On the 29th of June, 2021 at 15:00 UTC, Decentralized Club had the honor of hosting Carl (Marketing Lead), Manny (Head of Blockchain Strategy), and Zaya (Product Manager Assistant/Community Manager), from the PiggyFi Team for an Ask-Me-Anything session on their Telegram page with a community of over 30,000 people. It was hosted by DC Admin, May.
 
The session was divided into four segments. Introductions were made in Segment 1, questions from the Twitter and website community were answered in Segment 2 and 3 respectively, and live questions from the community members in attendance were answered in Segment 4.
 
If you missed this event and would like to know what PiggyFi is all about, you can find a recap of the interview here. Note that slight edits have been made for clarity.

Segment 1 - Introduction

[May] 
Hello Carl, Manny, and Zaya. Ready for your AMA session?

[Carl] 
Yes, we are!

[May] 
We could start now if that's okay with you 😊

Shall we begin?

[Carl] 
Sure!

[May] 
Hello, नमस्ते, 大家好, Selamat!

My name is May and I'll be hosting the AMA with Piggy.

We have some amazing guests here today.

Let's all welcome them.

[Carl] 
Hi Guys!

[May] 
https://t.me/decentralized_club/539910

Could our guest(s) please give us a brief self-introduction and talk about their roles at Piggy?

[Carl] 
Hi everyone! I am Carl, the Marketing Lead of Piggy.
So excited to talk to this great community here.

I have been working in the industry for 5 years, and Piggy is the most exciting one so far!

Check Piggy out: https://bit.ly/3dr0DPM

[May] 
Awesome!

You're welcome to Decentralized Club, Carl.

Let's proceed with the rest of the interview, shall we?

[Carl] 
Can we all welcome my fellow team members as well?

[May] 
Manny, Zaya, you're welcome to DC 😊

[Zaya] 
Hello, my name is Zaya. I am a Product manager assistant/Community manager. I am currently managing Piggy discord. Nice to meet you all. ❤

[Manny Reimi] 
Hi everyone, thanks for having us, I am Manny and I am Head of Blockchain Strategy at Piggy. I have been a key contributor in DeFi for the past year, in Ethereum projects like Pickle Finance which is part of the Yearn and Sushi ecosystems. I have worked in Crypto for the past 3 years and in technology for a long time already, in varied fields including AI and other consumer tech. I love building products that resonate strongly with people and that is what draws me the most to Piggy. 🐷

[Carl] 
Sure!

[May] 
Great bios!

[Zaya] 
Feel free to join and chat in Piggy discord as well. 
Discord link:
https://discord.gg/PFyE6XMC

[May] 
Nice! We will.

[May] 
Q1. Can you tell us briefly about Piggy's mission and when you started working on it?

[Manny Reimi] 
sure thing

Piggy's mission is to provide secure, zero-interest borrowing. We were inspired by the launch of Liquity and the problems with other lending protocols in BSC to bring the model of zero-interest lending to BNB holders. The protocol has been live for less than a month.

[May] 
Q2. Why do you think people should take loans from Piggy when there are so many options available in the market?

[Manny Reimi] 
hmm, alright, that's a good question

Well, there are certainly many options, but not any like Piggy. At Piggy, we offer zero-interest loans with the lowest collateralization requirements and maximum security. We believe many users are getting crushed by debt and face potential liquidation of their precious funds because they did not have a choice like Piggy, and so they couldn't correctly price how costly interest would be in this uncertain market.

With zero-interest loans, this is not a concern. That is why we believe Piggy will win the hearts and minds of BSC users in the end.

[May] 
Q3. How can I use Piggy? What are the most intriguing and problem-solving features that will appeal to users?

[Manny Reimi] 
the most intriguing 😏 ...

[May] 
Yes 😏

[Manny Reimi] 
Piggy is actually super simple. To use it, just head over to https://bit.ly/3dr0DPM (piggy[dot]fi) and connect your wallet, you will be able to open a PiggyBank, deposit $BNB, and get your first loan in $PUSD. You can then deposit $PUSD in the Stability Pool to earn $PIGGY or exchange it for $BUSD in our DODO pool to open all the yield options available in BSC.

