Notes and Highlights from the Forex Shark AMA with Crypto Mike on 2/20/2022:
The Piggy Bank is being launched in part to answer the call of early Animal Farm investors who are dissatisfied with the yield of the Pig Pen. They had been hoping for a higher rate of return in BUSD in addition to the governance rights that came along with holding the PIG tokens but the returns have been a bit underwhelming.
So, the developer, Forex Shark, went back to the drawing board and took the best aspects of the Drip Garden and Hex while working to remove their negative features such as:
· Low APY
· Diluted Staking Rewards Due to Centralization
· Linear Bonuses For Longer Staking
And he turned up the focus on the positives of those two systems to bring forth the maximum benefit to investors. So — what actually is the Piggy Bank? It is the first ever non-inflationary variable time staking annuity!
Here is a list of the AMAZING features in store for us in the Piggy Bank:
· Earn up to 3% ROI per day on your principal
· Your principal is increased through time a time locking multiplier allowing for powerful compounding!
· “Longer pays better” mechanics with non-linear increase in principal buying power for longer time staking
· Stake airdropping functions
· Early end staking ability in case of emergency where 100% of penalty goes to stakers who do not use the emergency end stake (this is a huge benefit and addition!)
· Allow multiple stakes from the same wallet, allowing user to set up convenient lock up strategies
The multiplier for time locking rewards is placed on the principal and not tacked onto the claimable dividends at the end of the stake, thereby making the bonus rewards exponentially more powerful. The bonus is applied 30% in the first 75% of the stake’s length and the remainder in the last 25% of the time lock up (see chart).
The Piggy Bank is a great investment for users who want to be in the ecosystem but don’t care about the governance and ownership of the Farm (if you do, then the Pig Pen is more appropriate for you).
In order to participate, you will need to pair your Pig tokens with BUSD (you can do this tax free from the Animal Farm site at the Add Liquidity tab).
There is a robust referral system being put in place for the Piggy Bank very similar to that used by the Drip Faucet. Similar to the Faucet and the use of the BR34P token in that system, the use of the Dog token in the Piggy Bank referral program will lead to immediate demand of the token and increased value. In order to gain the maximum referral bonus, you must hold and Single Stake (not in Dog/BUSD LP) 13 Dog tokens in the Farm. (see image).
So when does this all launch? We will learn more on Tuesday… but the standing rumor at the moment is March 1st. We will see if that date holds. I am sure Forex Shark will want to run and audit (or three) before the launch as he likes to cross his t’s and dot his i’s.
If you haven’t joined the Animal Farm or the Drip Garden yet, please use my referral link here: