The Korean project Piggycell, known for its shared power bank services, has made headlines with the launch of its Token Generation Event (TGE) on October 28. The project’s token, PIGGY, is now available for trading on Binance Alpha and OKX perpetual contract markets. Initial trading data indicates a strong performance, with the token soaring from an opening price of $1.178 to a peak of $2.724 on October 29, marking an impressive increase of over 130%. Currently, PIGGY’s price stabilizes around $2, while the project currently ranks first on the seven-day popularity chart within the DePIN section of BNB Chain DappBay.
Piggycell operates a shared power bank service in South Korea, holding a staggering 95% market share. The company has deployed more than 14,000 charging stations nationwide and boasts over 100,000 charging devices along with a user base of 4 million paying customers. By integrating blockchain technology with physical infrastructure, Piggycell aims to create a synergy between Real World Assets (RWA) and Decentralized Physical Infrastructure Network (DePIN). This innovative approach is centered around the concept of “real usage data on-chain,” providing a solution to the information asymmetry commonly found in traditional sharing economies. By recording user charging behavior and device operations on-chain, the project transforms charging services into quantifiable digital assets, allowing users to see how their actions translate into earnings while providing investors insights into the actual performance of underlying assets.
The project’s models include “Charge-to-Earn” and “Dominate-to-Earn.” The “Charge-to-Earn” model allows users to earn PIGGY token rewards while renting power banks, effectively converting everyday consumption into asset accumulation. On the other hand, the “Dominate-to-Earn” model lets users acquire NFTs tied to physical devices, enabling them to share in the revenue generated by these regional infrastructures.
Piggycell secured a $10 million seed round in February 2025, attracting investments from various sources including Animoca Brands, ICP HUBS, and traditional financial institutions like Shinhan Financial Group and Hana Financial Group. DWF Labs also participated as a public partner. The company is spearheaded by co-founder John Lee, who has a solid background in the Web2 infrastructure sector, having managed Korea’s portable charging network, Chungjeondwaeji. Under his guidance, Piggycell has successfully transitioned from a traditional business model to a Web3 platform.
The tokenomics framework of PIGGY is structured using a dual-chain architecture—80% deployed on BNB Chain and 20% on the ICP network. With a total supply of 100 million tokens, allocations are designated for various stakeholders: 10% for institutions, 7% for the team, 10% for the treasury, 25% for user holdings, 20% for charging behavior rewards, 10% for task challenges, 10% for partners, 5% for liquidity, and 3% for marketing. Currently, about 7.2458 million tokens are in circulation. However, some community members have raised concerns over the delayed distribution of Piggycell’s airdrop and Galxe rewards.
Emphasizing user experience, Piggycell offers a seamless borrowing process for power banks through QR code scanning, supports local payment options like Kakao Pay, and imposes no restrictions on device returns. Users are charged at a standard rate of 1,000 KRW per hour for usage.
Looking ahead, Piggycell aims to introduce an “Energy as a Service” (EaaS) platform that will allow individuals or merchants to register and lease energy devices such as portable power banks and wall chargers. This platform will implement automated revenue distribution via smart contracts, and with the utilization of on-chain data, Piggycell seeks to explore carbon credit issuance and develop ESG compliance solutions, further enhancing its RWA application scenarios.
