AMA Recap — WePiggy
The session of AMA ( Ask Me Anything ) with Wepiggy was conducted on 21 st Dec 2021 at 1:30 PM IST (8 AM UTC) and lasted for 2 hours.
ADMIN ROUND
Victor Zorro from WePiggy has joined us for this AMA session.
Jonty|Host
Could you please tell us a little about yourself and WePiggy?
Victor Zorro
Np, I’m Victor, Co-founder of WePiggy lending protocol.
Let me briefly share my experience in the blockchain industry.
I officially participated in Crypto in 2017, for some ICO investments.
Before WePiggy, as a member of our team, we have developed many different crypto applications, like CEX, centralized and decentralized wallets, and Dapps.
Jonty|Host
What makes WePiggy special compared to all other decentralized lending protocols that are around?
Victor Zorro
Np, 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 other crypto assets by paying interest. This is our official introduction.
First of all, safety is our first priority.
This is different from many DeFi projects. Test in Prod is more popular, which refers to the concept of testing in a production environment, and most of them are anonymous development teams. All along, there have been many security incidents in DeFi projects, causing users to lose a lot of money. Users lose a lot of money due to DeFi security incidents all the time.
We always put the security of users’ assets in the first place, and our entire set of smart contracts will be audited by a professional auditing company before going online. 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.
Secondly, we have paid great attention to governance since the first day we went online. Designed a scientific governance framework, set down the values of the community, governance processes, governance interaction nodes, and the corresponding basic principles of governance, in the earliest stage of WePiggy. By laying a good foundation, the follow-up governance work can be justified and has a soul.
Thirdly, WePiggy is a protocol dedicated to cross-chain lending and providing users with a full range of services. In addition to the Ethereum mainnet, WePiggy has successfully launched on OEC, BSC, Polygon, Heco, Arbitrum Optimism and Moonriver mainnet. In this process, WePiggy expands its user base with stable services and output, so as to slowly accumulate brand value and users who really use lending protocol.
Here’s the deployed chain and future direction of WePiggy.
Jonty|Host
It’s been one year since the launch of WePiggy. What are the major milestones WePiggy has achieved in the industry so far?
Victor Zorro
Ok, we have got a lot of achievements in the past year, together with WePiggy community members :)
1, Multi-chain deployment
Firstly, as I mentioned above, we have launched on Ethereum mainnet on January 18, 2021, and now WePiggy has been deployed on Etheruem, OEC, BSC, Polygon, Heco, Arbitrum Optimism and Moonriver, totally of 8 networks, TVL has reached a maximum of 300 million U.S. dollars.
In addition, WePiggy has received invitations from many public chains and received grant support. At present, we have been invited to be launched on at least 5 public chains, all of which are first launches. We will announce them one by one according to the schedule.
In this year, WePiggy’s TVL reached up to 300 million U.S. dollars, providing on-chain lending services for more than 45,000 users around the world, listing a total of 85 crypto assets and providing lending services to almost all mainstream assets in different public chains and layer2 networks.
These assets have passed strict risk assessment, set risk control parameters, and passed community discussions and official governance voting.
Also, I want to emphasize, all the above were achieved under the premise that WPC is not open for a claim.
2、Product updates
In addition to the results achieved by multi-chain deployment, we have always insisted on upgrading products to bring users a better UX.
We optimized many of the codes in Compound and solved some technical problems originally proposed by leading audit companies such as Trail of Bits for Compound.
We have also improved more than 100 interactive experiences of the protocol, added many new functional modules, including asset details, history, liquidation warning functions, and NFT collection gallery function. On average, a new version is updated every week. A total of 52 versions have been updated so far, for the best UX.
3. Ecosystem building
WePiggy initially focused on cooperation with domestic projects and gained the support of almost all domestic head projects.
At this stage, we are focusing on international cooperation. The current international expansion is progressing smoothly than expected. WePiggy-Discord has completed the initial construction and is already the most active Discord among Chinese background projects.
On the premise of ensuring the security of user assets, more than 100 famous projects in the blockchain industry have established in-depth or strategic 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.
From the initial questioning and cautious evaluation of the cooperation with WePiggy by international projects, to now even the emerging layer2 network is willing to open the whitelist to us as soon as possible, to the recent active invitations and grants from multiple public chain foundations. WePiggy has earned the respect of the international market with its honesty and professionalism.
4. Scientific Governance
We have also achieved unexpected gains in community governance. Data from all the proposals show that our user’s governance participation is better than many excellent DeFi projects.
Since the establishment of the WePiggy community on October 27, 2020, community members have written a total of 1066 risk control frameworks and related product usage documents with a total of more than 500,000 words, completed 352 community daily reports, and proposed 28 governance proposals. A total of 667 user addresses holding more than 12.94% of the total WPC have participated in on-chain governance.
