How to launch a project like a Piggy Bank?
The Piggy Bank is Animal Farm’s newest addition, offering not only a 3% daily ROI but also a time-lock bonus to your staking. It says that it is the first-ever non-inflationary variable time-staking annuity. Users can stake PIGS/BUSD LP tokens for an, up to, 3% daily return on investment. It rewards long-term investors with a time multiplier, which means that the longer you stake, the larger your purchasing power. The higher the rate of compounding, the better the return on investment. If you don’t compound and merely claim, your 3% ROI will begin to decrease.
The Piggy Bank pays out in PIGLETS and TRUFFLES. Once you deposit you will receive TRUFFLES that can be then compounded to buy PIGLETS. When you feed your piglets with truffles you earn more piglets. The more piglets you own the more truffles they can find.
Users must invest DOGS tokens in the single asset staking pool to receive the referral benefit. Instead of having a linear yield curve, the annuity product’s ROI grows exponentially over time. According to the official Animal Farm website, the platform plans to release two additional products, Lottery, and Vaults, shortly.
Key features of The Piggy Bank:
- A time-locking multiplier is used to raise the user’s principal.
- Functions for airdropping stakes — Allows users to give stakes to friends and family.
- Ability to end stake early: Users can cease their stake early in an emergency, in which case 100% of the penalty paid is distributed to other stakers who did not end their stake early.
- Ability to conduct convenient lock-up methods with numerous stakes from the same wallet.
- The referral percent vs. DOGS tokens staked ranges from 1% for 2 DOGS to 5% for 13 DOGS. The reward system is based on DRIP’s BR34P dependency model with a Fibonacci sequence progression, which includes the referral percent vs. DOGS tokens staked ranges from 1% for 2 DOGS to 5% for 13 DOGS.
How does it work?
Piglets are received after you deposit your PIGS/BUSD LP tokens. This deposit is similar to the DRIP Garden in that you do not receive a return on your initial investment. In Truffles, these Piglets can yield up to 3% every day. You can opt to recompound those truffles or claim them, just like in the DRIP Garden.
You can choose to lock your deposit for some time and gain a bonus percentage on top of your 3 percent with Piggy Bank. With a longer time, locking period, this bonus will be greater. Time locking means you won’t be able to claim any prizes during this time.
Keep in mind that your original deposit is no longer available. You’ll be recompouding (hopefully) if you use time locking to disable the ability to claim within that time. You can claim after the time-locking period has expired. This bonus, or multiplier, is applied to your staked principle rather than the claimable profits at the end of the stake, as stated in the whitepaper. As a result, the award bonus is significantly increased.
Furthermore, this bonus is applied on a distribution curve, with 30% of the multiplier bonus applied to the first 75% of the stake length and the remaining 25% added to the last 25% of the lock-up.
There are also penalties — if you withdraw your stake early, you will lose 50% of your initial investment. This means that if you deposit $1000 and earn benefits on that amount if you unstake early, you will only get rewards on $500 continuing forward.
The time locking multiplier is based on a stakers principle rather than being tacked on to claimable divs at stake end. As the staker compounds the improved ROI obtained by the bonus multiplier principle, a bonus payout for time locking stakes becomes exponentially more potent. The bonus is applied to the principle via a distribution curve, with 30% of the multiplier bonus being added to the principle in the first 75 days of the time lock and the remainder being added exponentially to the principle in the last 25 days of the time lock.
Piggy Bank Referrals
Referrals work similarly to Drip.community. To receive bonuses from your referrals, you must have DOGS in Animal Farm’s single staking DOGS pool. The bonus % is calculated based on the number of DOGS you own.
- 1% — 2 DOGS
- 2% — 3 DOGS
- 3% — 5 DOGS
- 4% — 8 DOGS
- 5% — 13 DOGS
The bonus given isn’t a pure multiplier on your initial investment; rather, it’s the additional number of piglets you’d expect from your bonus if compounded once a day for the duration of your stake. You will notice different numbers if you elect not to compound at the end of your stake to allow claimable truffles to build up.
All bonus piglets that will eventually be paid out into your principal will be purchased immediately at the initial time-lock at the piglet price at that time. Piglet prices are intended to decrease over time to attract new users to the system. So, by the time your time lock expires, the price is likely to be far lower and you’ll have to balance that drop with the bonus APR you have received.
The maximum payment on the system is 5 times your ‘principal ‘/deposited amount. This is the full compounded amount, not 5 times your initial deposit.
So, if you time-locked a $1000 stake, compounded it to $3000 worth of piglets at the end of the stake, and then only claimed each day after your time lock, you’d be able to extract a maximum of $15000 worth of truffles.
Keep in mind that if you’re only claiming, you’re diminishing the APR you get each day, so it could take a long time to reach that 5x payout! To keep the APR high, alternating compounding and claiming.
The PIGS Lottery
The PIGS Lottery will be a brand-new feature related to the Piggy Bank. The money for the lottery will come from Piggy Bank’s entry and exit fees.
When you deposit or withdraw/claim from the contract, you pay a 5% fee, similar to the DRIP garden. Compounding/planting seeds in the Piggy Bank is free. The 5% charge in LP tokens will be split between development fees and the PIGS lottery, with the BUSD component going to development fees and the PIGS portion going to the PIGS lottery.
Lottery players can purchase tickets with DOGS and DRIP tokens to try and win the daily amount of PIGS generated by these taxes. The DOGS tokens used in this transaction will be destroyed to create price appreciation, and the DRIP tokens used will be deposited back into the Faucet tax pool to pay out users of DRIP.
How to launch a project like a Piggy Bank?
To launch a project like Piggy Bank, you must first understand that your project must be an open-source, on-chain project that discloses where earnings are made, transaction taxes, and price appreciation in the same way that any other market does.
That means you’ll need to hire a decent developer if you want to start a project. You can hire a freelancer from a site like Upwork, or you can hire teams to contact Empire Global Partners to help you find a developer.
Then you’ll need to hire a marketing team to create the appropriate content for offline marketing, social media marketing, display marketing, public relations, and a variety of other marketing tactics.
In the realm of blockchain technology, blockchain marketing agencies have become one of the most sought-after agencies.
Marketing teams must have considerable crypto marketing experience and be able to assist you in increasing your Telegram pages, Discord pages, and key opinion leaders to reach out to the crypto community and let them know what sets you apart from the competition.
You must choose a start date for your project. However, you’ll need to hire a core chief market officer and a core community manager to ensure that your product launch goes smoothly. Furthermore, you should hire an auditor to review the contract well before launch to ensure that no bugs or flaws were introduced unintentionally or purposely by your developer.
Cryptocurrency passive income is generally an excellent strategy to develop your wealth.
However, there are other dangers to be aware of.
Just to mention that these types of contracts that provide passive earnings and yield can be subject to high levels of regulation, which is what most people know about regulatory risks in the device space, so people should be aware that before launching a project like this, they should consult with legal counsel, which is where you could contact the Empire Global team at that stage. That’s why you’ll need to take the next step: hire a good legal team to assist you in ensuring that the product, even if profitable, is free of flaws.