Authors
Storm Labs Team
devops199fan - Founder & CEO
0xemac - Head of Growth & BD
Summary
Piggy is a progressive web app (PWA) with seamless onboarding from debit card to sFrax in minutes. It is designed to empower crypto newcomers to take control of their finances and fight against inflation with private key abstraction, 1-click onboarding and a fun brand.
The team is requesting a grant of $50,000 to subsidize gas costs for users buying sFRAX via EIP-4337 Paymasters.
Background
Inflation poses a significant threat to the value of traditional currencies. As the world becomes more aware of the potential benefits of cryptocurrencies, there is a growing need for accessible tools that help users safeguard their assets against inflation in a non-custodial wallet. Piggy addresses this need by leveraging sFRAX, a proven DeFi primitive that targets the interest on reserve balances (IORB) rate of the United States Federal Reserve, providing users with a stable and reliable option for protecting their wealth.
Piggy creates an embedded wallet with Privy on a low cost L2 like Arbitrum or Optimism and allows users to deposit any currency of their choice via MoonPay. After depositing, funds are automatically deployed into sFRAX.
The MVP is nearing completion with most of the development and UI work well underway. The team is composed of DeFi natives with a history of building key DeFi building blocks.
Proposal Details:
Storm Labs is covering all development and operational costs for Piggy. We are seeking a grant of $50,000 exclusively to sponsor user transactions to purchase sFRAX via EIP-4337 Paymasters. This will allow Piggy to offer a seamless experience for crypto newcomers without having to introduce non-USD denominated crypto like ETH that would otherwise be necessary to pay for transaction costs. By being able to subsidize gas, 100% of the user’s funds will be deposited to sFRAX without any confusion or detailed explanation of gas fees in the UI. We anticipate the grant would sponsor about 80k users joining the Frax ecosystem assuming the L2 of choice to be ~$0.60 to swap tokens.
Payment Method and Fund Management
Payment of the grant is proposed to be in 3 installments.
- $10,000: once the proposal passes
- $20,000: once the PWA has shipped
- $20,000: 3 months post launch of the PWA
Funds will be managed through a multisig on chain then sent to EIP-4337 Paymasters contract where gas fees from subsidized transactions will be deducted, all verifiable on chain.
Motivation
We’re building Piggy to democratize access to inflation-resistant financial tools, with a singular focus on sFRAX. By providing a simple, secure, and user-friendly platform, Piggy aims to empower users to hold sFRAX, secure their assets, and gain financial freedom. The PWA will initially focus on onboarding users that are new to crypto in high inflation countries.
Proposal:
For: Grant the Storm Labs Team $50,000 to subsidize gas costs for users buying sFRAX via EIP-4337 Paymasters.
Against: Do nothing