HECO AMA Series Recap — WePiggy Finance
Guest: Ron, CEO of WePiggy
Host: Andy of HECO
Introduction — Segment I
Today with us we have Ron, CEO & Founder of WePiggy. Welcome, Ron. Could you tell us about yourself? What did you do before WePiggy and why did you choose to work for WePiggy?
Ron: Hello everyone, I am Ron, the founder of WePiggy lending protocol.Nice to meet you guys!
Since 2017, I have been focusing on the innovation and development of the blockchain industry, and have accumulated rich experience from the research & translation of cutting-edge technologies in the blockchain industry, to project investment & operation and DeFi technology development.
Why do we choose to launch a lending protocol?
First of all, when we decided to launch WePiggy, there were already a large number of DEX projects on the market, but there were not many lending products, especially those with good product experience.
Secondly, we believe that the lending market is the foundation of the entire DeFi. It is a promising field with great potential which is worth our efforts.
In addition, the “steady” style of our team fits well with the bank’s positioning.
Q&A — Segment II
Q1: Could you tell us more about your project? In other words, what does WePiggy do?
Ron: 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.
Q2: There are many similar out there, some have been quite successful. What is special about WePiggy compared to other projects?
Ron: As for our unique features, I think there are mainly the following 5 points:
1. We made some modifications to Compound’s source codes and solved some outstanding problems left by Compound, such as: the setting of liquidation lines, interest on small borrowings, contract framework and redundant codes, etc. Also, we have built a unique cross-chain voting system for our community.
2. WePiggy has a unique product interaction experience that is more in line with the user habits of East Asia, especially Chinese users. For the WePiggy V1 version that has been running stably for several months, many users said the user experience of WePiggy is even better than many international tier-1 lending applications. Many details are more user-friendly, especially some differentiated functions that are very useful, such as historical records, asset details and liquidation reminders, etc.
3. We have designed a better token distribution model. This model has a long declining release process to ensure that our project can always bring value to WPC holders and the tokens will be distributed to users who really care about WePiggy and who use WePiggy for a long time.
4. We have made full preparations for the follow-up marketing promotion plan. To win the competition on operation and product experience in a future where products are highly homogenized. We are also actively developing some new operating tools. The launched “WePiggy’s Billionaires” has achieved good results, and more unique tools will be launched together with our partners at the right time.
5. Multi-chain deployment. At present, we have launched on the Ethereum, OEC, BSC and Polygon mainnets. We will also launch on more than 10 other chains such as HECO, Arbitrum, Optimisim, Solana in the future to gain a larger user base and brand influence.
Q3: This year NFT not only promotes the concept of “non-homogeneity” but also shines because of the combination with DeFi. So do you have any specific plans for NFT+DeFi?
Ron：WePiggy has two main plans for NFT, one is NFT financial derivatives, and the other is NFT collections.
In terms of NFT financial derivatives, it will start with NFT lending and gradually open up new business logic. This part is relatively confidential and cannot be disclosed for the time being.
In terms of NFT collection, it is extremely important in WePiggy’s long-term planning. It is an identity proof that enhance community identity, a bridge for fun interaction between communities, and the key component for the building of WePiggy’s VIP system(under planning) in the future.
Therefore, the core development team will gradually push the relevant functions of the NFT collections online without affecting the development progress of the main functions of the protocol.
In Phase-1, the first is to provide an awesome display space for NFT collections, and give community users who actively participate in the WePiggy ecology a distinguished user experience.
Q4: Community is an important thing to any project. How are you going to educate us that the project you are offering is long term? and do you have the funds and a strong team to be able to develop this project in the future?
Ron: This is a good question, has been repeatedly mentioned by a lot of different users. I think first of all it’s about trust, here are some points for you:
1. We are real name team
2. WePiggy has been audited by a well-known security company
3. Half year after the protocol was launched, WePiggy was running safely and stably without any accidents, completed ETH, OEC, BSC and Polygon depolyments, and more networks on the way.
4. The most important thing is, which scam have you seen before, till now did not release the token transfer since it was online for over half year.
5. We will not open token transfer until we are recognized by the market and used by users as a real decentralized bank
Regarding the issue of team funding:
First of all, although WePiggy has not released the token transfer yet, with the development of WePiggy, we will also get some income through investment and strategic cooperation.
Secondly, WePiggy has released the product, and the lending protocol has been earning reserves since its launch. The amount of this revenue depends on the market’s borrowing demand only, which is the direction we must continue to work hard on.
