Piggy Finance News: Prediction Feature Updated + Venus Migration Tool Launched
What a time to be alive — the astonishing rise of Ethereum in recent days has led to renewed interest in DeFi. Never one to rest on its laurels, Piggy Finance is likewise continuing to innovate and move towards its vision of being the leading borrowing and lending protocol on BSC by introducing two new features.
First up, the Piggy Prediction feature is getting an exciting overhaul, moving towards allowing users to go beyond predicting the outcome of sporting events. From now on, Piggy users will instead be able to make (and profit from!) predictions about the price of $BNB.
Secondly, Piggy Finance is officially extending a welcoming hand to those who might want to migrate their funds from the Venus protocol through a dedicated migration tool.
Read on to see how Piggy users can benefit from the updated Prediction feature and Venus migration tool — join the protocol today and reap these benefits instantly.
Predicting the Future of BNB
Cryptocurrency markets are well known for being volatile, to say the least. For those of you who’ve been in this community for a while, you probably understand the breathtaking euphoria that comes from tokens pumping to the moon… more often than not followed by a black hole of despair as tokens either plummet or get completely REKT.
But then again, these fluctuations are also one of the most gratifying parts of investing in crypto: which is why Piggy Finance has updated its prediction feature to now allow users to predict price rises or falls in $BNB, the main token supporting the entire BSC ecosystem. If your prediction is accurate, then you’ll be rewarded with cold hard $PIGGY!
To get started, simply head to the [prediction tab on the Piggy Finance app](https://app.piggy.fi/prediction). You’ll be presented with a tab showing the various prediction pools to date, and the results enjoyed by those who put their money into the pools and successfully predicted actual outcomes. Locked Price refers to the price that users can start comparing from, while Closed Price refers to the final price used to determine whether the $BNB value actually went up or down.
At the time of this writing, the current prize pools have expired, however more are certain to be launched within the next few days. Keep checking the Piggy app as much as you can in order to jump into a prize pool as soon as it becomes available.
Migrating from Venus to Piggy in Style
The Venus protocol hack was one of the the biggest and most disheartening disappointments in the history of DeFi. Within a few hours, the borrowing and lending protocol had to process more than US$200 million in liquidations that it was poorly equiped to handle. This, together with blatant manipulation of price of $XVS, the Venus token, resulted in the protocol being left with bad debts exceeding US$100 million. All this drama resulted in many Venus users looking for another, safer home for their collateral. At the time, however, there might not have been alternatives to Venus’s flawed liquidation mechanics.
This is where Piggy Finance comes in. At Piggy, liquidations use a robust Stability Pool design that has a reserve of backstop liquidity and won’t leave the protocol in distress. Were that not enough, with Piggy loans, you can be assured that they will always be completely **interest-free**, while also having the lowest collateralization ratio. The dedicated migration tool ensures that moving away from Venus is simple. Piggy will repay your $BUSD debt and move your $BNB collateral onto Piggy. This process ensures that your collateral $BNB and your debt $BUSD will be **exactly the same** on the Piggy platform. It’s a no-brainer — why stay on Venus when it costs nothing at all to move your funds onto Piggy and when you’ll end up saving more funds in the long run out of not having to pay any interest?
To begin the process of migrating your funds, all you have to do is open up [the Piggy Finance App](https://app.piggy.fi/). Connect your wallet to the app, then look for the migration tool as pictured below.
After pressing ‘Learn how to migrate’, you’ll be taken through a few simple steps that will help you get your funds safely out of Venus protocol and onto Piggy. Once that’s over, you’ll rest easy knowing that you’re helping your wealth get wings by putting your $BNB to work in the most profitable way possible.