The most intriguing feature, I'd say, would be to get a stablecoin loan that has zero interest! 🙌

[Carl] 
Piggy is one of the easiest Defi protocols to use!
Totally agree with @mannyreimi.

[May] 
Ohhhhh I see where the name was coined from 😂

That's super smart! PiggyBank

It's surely gonna stick 😁😁😁

Haha! So exciting.

Q4. From an investment perspective, why should one acquire and hold $PIGGY tokens? How and where can we buy them?

[Manny Reimi] 
Ha Ha well, don't take the following as investment advice 😉

[Zaya] 
https://t.me/decentralized_club/539942

[Manny Reimi] 
What I can tell you is that $PIGGY is the way to share in the protocol fees generated by the Piggy protocol. Despite there being no interest, Piggy charges a one-time borrowing fee, however unlike a bank, this fee does not stay in-house, rather, it is immediately distributed to all $PIGGY stakers. This makes $PIGGY the key to a sustainable stream of fees, paid in both stablecoin $PUSD as well as $BNB. In other words, this is not a Ponzi or a scheme that will collapse all of a sudden, but a token where yield comes directly from usage. You can earn $PIGGY by depositing in the Stability Pool at https://bit.ly/3dr0DPM or get it on PancakeSwap using its token contract: 0x1bEaC6DF550be0ad146DD99b4726c6bec9C5c6a5.

[Carl] 
But we always encourage users to take a good look at our gitbook first, to get a better understanding: docs.piggy.fi

[May] 
https://t.me/decentralized_club/539945

What's the price of $PIGGY at the moment? 🤔

[Manny Reimi] 
$0.19 🚀

[May] 
🥳🥳🥳

[Zaya] 
Right now is a good time to buy and stake or join the pools, as $PIGGY tokens will rise with the market.

[Carl] 
(NFA)

[May] 
DYOR everyone 😁

[Zaya] 
Again not investment advice…

https://t.me/decentralized_club/539954

[May] 
Yes 🤣

Q5. Going forward into 2021, what goals do you hope to achieve?

[Manny Reimi] 
right, this will be a long one ...

[May] 
*takes a seat with popcorn*

[Manny Reimi] 
Well, we have just launched and we're very happy to see a good amount of TVL ($30M) deposited to us in the first couple of days since launch. However, we are here for the long haul. For the rest of 2021, we are hoping to capture most of the $BNB collateral in BSC, as well as interesting new users in getting the most of our holdings by using $BNB collateral and Piggy loans as an integral part of their strategies. We will be actively recruiting contributors who share our long-term vision, and for that, we have prepared a Contributor Mining program with 10% of the whole $PIGGY supply, the details and eligibility for grants will be announced in due course.

[Zaya] 
https://t.me/decentralized_club/539960

[Manny Reimi] 
In the meantime, we are developing PiggyV2 (can't reveal much but think ... multi-chain and multi-collateral) and perhaps we will be able to launch it this year. We also plan to conduct one of the largest airdrops in BSC with over 2,000,000 $PIGGY, which we will use to target $BNB holders and borrowers, as well as active DEX traders. Our most immediate focus is on outreach – given these volatile times, we want users to know that if they want to take refuge in larger, safer assets like $BNB, they can still get liquidity out of it that they can put to work with next-generation zero-interest loans from Piggy.

[Carl] 
There is an exciting journey ahead, people gotta stay tuned to our latest news.
https://twitter.com/Piggy_Fi

[May] 
Wen airdrop? 😅

[Manny Reimi] 
soon(TM)

[May] 
So much exciting news! 😁

[Zaya] 
Very soon we will be listed in many DEXs

[May] 
I implore our audience to check the pinned post and follow Piggy's social media pages

Segment 2 - Twitter Questions

[May] 
Q1. With the current market, investors are only interested in investing in BTC, ETH to ensure safety, other altcoins are losing stability, so what have you been doing to make investors come back with you?

