Victor Ugochukwu · Dec 14, 2020 . 5min read
WePiggy DeFi protocol raises $41 million in the first proposal vote
DeFi lending protocol, WePiggy raises $41 million in its first improvement proposal (WIP0) from the WePiggy community.
By Victor Ugochukwu · Nov 18, 2020 . 5min read
Looks like the ultra-fast days of new DeFi protocols raising the insane amount of funds are not over yet as WePiggy, a lending protocol raises $41 million on its first improvement proposal – WIP0.
According to the information displayed on Snapshot, the WePiggy Improvement Proposal Zero (WIP0) passed with $41 million raised. The core team put forward WIP0, proposing a concise and practical governance framework, aiming to determine the definition, meaning, scope, goals and basic principles of WePiggy community governance with the community.
And like DFI Money, WePiggy community is predominantly Chinese who have contributed the above $41 million so far. The protocol also accommodates WPC to participate in governance voting during the “blind mining” stage.
Even though it allows protocol governance, WePiggy says its core team will be playing a significant role in steering the lending protocol forward. In a Medium blog post, it said that
We believe in the importance of goals and fundamental principles, and we fully understand that high-quality governance won’t happen in a soulless project
Literally, WePiggy says its brand stands for “In Piggy, We get Rich!”, hence anyone looking to get rich might be considering the project. As typical of most governance token DeFi project WePiggy launched with a liquidity mining phase. The WePiggy Coin (WPC) is the governance token. Set at a total amount of about 8 million, members can only generate WPC through mining. Hence, the popular “Fair Launch” with no VC allocation, no private sale, no pre-mining is the keyword here.
Wepiggy Community to get over 70% of the WPC governance token
With the team playing an active roll in protocol governance, it has set a WPC distribution formula. The WePiggy Foundation will gain an additional 0.39 WPC for each WPC mined. Which means the community share is for about 71.94% whereas 28.06% for WePiggy Foundation. It will further allocate the Foundation reserves in the following ratio.
There’s, however, no information concerning the audit of WePiggy. With more than $41 million already raised, there’s no telling if this will be a successful project like DFI Money or just another YAM.
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