🐷Introduction

PiggyBankDAO's Documentation!

What is PiggyBankDAO

PiggyBankDAO is a decentralized reserve currency protocol based on the PB token. Each PB token is backed by a basket of assets (e.g. MIM, LPs) in the PiggyBankDAO treasury, giving it an intrinsic value that it cannot fall below. PiggyBankDAO also introduces unique economic and game-theoretic dynamics into the market through staking and bonding.

What is the point of PiggyBankDAO?

Our goal is to build a policy-controlled currency system, native on the AVAX network, in which the behavior of the PB token! In the long term, we believe this system can be used to optimize for stability and consistency so that PB can function as a global unit-of-account and medium-of-exchange currency. In the short term, we intend to optimize the system for growth and wealth creation.

We intend to achieve price flatness for a representative basket of goods without the use of fiat currency, in order to allow the cryptocurrency industry to detach once and for all from the traditional finance world!

How do I participate in PiggyBankDAO?

There are two main strategies for market participants: staking and minting. Stakers stake their PB tokens in return for more PB tokens, while minters provide LP tokens or MIM tokens in exchange for discounted PB tokens after a fixed vesting period.

How can I benefit from PiggyBankDAO?

The main benefit for stakers comes from supply growth. The protocol mints new PB tokens from the treasury, the majority of which are distributed to the stakers. Thus, the gain for stakers will come from their auto-compounding balances, though price exposure remains an important consideration. That is, if the increase in token balance outpaces the potential drop in price (due to inflation), stakers would make a profit.

The main benefit for minters comes from price consistency. Minters commit a capital upfront and are promised a fixed return at a set point in time; that return is given in PB tokens and thus the minter's profit would depend on PB price when the minted PB matures. Taking this into consideration, minters benefit from a rising or static price for the PB token!

Who created PiggyBankDAO?

PiggyBankDAO is a fork of Olympus on the AVAX Network. Our team is mostly anonymous, born from the DeFi Community. We aim at becoming a Decentralized Autonomous Organization, and we are actively working towards that goal.

What Makes PiggyBankDAO Unique?

Waves of asset appreciation methods come into decentralized finance, now with reserve currency protocol a new era is at hand. PiggyBandDAO is about to create a new virtual concept of “Federal Reserve”. It creates a set of 2D retro style (aka. pixelate style) cute pages which encourage people to store coin into "Piggy Bank", and in return people will get benefited powered by PB staking, the PB coin can be ensured at a stable price by backing stable assets(MIM) mechanism. Besides the main logic for this app, the team is also trying to create mini games to make a funny culture, where PB holders can participate and get reward. The speciality of PiggyBankDAO is making the financial activty funny and pleasing.