WePiggy LockDrop on Optimisim

WePiggy lending protocol (Beta) has been officially launched on the Optimism mainnet at 16:00 (UTC+8) on November 15, 2021! Based on what WePiggy’s core development team mentioned in the proposal of Optimism Governance Fund, WePiggy’s core development team developed the “LockDrop” function to achieve the purpose of locking more funds in the Optimism ecosystem, giving users more freedom of participation, and giving appropriate rewards based on their contributions. let's analyze this event on Optimism.

What is a LockDrop?

Users can lock their pUSDC (WePiggy USDC Token) in one or several WePiggy LockDrop Pools to get $OP and $WPC rewards.

There are total 3 pools in different lock-up duration: 30-Day, 90-Day, 180-Day.

Different pools with different reward distribution speeds, so the longer you deposit into the pools the more rewards you’ll get.

> Users can deposit their pUSDC tokens into one or more of these pools to earn token incentives.

However, once the user deposits funds into a pool, the user cannot withdraw the principal before the lock-up period expires.

Notice:

1 ) pUSDC is the deposit receipt that users automatically get when they deposit USDC in the WePiggy lending protocol.

The WPC token incentive will only be given to the 180-Day pool
Every 3 Pools started at 16:00 (UTC+8) on August 3.
WePiggy Coin (WPC) is the governance token of WePiggy protocol, which gives the community the power to govern the protocol.

Technical Details

On Optimism there are 4 main contract addresses for tracking the WePiggy Optimism LockDrop that we used them :

pUSDC contract address: 0x811Cd5CB4cC43F44600Cfa5eE3F37a402C82aec2
30-Day Pool: 0x3Ce5AF2d1455c581d95B979AB7E64b1A7D1b5537
90-Day Pool: 0x5F1E8dC1C296A26188e1E04ED4bb6d1432226650
180-Day Pool: 0xC9E53Bb96A8923051326b189bbF93EE9ED87888b

Staking Behaviors

The charts below explore various aspects of this LockDrop. Watch them carefully so that we can draw conclusions.

User Profiling

In the final step, we examine the staking users and analyze two issues:

Is the age of a wallet (user) directly related to the amount of pUSDC staked or not? That is, are old users eager to participate in this LockDrop or new users?
What is the age distribution of these users?

Notes :

We calculate the age of a user based on the difference between the current date and the first transaction of the user.
Considering that the Optimism tables in the FlipSideCrypto database are less than three months old, the analysis of the age of the users is not accurate and cannot be considered as an accurate analysis. It is only done to show what can be done with the available data.

For about one-third of users, the wallet age is less than one month, meaning they are new users who have joined the Optimism blockchain.
There is no direct correlation between the age of a wallet and the amount of tokens deployed, but relatively speaking, users who have staked a large amount of tokens are younger.

Key Findings

First, most of the investment in LockDrop was made in the 180 Days Pool and then in the three-month pool, which means that users' desire for long-term investment is much higher than short-term investment.
Considering the fact that in order to receive WPC incentive tokens, the tokens must be deployed in the six-month pool for 180 days, most of the deployments were made on the first day of the opening of these pools. (August 3)
The number of users welcoming this plan is about 140 people, which is not a large number, and perhaps it was not adequately promoted.
About one-third of investments in six- and three-month pools were made through a wallet