PiggyBank
Last updated
Last updated
A PiggyBank is where you take out and maintain your loan. Each PiggyBank is linked to an BSC address and each address can have just one PiggyBank. If you are familiar with Vaults or CDPs from other platforms, PiggyBanks are similar in concept.
PiggyBanks maintain two balances: one is an asset ($BNB) acting as collateral and the other is a debt denominated in $PUSD. You can change the amount of each by adding collateral or repaying debt. As you make these balance changes, your PiggyBank’s collateral ratio changes accordingly.
You can close your PiggyBank at any time by fully paying off your debt.
Step 1: If you are first time to use Piggy, after you connect with your wallet and click to the "Borrow" on the sidebar menu. You will find this page below:
Step 2: Click "Begin to borrow", you can see the page below. Fill the collateral you want to add and the loan you want to borrow. The collateral ratio must be above 110% and the loan amount must be more than 200 $PUSD.
Step 3: Confirm all the information and the collateral will be locked in your own PiggyBank and you will receive $PUSD in your wallet.
It's pretty simple to close your PiggyBank. Once you settle all your loans, your PiggyBank will be closed.