Twitter Username: @PhungTr56737393

[Manny Reimi] 
We have been saying the same thing! For BSC users, the most liquid token is $BNB, but many users seem to think that holding $BNB may be too vainilla. Well, as the market gets bearish, many users change their tune and take refuge in $BNB and stables. With Piggy, you can make better use of your $BNB by taking a low-risk loan with zero interest, and you can use our stablecoin $PUSD or other stablecoins to acquire $PUSD and deposit in our Stability Pool, where you can earn $PIGGY and also discounted $BNB from liquidations.

[May] 
Q2. My question is about your long-term marketing plans. How, or through which big partnerships do you plan on utilizing to pass your product onto the normal consumer - especially non-crypto people?

Twitter Username: @luckyjem02

[Carl] 
That's a good question!

https://t.me/decentralized_club/539973

[Manny Reimi] 
Greet, very smart question indeed. Well, we have built a DeFi protocol and it is normal that others want to build on top, after all this is a new DeFi lego (zero-interest loans). Basically, platforms that offer to lend to users are prime to use Piggy in the background and we are working to close deals with a number of them. Imagine Piggy on the background of your next $BNB loan at Binance 🧠!

[Carl] 
So far, we have planned to work with some familiar big names in the space.
So you have been following us closely, we are currently working with Pancake Swap and DODO for special LP pools incentives.
and of course, we will work closely with them in the future.

[May] 
Q3. Security is the most important thing to consider when starting up a project. How secure is this project for users and investors???

Twitter Username: @naimliad

[Manny Reimi] 
We agree completely, security is paramount.

Well, we are currently in a partnership with Certik, and their audit of our code is bound to come out at the end of July. However, rest assured, we have built Piggy out of an adaptation of Liquity's battle-tested code, which has been audited multiple times and also subject to extreme stress-testing in the latest market downturn.

[May] 
Nice!

Segment 3 - Website Questions

[May] 
Q1. What are the rewards % for the stability pool and stake pool?
I’ve been staking $PIGGY but there is 0 reward for BNB, while I’m getting BNB in the stability pool.

Telegram Username: @guddu201912

[Manny Reimi] 
so, Piggy is sharing the fees from usage, which are in $PUSD (a stablecoin issued by Piggy and fully backed by $BNB), and $BNB itself. For example, yesterday, in the last 24 hours, the Piggy protocol collected $1,000 in fees, but less than $50 were in $BNB, so you got some $BNB it may just be too small to notice. You can calculate a rewards rate for this, but it is actually variable, as it is sustainable. Currently, it is projected to 832.20% per year – but expect this to vary with time!

[May] 
Awesome!

Q2. Do I need to pass registration and do an Identity Verification to borrow Stablecoin? How does Piggy Finance manage the security services? Where do you see the weaknesses of the traditional lending structure of the finance industry?

Telegram Username: @duongphong98

[Manny Reimi] 
You only need a BSC wallet, that's it!

We manage the risks by holding more collateral than the value of the loans and by executing liquidations much quicker than other protocols. Instead of relying on auctions, we use a Stability Pool that has enough in it to pay the debt in the protocol.

Traditional lending has issues of accessibility, of course. It is not easy to get a loan these days unless it's at an exorbitant interest rate! This is why DeFi is so innovative and protocols like Piggy can be developed to directly benefit users, spread over the whole world. DeFi is the great democratizer of finance!

[Carl] 
There will not be any kind of registration necessary. 
https://bit.ly/3dr0DPM and connect your wallet now!

[May] 
Can I just take a moment to commend the team on how easy-to-use Piggy is?

I love it!

[Manny Reimi] 
https://t.me/decentralized_club/539988

[Zaya] 
https://t.me/decentralized_club/539989

[Carl] 
https://t.me/decentralized_club/539991

[May] 
Also, thank you for your apt answers! 
You're all amazing!

