incentives.
Every month, according to the ratio of the daily average of the total deposit market size on each chain in this month, determine and update the WPC distribution speed between the Ethereum mainnet and all other chains.
Every week, according to the ratio of the daily average of the total deposit market size on each chain in this week, determine and update the WPC distribution speed for each chain, except for Etheruem mainnet.
Due to the high cost, the parameters of the liquidity mining mechanism on Etheruem mainnet should not be adjusted frequently.
For a deeper understanding of the Liquidity Mining Program V2, you can refer to:
Note: Please obtain WPC tokens by participating in the deposit and borrowing mining of WePiggy lending protocol. At present, WPC is only used for WePiggy protocol governance voting and has 0 financial value.
WPC Governance Feature
As the governance token of WePiggy protocol, the most important feature of WPC is for governance voting, to enable as many users as possible to participate in protocol governance. WePiggy community provides a detailed description of WePiggy’s governance in WIP0.
In the early stage of WePiggy’s governance, due to the high cost of Gas on Etheruem mainnet, in order to get more WPC holders participate in the governance, WePiggy should adopt a more lightweight governance method, emphasizing ease of use and universality.
More details: https://www.yuque.com/zgryhn/duu5f7/fsrgbt
As the interoperability infrastructure of the multi-chain ecosystem matures, complete on-chain governance will be opened and new features of WPC will be gradually unlocked.
There are totally 4 main types WPC rewards as follows:
1. Deposit & Borrowing Mining
On all networks:
Click [My Assets] → Pending harvest WPC → Click [Claim]
2. Mining Pools
On Etheruem mainnet:
Homepage → Click [DAO] → Click [pToken Pools] → Pending claim WPC → Click [Claim]
3. Active Users Airdrop
On BSC mainnet:
Homepage → Click [DAO] → Click [Airdrop Pools] → Active User Pool → Click [Claim]
To check the eligibility of the designated address, please visit the Airdrop Query channel of WePiggy’s Discord community.
Join Discord: https://discord.gg/wepiggy
4. Contributor Rewards
On Etheruem mainnet:
Homepage → Click [DAO] → Click [Airdrop Pools] → Ecological Partner Pool or Volunteer Pool → Click [Claim]
Tutorial link here: https://www.yuque.com/zgryhn/duu5f7/aqm0gn
WPC Cross-Chain Bridge
To allow WPC to flow freely across networks without being restricted to the support of third parties, WePiggy core development team has developed a cross-chain bridge dedicated to WPC.
Tutorial link: https://www.yuque.com/zgryhn/iz6g50/eiz0vc
The WPC Cross-Chain Bridge will be updated when a more decentralized, secure third-party cross-chain bridge solution that supports all networks has matured.
WPC is a governance token, has 0 financial value, it is only used for governance voting in WePiggy protocol.