NULS X WePiggy Dialogue
Q1: Could you please tell us a little about yourself, and WePiggy?
“Hello everyone, I’m Victor, Co-founder of WePiggy lending protocol. 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. 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.
We have launched on Etherum mainnet since this year January 18, and now WePiggy has been deployed on Etheruem, OKExChain, BSC, Polygon and Heco, totally 5 networks, our TVL is around 80M-100M recently, borrowing volume around 30–40 million. Also, we have already enabled our liquidity mining program for a long time, users can earn WPC, through depositing or borrowing funds in our protocol.
Everyone is welcome to participate in our liquidity mining program. The earlier the better, never too late!”
Q2: What are the major milestones WePiggy has achieved so far?
“OK, for this question I will explain it to you in 4 points:
In terms of product:
We have optimized 20% of Compound’s code. Not only did we upgrade the framework, but also solved the problems raised by audits such as Trail of Bits.
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.
We have launched on Etherum mainnet since this year January eighteenth(18th), and now WePiggy has been deployed on Etheruem, OKExChain, BSC, Polygon and Heco, totally 5 networks, TVL has reached a maximum of 300 million U.S. dollars.
In terms of community:
We have gradually received a lot of attention from the community at home and abroad. At present, we have more than 30 WeChat groups in China, more than 5,400 Twitter followers, 3,000+ Telegram users, and more than 100 addresses participated in each community governance proposal, and formed a Chinese and overseas volunteer team to build WePiggy with a long-termism value.
In terms of marketing activities:
We have launched a lot of marketing activities since the lauching of WePiggy, especially NFT activities.
For example, we have given our genesis users WePiggy’s first NFT (FlyingPiggy). And, for every time, WePiggy has been launched on a new chain, an exclusive activity “WePiggy’s Billionaire” will be launched as well, and the winners can get NFT rewards.
What’s more, recently, we have cooperated with many DEXs to open the pToken staking pools, which bring users instant rewards.
In terms of ecological construction:
Since the launch of WePiggy, we have reached cooperation with many Chinese media communities, DeFi projects, and data platforms including ImToken, TP, ChainNews, Mars Finance, DeBank, Looping, etc.,
Also, we have cooperated with many oversea projects, including Chainlink, Oasis, DefiLlama, PARSIQ, Reflexer,etc. In the future, we will cooperate with more overseas high-quality projects!”
Q3: What will the future of WePiggy in the Decentralized finance revolution look like? Can you talk to us about your roadmap?
WePiggy’s Roadmap can be roughly divided into 4 stages:
1. General Bank
Optimize product experience and functions based on the Compound protocol.
2. Cross-chain branch
Multi-public chain deployment and asset cross-chain.
3. Private bank
Provide flash loan, fixed interest rate loan, customized loan pool, financial management and other services.
4. Investment bank
Provide an open fund management platform for DAO.
Q4: What makes WePiggy special compared to all other decentralized lending protocols that are around?
“First of all, safety is our first priority.
Our smart contracts must be audited by at least one professional auditing company before going online. To defend all possible extreme scenarios and potential risks, we have launched an enhanced security solution — [Ark Operation]. The current version of the WePiggy protocol V1 has been running stably for over half year without any security incidents.
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. Data from recent proposals show that our user’s governance participation is even better than many excellent DeFi projects.
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 will be deployed on more than 10 networks to get a maximized user base, and realize cross-chain asset exchange and lending.”
Q5: What does NULS bring to your protocol and why do you think it’s a good fit for you?
“The listing of NULS, can increase WePiggy’s influence to a larger user base, expands the scale of high-quality assets of the WePiggy lending protocol on the BSC main net. In addition, this will increase the domestic and overseas influence of the WePiggy Protocol, lay the foundation for more community cooperation in the future.”
Q6: How can the NULS community take advantage of what WePiggy has to offer, both with NULS and other assets?
“Firstly, you can deposit NULS in WePiggy to earn interest. For this part, there is no risk financially.
Secondly, for borrowing, you can earn WPC rewards as well, different assets in different weights.
Thirdly, it’s possible to earn money from a loan.
For example, you predict the price of ETH will go down, then you borrow some ETH and sell them in Uniswap immediately. When the price of ETH really goes down, you buy back ETH and repay your borrowings, then you can earn some profits there.
But, compared with depositing, you have risks for this part, if the price of ETH keeps rising up rather than going down, you may need to pay interest for the long term. Even worse, if your borrowing amount exceeds your borrowing capacity, you will get liquidated, your collateral assets will be taken by liquidators at an 8% discount.”
For the deposit mining and borrowing mining, we have prepared a tutorial for the NULS community here: https://www.yuque.com/zgryhn/kgrqd1/hdko6r
Conclusion from Victor — co-founder of WePiggy
“ At present, we focus on the Cross-chain branch stage. What will WePiggy look like in the future? First of all, WePiggy is a lending protocol. We can also consider it to be closer to a decentralized bank. From the perspective of the bank’s users and the bank’s positioning, we can do a lot. Here I can share with you a little bit. Because WePiggy is a “bank”, we expect that our users, token holders and miners, will eventually become a very good community.
I hope that under our governance framework, the community can form a very good investment atmosphere. In this process, there will be a lot of interaction and communication, it is easy for us to accumulate a lot of excellent investors who integrate token holders, miners and lending users with the development and establish a good relationship with them to form a stable community. In this self-operating and self-governing community, we hope to use the lending protocol as the basis, based on the users’ behavioral data, and the amount of their deposits and borrowings, to suggest more investment and wealth management portfolios and some excellent investment targets to users.
At the same time, it is also possible to judge whether a user is a qualified investor or not through the user’s past borrowing/depositing actions. Then we can keep good projects and give these excellent investment users who meet the investment conditions, so that these users can participate in the investment and financial management of many projects at an earlier stage within their own risk tolerance.”