A Better Technique to Join DeFi 401k

Jul 17, 2021

Hello, Y’all Punkers. This is 0xJudy leading Punk’s overall product planning.

We have come up with countless ideas for our own pension, a form of financial instrument, and inspected them in-depth to make them a reality. The key point we tried to focus on is the ‘flow in finance’.

Are there enough people in need of a long-term financial instrument; to draw a blueprint for their future? Are there any decentralized financial instruments to fulfill their needs?

I can still recall the meeting of that day. Some more fuss was added to the meeting room that was already loud enough. Everyone seemed to be missing a couple of mental bolts in their head. Especially, our core full-stack developer, 0xViktor, I won’t be able to forget his face that day.

That face of his, telling how much he was loving the ideas and worrying about the boundless development ahead at the same time. That’s when I knew this is something we ought to do.

The future Punk has dreamed of, the one of decentralized finance where we can all achieve financial freedom, is finally around the corner.

The launch of the service on the mainnet is just around the corner. It’s drawing ever so near so just bear with us just a little while longer.

A Better Technique to Join Saver, Model

You could originally join Saver with a token of your choice. Now you can do the same by selecting a model(=investment strategy).

This means we have eliminated a step for you to check out the APY(Annual Percentage Yield). Previously, you had to go to the ‘Radar’ page to check the APY. Now you can see them as you select an ideal investment model for yourself — the APY shows in the order from the highest to the lowest.

More models will be added continuously, and you will be provided with numerous options, which possibly means more $$$.

Refinement on the Input format of Tokens

We have refined the function of the ‘MAX’ button on the joining page of SAVER.

To prevent users’ mistaken typing, we have made it only possible to insert numbers and decimals in the inputting form.

Speed Up the Loading on the ‘Inventory’ Page

We have amplified the loading speed on the ‘Inventory’ page where you can take a look at all the products you have joined.

There were no problems when you joined less than 5 products. However, we could see a decline in the loading speed when there were more.

We have modified the original logic, and now there is no need to keep yourself waiting patiently.

Updated Fee Structure

We are lowering the Early Termination Fee from 2% to 1% and imposing a 1% Service Fee. The Fee structure can be adjusted via governance voting and that helps us build a better structure.

Early Termination Fee: 1% When users terminate their contract before the End Date, Principal and interest will be paid out excluding the Early Termination Fee, which automatically deducts 1% from the amount of all pLP tokens received at the time of creation. If the requested address has less than 1% of pLP tokens, it is not possible to terminate early. The initial value of the Early Termination Fee is set at 1% and can be changed through governance later. This mechanism serves as an incentive to help the long-term existence and maintenance of pension contracts. Also, it is entirely attributed to each Forge and paid fairly to other annuitants.

Service Fee: 1% For the stable operation of the protocol over the long term, a service fee of 1% is deducted when users claim their payout or terminate their contract. If the requested address has 1,000 pLP tokens and decides to receive the payout 10 times, then 1 pLP token will be deducted from each payout as a fee. This can also be changed through governance later.

A New Contributor, 0xMateo

A new, exciting addition to the team. Let me introduce a new dev contributor, 0xMateo of Punk Protocol. Please welcome him with a round of applause, Punkers.

He has an abundance of experience in developing smart contracts — contributed himself in such protocols: PancakeSwap, CasperLabs, Wault Finance, Pepedex, and more. We are very excited to start a greater journey as a team.

A small but significant note

• We have changed the name ‘Forge’ to ‘Model’ for better understanding.

• An error on the calendar when entering the Starting date in Saver on the Mobile version, that’s fixed.

• We improved the condition where the ‘Approve’ and ‘Confirm’ buttons overlapped on the ‘Add More Deposit’ page.

• The introduction of the new awesome developer, 0xMateo, is added on ‘About Punk’.

• We polished up the design for a better layout on Mobile.

• As always, Punky user experience matters.