Thirdly, in our opinion, a lending protocol is a long-term project that requires continuous accumulation of credit and accumulation of users.
Based on this judgment, before we decide to start WePiggy, we have already prepared development costs for the next three to four years. Even if there is not enough revenue to cover the development costs in the short term, it will not affect the development of our project.
About the team:
WePiggy core development team is a full-time development team of 19 people, with members from tier-one Internet companies such as Meitu and Meituan, with a complete system and clear division of labor. The development team has accumulated more than three years of development experience in the blockchain industry and has certain financial background knowledge and awareness of risk control.
If you’re interested in WePiggy, you can also do some research about the development of WePiggy since it went online, and really hope that we can get your trust.
Q5: If you were to summarize your project in 1 word, what would it be? Why?
I would say “Trust”. Lending protocol is different from a swap project or yield aggregator, users would like to deposit their funds into our markets for a long term, it is all about trust.
To get user’s trust, we must deliver several points as below:
1. Safety of users’ funds, it is also our first priority.
2. High-level assets and system risk control through community governance
3. Community building
4. Brand building
Q6: How do you guarantee users’ asset security?
Ron: Actually, the danger comes not only from hackers, but also from many other factors, including the extreme market condition and the team itself, etc.
We’re confident to the preparation what we have done for the safety of users’ assets.
First of all, all WePiggy smart contracts have been audited by professional security companies.
Secondly, to deal with various extreme scenarios, we launched an enhanced security solution — [Ark Operation].
At present, the entire solution covers 3 components, namely:
Part 1: Anti Extreme Market
Limit the Maximum Deposit in a Single Market
Under extreme market conditions, the liquidity may shrink extremely, leading to certain currencies may not be liquidated in time.
To reduce this risk and ensure that protocol assets are always greater than liabilities, the core development team will initiate a proposal to set up deposit caps for several lending markets shortly.
The Industry’s First “Liquidation Alert” Feature
WePiggy’s core development team will launch a new feature “Liquidation Alert”. Users can set up their mailboxes, as long as the used ratio or the borrow APY exceeds the warning value, the early warning system will send an email to remind users to repay or add more collaterals in time to deal with the extreme market urgently.
Part 2: Anti Flash Loan Attack
Price Feed by Chainlink
By integrating Chainlink, the world’s leading decentralized oracle network, using its highly accurate, available, and anti-interference on-chain prices, the protocol can better resist flash loan attacks, network congestion, and centralized infrastructure disruption.
Real-Time Monitoring of the Main Oracle Price
WePiggy’s core development team has also developed a warning system that compares price information with on-chain price information in real-time. When there is a serious deviation between the main oracle and the system, the system will alert and notify the core development team to take timely measures through various methods.
Part 3: Anti Front-End Attack
Add Backup Domain Names and Servers
To prevent the domain name blocking caused by force majeure and hackers’ attacks on front-end servers, WePiggy’s core development team has enabled a disaster recovery solution, which is kept secret. In the event of an emergency, users will be guided to use backup domain names.
Blockchain Browser Operation Tutorial
The WePiggy core development team and volunteers jointly wrote a tutorial on how to directly use the WePiggy lending protocol through the blockchain browser. When users cannot access the front-end server, they can interact with the blockchain network through the tutorial.
Thirdly, for the team part, WePiggy implements the following principles and measures daily and all the time to protect the security of users’ assets:
Real-name team to prevent moral hazard
Institutional audits to prevent development omissions
Multi-signature management to prevent the single point of failure
Risk framework to prevent tunneling
Voting for listings, to prevent black-box operation
Finally, thanks to the community users for your continued support, WePiggy will always put asset security in the most important position. The development strategy of WePiggy and all external cooperation relations must first satisfy this basic condition, without exception.
Q6: Awesome. What can we expect WePiggy to be at within 2 years?
Ron: 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 of this project, and establish a good relationship with them to form a stable community.
Secondly, 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 his 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.
Finally, as a lending protocol, a large amount of funds will be pooled. The funds can be used for many value-added services and financial innovation tools. Whether it is financial management, flash loans, or NFT, or some related derivatives.
The lending protocol is the bottom layer, on which there are many ecological developments that can be built. At present, we also have a rudiment of planning, which will be released step by step at good timing. That’s why we have different settings in our token distribution. It is to develop a better ecology based on the Wepiggy lending protocol.
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