As mentioned, $PIGGY is the governance token that allows users to participate in the development of Piggy and capture fee revenue generated by the protocol. The issuance of $PIGGY to participants is what allows for the bootstrapping of the system by incentivizing early adopters, as well as provides for the long-term health of the protocol. For those reasons, Piggy’s distribution is heavily weighted towards the community.
At genesis, we plan to distribute ++100,000,000 (one hundred million) $PIGGY tokens, as follows:
52.5% as Direct Incentives to the Community
- 40,000,000 $PIGGY as Stability Incentives. These are awarded to Stability Pool depositors. $PIGGY as Stability Incentives issuance follows a yearly halving schedule, described by the following function: 40,000,000 * (1-0.5^year). The purpose of this issuance curve is to favorably incentivize early adopters while also maintaining incentives for the long term.
- 2,500,000 $PIGGY will be allocated to the Liquidity Providers who will provide liquidity for $PUSD or $PIGGY in the future.
- 10,000,000 $PIGGY as Contributor Mining, where grants will be given in 1-year streams to contributions to the growth & development of the protocol, for example:
- community devs that maintain/upgrade the protocol.
- community ops people that help with the different community channels and run the day-to-day community functions including governance.
- teams that build on top of / integrate Piggy
- individuals that promote Piggy with campaigns like special NFTs, video explainers, and other high quality content.
- collaborations with complementary protocols e.g. join liquidity mining programs, insurance programs, etc.
- 27,000,000 $PIGGY are reserved to current and future team members that build Piggy continuously and the advisors that lent their expertise to Piggy’s success.
- The $PIGGY on this category is subjected to a 90 days lockup, and for team members it is subjected to a minimum 90 days engagement, with 1/4th of the award vesting immediately afterwards and 1/360th every subsequent day.
- 13,000,000 $PIGGY are reserved for the investors who supported Piggy’s pre-launch development.
- The $PIGGY on this category is subjected to a 90 days lockup, with 1/4th of the award vesting immediately afterwards and 1/360th every subsequent day.
- 5,000,000 $PIGGY will be set aside in a Treasury reserve to fund operational liquidity.
- The Treasury will also contain stable assets and reserve assets procured with the balance left from the pre-launch development (raised from early investors).
- 2,500,000 $PIGGY will be distributed to a selected number of addresses on Binance Smart Chain to guarantee a wide distribution and a strategic base of support for the protocol. The details will be announced shortly. Piggy is targeting:
- Stakers in the Liquity protocol on Ethereum who also have considerable activity on BSC.
- highly-active $BNB addresses.
- highly-active $CAKE addresses and governance participants.