WePiggy community volunteers have been doing various tasks such as poster design, social media operations, copywriting translation, and answering questions during product use for a long time, without receiving any payment.😁
During the year, the WePiggy core development team borne all development and operation costs on its own and did not spend any marketing-related costs. In the past few days, we have posted WIP27, WIP28, WIP29, involving “Airdrop Pool Token Allocation Plan”, “Upgrade WPC Smart Contract to Realize WPC Token Split of 1000x, Support WPC One-Click Claim on Ethereum, and Reduce WPC Distribution Speed” and “Liquidity Mining Program V2”. These proposals have been actively participated in and discussed by community users. Some proposals have more than 500 user addresses participating in the voting, which is unimaginable in other DeFi projects.
If you want to know the details, here are the links to the proposal🐷
（WIP27：https://gov.wepiggy.com/t/topic/836）
（WIP28：https://gov.wepiggy.com/t/topic/1025）
（WIP29：https://gov.wepiggy.com/t/topic/1076
Jonty|Host
I also paid attention to the recent WIP 27, which really made the entire community very excited. Can you introduce the “Airdrop Pool Token Allocation Plan” for us?
Victor Zorro
Np, WIP27 opened for discussion on November 15th and received 134 responses from the community in just two days. Some users even made charts in the comment area and elaborated on improvements. We were really flattered. Our airdrop will be divided into two main parts, namely the active user airdrop and the crypto community airdrop. Our airdrop will be divided into two main parts, namely the active user airdrop and the crypto community airdrop. The above are all determined based on the on-chain behaviour data of various early users. The snapshot has now ended. The second part of the “Crypto community airdrop” is mainly to thank the crypto communities that support the development of WePiggy. Which includes:
The source of part of the WePiggy protocol code: active users of Compound in the past 3 months;
Actively support to WePiggy’s liquidity building: active users of some DEXs and CEXs;
Crypto communities that actively promote the WePiggy protocol: e.g. AMA event rewards, etc. The core development team expects that, through this airdrop, on the one hand, it will reward early users of the WePiggy community and respond to their sense of belonging and honour. On the other hand, it pays tribute to well-known crypto projects and rewards their active users. At the same time, this will also bring much larger token holder addresses and broader influence to WePiggy.
Jonty|Host
Why you suggest WPC Token Split of 1000x?
Victor Zorro
Ok, this is a proposal made by the core development team after careful consideration. Some community members with extensive investment experience have privately suggested the split of WPC for a long time. The total amount of Bitcoin is only 21 million, and the total amount of WPC is less than that of Bitcoin, which will cause unnecessary difficulties and obstacles in the growth space. This is also why the Polkadot community initiated a split before releasing DOT transfers.
The advantages of this split are:
1. Lower the psychological barriers for new users to hold and use WPC, and help attract a wider range of users to join the WePiggy community;
2. Bring greater convenience to the core development team and community volunteers in the application and promotion of the WePiggy protocol;
3. Since WPC is not yet open for claim, the technical change of splitting adopted at this moment will have minimal impact on community members and various partners, and will not cause any historical problems.
For tokens that are less than the total amount of BTC, it will be split sooner or later, so we execute it as soon as possible to avoid subsequent failures. For example, tokens like YFI hope to split 10000x, but exchanges generally do not support splitting. In addition, members of the BTC community have been calling for the splitting of BTC to lower the psychological threshold of investors.
Jonty|Host
After the new liquidity mining scheme V2 is passed, what impact will it have?
Victor Zorro
The first is to unify the liquidity mining mechanism of all networks, which greatly improves the usability of WePiggy in the current high GAS environment of Ethereum, reduce the cost of user participation in the mining and release the composability of pToken. The second is to allow WPC rewards to be more reasonably distributed to each network according to the proportion of the contribution of each network’s deposit market size. Regarding the main source of income of the protocol, WPC mining incentives will be more concentrated in the stablecoin markets with high capital utilization efficiency, which can greatly improve the overall capital utilization efficiency and mining incentive effect of the protocol. Finally, we believe that with the 70% reduction in WPC distribution, it is more important to periodically adjust the parameters of the liquidity mining mechanism on each chain, so that the WPC allocated to each chain can more efficiently and accurately incentivize deposit and borrowing users. The core development team has therefore requested authorization from the community to regularly adjust the parameters in accordance with the rules set out in the proposal. It is worth clarifying that our WPC production reduction actually lengthens the mining period and the total amount of WPC does not change. This gives us a more sustainable payout advantage over our competitors. Because we are doing a long-term project, we have a greater advantage as long as our WPC distribution rewards last longer than other lending protocols.
