Wing
Wing Finance is a credit-based cross-chain DeFi platform and cryptocurrency built on Ontology. Wing is focused on the digital asset lending market, supporting cross-chain collaborative interaction and decentralized governance between DeFi products.[1][2]
Overview
WING's credit-based DeFi introduces the concept of integrating credit components into decentralized finance. These components can be used for credit-based lending or new asset digitization, further expanding the service model and scope of decentralized finance.
Wing Finance (WING) built a DeFi platform dedicated to the digital asset lending market, supporting cross-chain collaborative interaction between various DeFi products. Wing’s decentralized governance model and risk control mechanism intend to promote a mutually beneficial relationship between borrowers, creditors, and guarantors. In addition, Wing showcases a credit evaluation module as a strong example of credit-based DeFi.[3][4]
Features
Wing Finance's (WING) key features include:
Pools
The liquidity pool feature provides details on the pool like the total amount supplied, total amount borrowed, and the total amount insured. Wing Finance provides users with a dashboard interface that provides current information on all markets with liquidity.
Flash Pool Liquidation List Wing Finance (WING)
| Address | Borrow Limit (%) | Total Collateral ($) |
|---|---|---|
| AXtAztWDpDNT8sVJU8kgBFU5yDd61qmNZU | 97.81 | $43,442.41 |
| AGNZrMqcgKpsfHC8KXJ3pz1nMTP8trQe2H | 95.39 | $3,189.70 |
Liquidity Pool Rules
- Total Asset Interest = Asset Quantity \
- Borrow Pool’s Final Payment Interests (Annualized)
- Borrow Pool’s Final Payment Interests = (Base Interest Rate + 30*Utilization Rate of the Asset) %
- Base Interest Rate = 2.1
- Utilization Rate of the Asset = the Amount of Asset in the Borrow Pool / the amount of Assets in the Supply Pool
The Wing Finance (WING) rewards are distributed to users according to the proportion of the user’s assets against the same assets in that pool. Rewards are also distributed to the three pools according to their distribution ratio:
| Pools | Pool's Ratio |
|---|---|
| Supply Pool | 45% |
| Borrow Pool | 45% |
| Insurance Pool | 10%[5] |
Wing DAO
Wing DAO allows community members to put forward proposals for decentralized financial services. The community has the power to make independent decisions on product launches based on community participation and is autonomous in product application rules as well as the termination and cancellation of products.
Wing Finance (WING) encourages more new product proposals from the community to create better decentralized financial products, to jointly build a decentralized credit financial ecosystem with the Wing DAO community.
Asset Swap
Users can also make use of the Asset Swap feature by simply connecting Metamask and Cyano wallet to their 'Asset Swap' interface on the Wing Finance Platform. WING can be swapped to pWING on the Ethereum blockchain. pWING (Pool Wing) is available on the automated liquidity protocol Uniswap\
- this supports all types of DeFi products within the Ethereum ecosystem by allowing users to now send, swap, and pool WING tokens.
Voting
Wing Finance (WING) also gives room for users' participation on the platform via Voting. Any community member who holds Wing Finance (WING) is eligible to vote, with one WING representing the vote. While the voting session is active, WING tokens within current user accounts will remain unlocked and transferrable.
New types of collateral:
Wing Finance (WING) will incorporate a variety of collateral types to its platform and will work to ensure the expansion of digitalized collateral types for multiple assets.
Including the element of decentralized credit
Wing Finance (WING) aims at integrating self-sovereign credit scores into the design of its financial products so that the user’s data and credit can be of value in helping the user to acquire financial services.
Tokenomics
Wing Finance (WING) is an OEP-4 token built on the Ontology blockchain . WING is the ticker symbol of the Wing Finance. WING token has a total supply of 10,000,000 WING out of which a constant 80% is used for Liquidity and Margin incentives and 20% for the WING DAO Community fund. The fund holds about 2 million WING.[6]
Trading WING
Wing Finance (WING) can be traded on the following listed cryptocurrency exchange platforms using these popular pairings:
| Exchange | Exchange Pair |
|---|---|
| Binance | WING/USDT WING/BTC |
| Gate.io | WING/USDTWING/ETH |
Mining Wing Finance (WING)
Wing Finance (WING) token can be minted using either Cyano wallet or Onto wallet (a crypto wallet of the Ontology blockchain that manages a user's digital identities, data, and assets). Users can achieve this by using either of these wallets to mine WING by borrowing, crediting, or insuring in a Flash Pool.
Using ONTO Wallet to Swap pToken
The Flash Pool only supports lending in cross-chain pTokens. Ethereum assets need to be first swapped into pToken (which are the ERC-20 token version of other, non-Ethereum blockchain currencies that allows liquidity to freely move from one blockchain to another). Users are to Open ONTO wallet and make a choice on the token into which the user wishes to swap the user's Ethereum assets (e.g WBTC to pWBTC). After the user has been approved by the wallet, the user can then proceed to swap by inputting the amount of WBTC (an example) which the user intends to swap.
Using ONTO Wallet to Swap ONTd
After swapping Ethereum assets to pTokens, the user can continue the process on ONTO wallet to swap ONT by using the “ONTd Swap" function (ONTd are decimal units of ONT (the native token of Ontology blockchain).
Logging into FlashPool using ONTO Wallet
By scanning the QR code on the Wing Finance website, users can connect to the FlashPool function using INTO wallet.
Depositing pToken to Supply Pool
To deposit pToken to the supply pool, the user will need to use the scan function in ONTO wallet to scan the QR code and connect their wallet. Deposits of pToken (e.g pWBTC) can then be made.. After inputting the amount of pToken (e.g pWBTC) the user wants to deposit and the action is confirmed, assets will have been deposited into the Supply Pool.
Withdrawing WING into the user's ONTO Wallet
Users can see the amount of WING available for withdrawal in the FlashPool dashboard. Wing Finance (WING) withdrawal is to be confirmed on ONTO wallet.
Token Usage
Governance
Wing Finance price prediction September 2020
WING token can be used by holders to participate in the governance of the Wing DAO community. This includes voting for the launch of new products, product application rules of the WING token, allocation of the Wing DAO community fund, and other governance proposals for the community.
Incentive
Another usage of the WING token is that there is a daily, constant release of WING token assigned to each product based on the transaction volume of DeFi products on the Wing platform. Each product will allocate WING token to the debtor, creditor, and guarantors who also will provide deposits according to the existing allocation rules.
Release
About 80% of the total supply of WING tokens is to be released regularly as liquid incentives and deposit-based incentives. The remaining 20% will be kept in an escrow account for the Wing DAO community fund in order to ensure long-term community governance, risk control, and emergency response actions.
