Oink Protocol
The piggy bank that pays you to save — a proof of concept.
In America, the average household credit card debt is over $5,000. The interest that people have to pay on top of the debt? A whopping 16.28%. Americans are going into debt and are paying a hefty sum to live the life they want.
People are paying to purchase things they cannot afford. However, with the innovative applications built on the Terra-Luna ecosystem, this trend may be flipped on its head.
What if there was an application that paid and helped you to save for what you want? There would be less debt, more money, and more freedom for people who opt-in.
This is the goal for my hypothetical application temporarily dubbed as the “Oink Protocol.” It’s a piggy bank built on top of Anchor that pays you to save.
How it works
On the front end, users get to deposit their UST into accounts dedicated to a specified savings goal. These funds are locked up in a smart contract and are unlocked only when the savings goal has been reached. These funds are redirected into Anchor to earn a fixed yield of around 20% on the back end.
This commitment helps users stay the course towards their savings goal while meanwhile paying them an attractive yield. Moreover, users can speed…
