- You asked, we listened. The voice of the Piggy Finance community was not only heard, but implemented into Round Two of the Liquidity Mining Program!
- Round Two includes several key improvements to Round One, all outlined in a helpful table below.
- The previously chosen pairs of PIGGY/BNB and PUSD/BUSD were maintained so as to further cement Piggy’s place within the Binance Smart Chain (BSC) ecosystem.
In the current crab market, gloom and doom abound — for some, these conditions spell despair. But for Piggy Finance, today’s market posed an excellent opportunity to keep moving forwards and seizing momentum towards a decentralized future.
One of the key tenets of decentralization lies in governance, and the ability of stakeholders to make important decisions about where the protocol is going. Piggy Finance puts this power in the hands of its very own users by distributing $PIGGY fairly and it has been them who guided the current iteration of the Liquidity Mining program after a successful initial experiment with Round One of the program.
Background: Round One Liquidity Mining
Piggy Finance first sought to reward Liquidity Providers with Round One of its Liquidity Mining program, featuring two pools, a BNB:PIGGY pool in PancakeSwap and a PUSD:BUSD pool in DODO. This was done for only a short period of time to learn about the community’s appetite for Piggy-related pools early on.
At the height of round one, both pools combined attracted slightly above $2,500,000 in liquidity. Piggy Finance spent 70,000 $PIGGY out of a 2,430,000 $PIGGY Liquidity Mining budget on this round, indicating that the best is still surely to come with an extensive budget still available.
The Way Forward…
After the initial round, the Piggy team was excited to invite the community to participate in the design of Round Two. A formal Request for Comments (RFC) was opened up on Piggy’s governance forum, asking for suggestions on everything from which pairs should be incentivised to the amount of $PIGGY rewards and timeframe.
Following discussions between the team and community, a proposal for Round Two of Piggy’s Liquidity Mining was published and subsequently passed. The key details of Round One and Round Two can be found below.
So what are the key differences between the two? Besides extending the liquidity rewards period from a week to a full month, the Piggy team has decided to focus more on incentivising the BNB:PIGGY pair, giving more than 4x the rewards that were available last round.
Furthermore, the combination of the extended Liquidity Mining period of 30 days and a simple farming format with no whitelisting allows for yield aggregators such as Beefy, Autofarm, and Pancake Bunny to join the program. This offers users the choice to automatically compound their rewards while possibly getting boosted rewards!
Perfect Porcine Pairs
The pairs incentivized by the Liquidity Mining program have been maintained, due to the important advantages they offer to increasing adoption of both $PIGGY and the wider BSC ecosystem.
The BNB:PIGGY pair is highly attractive for BSC users to participate in this round, with $BNB being the major currency on both Binance Smart Chain and Piggy. This pair was chosen again for this round so as to build a stable and secure link between $PIGGY and other tokens in the ecosystem. It’s a piece of cake for any BSC user to become an Liquidity Provider (LP), benefiting participation in both the Piggy and wider BSC community.
This pair being available on PancakeSwap again was no accident either, with that particular decentralized exchange (DEX) having both higher liquidity for $BNB and the highest swap volume in BSC.
Meanwhile, the less risky PUSD:BUSD stablecoin pair gives users the freedom to access the entire stablecoin ecosystem within BSC, while also offering the option to swap from $PUSD to $BUSD easily. Since loans on Piggy Finance are taken out in $PUSD, this in fact allows users to maximize the flexibility and utility given to them through borrowing on the Piggy platform.
DODO, an increasingly key partner for Piggy Finance will be the DEX used for this stablecoin pair, since it offers low slippage and plenty of features to provided enhanced liquidity depth. Further, as DODO doubles as a DEX aggregator, it’s easy and affordable to swap $PUSD for all major BSC tokens.
So what are you waiting for? Participate in the Piggy’s next round of
liquidity mining coming early next week, and join in the fun — as well as the rewards!