Q3. What fees are charged to me on Piggy as borrower or redeemer? Are they fixed or varying?

Telegram Username: @danWickerjil

[Manny Reimi] 
Right. Full disclosure, there are fees on Piggy, just there is zero Interest (which isn't the same).

For borrowers, only a small one-time fee is added to their loan as it is issued. This fee is set at 0.5%, however, it isn't fixed. To maintain the stability of $PUSD, the protocol adjusts the fee algorithmically if there are too many redemptions (which happens if $PUSD is below $1), and it can go up as high as 5.5%.

Another fee is paid by those who redeem $PUSD for $BNB, however, borrowers repaying their loan are not subjected to this fee. The redemption fee is paid out of the $BNB redeemed and is meant to act as a protection to avoid flash loan attacks on the system, among others abuses of the redemption system. That fee also starts at 0.5% and adjusts algorithmically as more redemptions happen within a short period. If redemptions slow down, the fee algorithmically slows down.

[Zaya] 
This is waaaay cheaper than every other lending protocol out there.

[May] 
I can see this 🤔

Great answers so far!

A minute for the audience to digest the information before we proceed to the segment where we take Live Questions.

Dear community, please find the AMA rules in the pinned post.

[Manny Reimi] 
https://t.me/decentralized_club/540001

[Carl] 
🐷🐽🐷🐽

[May] 
*Oink oink*

[May] 
Our amazing guests will now pick four great questions to answer.

[Zaya] 
https://t.me/decentralized_club/540004

https://t.me/decentralized_club/540008

[Manny Reimi] 
great!

---Chat was then opened for the live community to send in their questions---

Segment 4 - Live Questions

[J Mags]
Is there a chance that my funds will be liquidated in my PiggyBank?

[Zaya] 
The higher the collateral the safer you will be. I suggest not concentrating on the idea of having the lowest collateral as the system liquidates the lowest collateral. Right now the lowest limit is 110% but it's better to have higher than 150%.

Yes... if your collateral is lower than 110% your funds will be liquidated.

[Temitope Awoyinka]
I am an African, and I'll like to know if I'm eligible to use and access this project. Do you have plans to add local communities, are you GLOBAL?

Is this project meant for everyone?

[Manny Reimi] 
We are global! Everyone is eligible to use Piggy. We launched on BSC because of the accessibility of the Binance Smart Chain ecosystem to users around the world. As we expand, we will surely have more localized communities, we already have communities in Korea, China, and Vietnam. Of course, we have a larger English-speaking community as well. We hope to add more as we mature!

[Edowi]
Do you think $piggy will be active for a long time? Not like other projects that are only active at the start then slowly become inactive until it's not working anymore. How will you keep $piggy active so users will not lose interest in this project? Like is there a new activity every month or week or even every day? How will you keep it going?"

[Zaya] 
Piggy is a long-term project with an aim to be the best borrowing protocol in DeFi. We have big plans for the future too.

[May]

https://t.me/decentralized_club/540212

A standing ovation for the Piggy Finance Team

You've been such a delight!

[Manny Reimi] 
https://t.me/decentralized_club/540215

[May] 
I'm going to lay my hands on a few $PIGGY tokens after this session ends.

[Carl] 
Thank you, everyone, what an awesome community!

[Manny Reimi] 
Thanks for having us!

[May] 
Thank you too for spending precious time with us!

[Carl] 
Check us out: https://bit.ly/3dr0DPM
Twitter: https://twitter.com/Piggy_Fi
Telegram: https://t.me/piggyfinanceofficial
Read about us: docs.piggy.fi

[May] 
We do wish you all the best with this project!

[Zaya] 
Great AMA! Sorry, we could not answer all the questions. You can get all the answers from our website and the docs we prepared on our website.

[May] 
All your endless cups of coffee will pay off very soon 😀😀😀

Thank you for being here

Great session, amazing answers

Until next time, have a great day!

[Manny Reimi] 
https://t.me/decentralized_club/540229

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