WePiggy — A DeFi Asset Lending Market Protocol
🌈 What is WePiggy?
WePiggy is an open source, non-custodial crypto asset lending market protocol.
In WePiggy’s market, users can deposit their crypto assets to earn interest, or borrow others by paying interests.
🙋 What are the differences?
Compared with pioneers such as Compound and Aave, WePiggy wishes to create more markets for user’s choices; optimize the execution efficiency of smart contracts, low-down the gas cost; equip users with more financial tools, not only flash loan, but also margin, options, etc. Of course, all the improvements are premised on the basis of users’ fund safety.
Also, WePiggy will try the best to bring better user experience to users. Especially in East Asia market, more improvements would be made to lower the learning barrier for users. With the gradual improvement of the protocol, WePiggy may build up a series of dApps for users here.
In WePiggy’s governance, the core team would like to take a more positive and responsible role. We believe in the importance of goals and fundamental principles, and we fully understand that high quality governance won’t happen in a soulless project.
Therefore, at the early stage of WePiggy’s governance, the core team will actively participate in the governance to work with the community to form an atmosphere of scientific governance. We will discuss the basic governance framework of WePiggy Protocol with all members of the community in our first proposal after the governance forum goes live.
🎨 About “WePiggy” Brand
“WePiggy” comes from the slogan: “In Piggy, We Get Rich!”
And, the “We” in WePiggy stands for “Our”, “Piggy” comes from “Piggy Bank”. So, “ WePiggy” can be interpreted as “Our Piggy Bank”. According to our survey, no matter in the East or the West, the image of piggy bank is deeply rooted in people’s hearts, which can help users understand and strengthen the positioning of “crypto asset lending market”.
Meanwhile, the image of piggy is cute, docile and friendly, which is totally different from the stereotypical image of traditional Banking System.
WePiggy aims to spread the benefits of cryptocurrency’s freedom and transparency to the widest possible user community in a more friendly and simple way, and to be a good partner for them on wealth management.
In addition, in traditional Eastern cultures, piggy also symbolize great wealth, which is also highly compatible with WePiggy’s orientation.
🚀 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)
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, the 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%.
In detail:
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
More details here: Introducing WPC (WePiggy Coin)
🚜 Liquidity Mining Program V2
The latest update (as of 2021/12/09):
In principle, according to the description of the WIP 29 proposal: https://gov.wepiggy.com/t/topic/1076,
the core development team will periodically adjust the WPC distribution speed of each chain.
🪂 [LockDrop] Event
Based on what WePiggy’s core development team mentioned in the proposal of Optimism Governance Fund, WePiggy’s core development team developed the “LockDrop” function to achieve the purpose of locking more funds in the Optimism ecosystem, giving users more freedom of participation, and giving appropriate rewards based on their contributions
$WPC Token Incentive: 75,000,000 WPC
The $WPC token incentive for this event comes from the community part of WPC distribution, which is used for liquidity mining incentive, and will be directly allocated from the community treasury to the smart contract that allocates this token incentive.
🏆 Multi-Chain Deployment Plan
1. Official launch on OKC mainnet, started the “WePiggy’s Billionaires” activity, the TVL exceeded 300M USD.
2. Official launch on BNB Chain mainnet, started the “WePiggy’s Billionaires” activity
3. Official launch on Polygon mainnet
4. Official launch on Huobi Eco Chain
5. Official launch on Arbitrum
6. Official launch on Optimism
7. Official launch on Moonriver
8. Official launch on Harmony
9. Official launch on Oasis Emerald
10. Official launch on Aurora
11. Official launch on Moonbeam
12. Other networks: Under development
More to come, stay tuned!
🔎 Security
Smart contract codes of the WePiggy protocol are open source and have been strictly tested and audited.
WePiggy’s assets are stored transparently and traceably in the blockchain network which cannot be embezzled by the team.
Launches Bug Bounty on Immunefi, up to 100,000 USD rewards.
Welcome to visit our open source code repository to review our code.
More details: https://wepiggy.io/security
📅 Roadmap (New!)
🎈 Join Us
International Community:
- Get latest news by following our Twitter at twitter.com/wepiggydotcom
- Join discussion in our Discord at discord.gg/wepiggy
- Official Telegram(announcement only) at t.me/wepiggy
CN Community:
- Follow our Weibo at weibo.com/u/7507765094
- Join Wechat group by adding Wechat ID: WePiggy
- More information in knowledge base at yuque.com/zgryhn
📝 Article Version Record
V1 2020/10/30 (Old Version)
V2 2021/01/21 (Old Version)
V3 2021/02/06 (Old Version)
V4 2021/02/26 (Old Version)
V5 2021/03/22 (Old Version)
V6 2021/04/26 (Old Version)
V7 2021/05/17 (Old Version)
V8 2021/06/10 (Old Version)
V9 2021/07/05 (Old Version)
V10 2021/07/15 (Old Version)
V11 2021/08/13 (Old Version)
V12 2021/10/08 (Old Version)
V13 2021/11/16 (Old Version)
V14 2021/12/09 (Old Version)
V15 2021/12/22 (Old Version)
V16 2022/02/21 (Old Version)
V17 2022/05/31 (Old Version)
V18 2022/08/10 (Current Version)