Jonty|Host
What will the future of WePiggy in the decentralized finance revolution look like? Can you talk to us about your roadmap?
Victor Zorro
WePiggy’s Roadmap can be roughly divided into 4 stages:
1. General Bank
2. Cross-chain branch
3. Private bank
4. Investment bank
At present, we focus on the Cross-chain branch stage. After the WPC is open for a claim, the core development team will continue to focus on the expansion and iteration of the lending protocol and strengthen the business.
We plan to start building and incubating more lending protocols with technology stacks such as Rust and enter Solana, Polkadot and Ethereum 2.0.
The anti-vulnerability of the protocol is something we have been hoping to improve. We will promote WePiggy to move towards a Serverless and Web3-based protocol and bring in the form of DAO to deal with various extreme situations. This includes a number of improvements such as decentralized domain names, storage, oracles, APIs, notifications, and fully on-chain governance. After the cross-chain infrastructure has matured, WePiggy will evolve from a multi-chain-deployed lending protocol to a cross-chain interoperable lending network.
COMMUNITY ROUND
Nguyễn Vinh
Collaborations and partnerships are some of the most important cornerstones to help improve adoption. Can you tell us about your current partners, plans for partnerships and what everybody stands to gain from these partnerships?
Victor Zorro
Yes, and we do have a lot of partners, like chainlink, loopring, imtoken, the top class crypto projects, recently we’re focusing on global markets, so we will take more and more partnerships and enlarge WePiggy’s brand influence and make our product in the best UX.
Cary Bumgarner
How does project increase the token’s value, liquidity and utility ? So that it can lead to an increase in token prices? What is your plan to make your project stable and provide the highest return for investors in the long term?
Victor Zorro
WPC is the governance token, at this moment, users can get WPC through mining, and they will use it for voting, governance is a very important part of WePiggy, it makes sure the team working under the will of the community. other utilities could be possible in the future. But obviously, for a crypto bank, the most important thing is not high-return, the security, we should live as long as better, we will have other sections in the future for users to get a higher return, but not now.
Guillermina Brown
Where does the project name come from? What does it mean for you and why did you choose that name for your project?
Victor Zorro
WePiggy = We + Piggy = Our Piggybank, everyone knows piggybank, no matter in eastern or western, by the name, users can understand what we’re doing very clear, and may suddenly remember our name when they want to deposit cryptocurrencies somewhere.
Dalia Lambert
Ambassadors play a very important role in every project, Do you have an ambassador program? If yes, how can I be one?
Victor Zorro
Yes, you’re right, and we already started an ambassador program, but different from other projects, they just need an admin or something similar, we will pick some guys with influence in real-world with a good image, they’re hard fighting in their life to achieve some targets, we will let users know that in the near future.
Wallpaper APK Android
New things always need to be learned. WePiggy token has a project manual or a short video tutorial?
Victor Zorro
yes, check out our website: wepiggy.com and our knowledge base:https://www.yuque.com/zgryhn
Quang Ngọc Lý
While you build your WePiggy project, do you take into account community feedbacks and demands?While you build your project, do you take into account community feedbacks and demands?
Victor Zorro
Of course, we pay great attention to our users, especially in discord, if they have any suggestions, we will consider and make a record, we will make some of them true and give rewards to users.
Minh Quang
Can you tell us about your team members? are they qualified and professional in their fields? what are the recruiting qualifications for team members for your extraordinary project?
Victor Zorro
We have 19 great guys in our team, they all come from many top-class Chinese WEB2 companies. We have almost 4 years of blockchain development experience since 2018, and as I mentioned above, before WePiggy, we have developed many different crypto applications, like CEX, centralized and decentralized wallets, and Dapps. That gives us many precious experiences for non-crypto and crypto and half-crypto, as well as, we’re not only doing well in for the technical parts but also we’re a team with a strong financial background, especially in crypto investment field, before WePiggy, we already achieved big success on investment field, but we still hope to do something really important which could change the world, that is WePiggy, so we’re there.
For more news, you guys are welcome to join our community, here are the links
Twitter: https://twitter.com/wepiggydotcom
Medium: https://wepiggy-com.medium.com/
Discord: https://discord.gg/wepiggy
Telegram (EN): https://t.me/wepiggy
Telegram (CN): https://t.me/wepiggycn
Knowlege base: https://www.yuque.com/zgryhn
WeChat: wepiggy
The AMA recorded many great questions from the Crypto Players India community, as well as meticulous answers from our guest Victor Zorro from WePiggy. AMA Concluded at 3:30 pm IST.
