WePiggy LockDrop Is Now Live, Participate to Win 240,000 $OP and 75,000,000 $WPC Rewards!
LockDrop Is Now Live!
According to the proposal of WIP41, WePiggy has launched the [LockDrop] event.
Users can deposit their pUSDC into one or more WePiggy LockDrop pools to earn $OP and $WPC rewards.
The details are as follows:
1. Activity begin time: 2022/8/3 16:00 (UTC+8)
2. Lock period: 30 days, 90 days, 180 days
3. Rewards: 240,000 $OP+75,000,000 $WPC
4. Participation process:
a. Get pUSDC:
Go to https://app.wepiggy.com/markets and deposit your USDC, then you will automatically receive pUSDC as a deposit receipt on WePiggy-Optimism.
b. Deposit pUSDC into LockDrop pool
Go to LockDrop page:
Select a pool and deposit your pUSDC tokens.
1. You can deposit your pUSDC tokens into one or more of these pools to earn token incentives.
2. Once the deposits funds into a pool, you cannot withdraw the principal before the lock-up period expires. If you insist on withdrawing your principal before the lock-up period expires, you need to pay 4% of the principal as a penalty, and the penalty will go into the community treasury as protocol income.
3. You can lock pUSDC that currently using as collateral or borrowing against, but the part of pUSDC tokens which you deposited into LockDrop pools cannot be used as collateral. If you deposit some pUSDC tokens into the pools, your borrowing limit will be reduced accordingly, and if you have outstanding borrowings, pay attention to your used ratio to avoid unnecessary liquidations.
4. The longer the lock-up period is, the higher the distribution speed of OP token incentives. After the deposit, you can claim the OP token rewards mined so far at any time.
5. The WPC token incentive will only be given to the 180-Day pool. To be eligible, users must deposit in the pool within 24 hours after the event starts, and keep it for 179 days until the event ends.
WPC Incentive Distribution Formula:
User’s Personal WPC Incentive = Total WPC incentive * (User’s Personal Lock-up Amount / Total Lock-up Amount of All Eligible Users)
6. Timeline of LockDrop
30-day pool: starts at 16:00 (UTC+8) on August 3 and ends at 16:00 (UTC+8) on September 2
90-day pool: starts at 16:00 (UTC+8) on August 3 and ends at 16:00 (UTC+8) on November 1
180-day pool: starts at 16:00 (UTC+8) on August 3 and ends at 16:00 (UTC+8) on January 30, 2023
7. Do not directly transfer your funds to contract addresses of LockDrop pools, otherwise, there is no way to get the funds out from the pool contracts.
To participate LockDrop event, normal users should use the UI here:
Pro-users can use “Stake” method to deposit your funds into the pools.
Here are LockDrop pool contracts:
30-Day Pool: 0x3Ce5AF2d1455c581d95B979AB7E64b1A7D1b5537
90-Day Pool: 0x5F1E8dC1C296A26188e1E04ED4bb6d1432226650
180-Day Pool: 0xC9E53Bb96A8923051326b189bbF93EE9ED87888b