On 24th November 2020, Wing Finance conducted an AMA in the Whale Blockchain Enthusiast. Our guest is Nick Zhang, Ontology’s Ecosystem Manager.
Lots of questions as usual from the Community about Wing Finance progress. The Wing Finance team took part in a very interesting AMA session which included introductions, questions from twitter, and a live AMA session with the Whale Blockchain Enthusiast community. If you missed the AMA in person, read this recap for a deeper insight into Wing Finance.
Let’s take a look at the most interesting points of our conversation.
🐳 Segment 1: Project introduction
Richard | WBE: Can you introduce yourself and introduce Wing Finance to our community?
Nick Z: I am Nick, Ontology‘s Ecosystem Growth Manager. I graduated with a Masters of Financial Econometrics at Johns Hopkins University in addition to a mathematics background from Boston University.
I joined the blockchain industry in 2018 as a crypto investor in San Francisco. Since then, I have participated and invested in global projects, including DoraHacks, 0x, Bibox, etc
Wing is a credit-based, cross-chain DeFi lending platform. Wing is 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 aim to promote a mutually beneficial relationship between borrowers, creditors, and guarantors.
In addition, Wing has showcased an innovative credit evaluation module as a strong example of credit-based decentralized lending
Richard | WBE: Thank you for introducing yourself and introducing Wing Finance to our community ❤️ What kind of products and services does Wing Finance offer to investors/users?
Nick Z: Our initial Flash Pool was launched in early September, allowing users to lend their assets and earn interest. The collateral ratio sits between 110% to 125% with a simple borrowing interest of 2.52%, and a floating interest on top.
Over the last 60 days, we’ve seen the total value locked (TVL) reach as high as “$214 Million” with a borrow APY of “172%.” As the Wing platform continues to develop, we’ve added new tokens to the Flash Pool including UNI, USDT, DAI, and NEO
We are also in the process of launching a new Inclusive Pool based on Ontology’s OScore to give users a new way to interact in the digital finance market while generating yields on their deposited assets.
Richard | WBE: This is really a great service for users. As a borrower, are there any conditions that must be fulfilled?
Nick Z: In terms of Flash Pool, it is over-collateralized. For the credit lending pool Inclusive Pool, users need to do KYC and cross-chain asset analysis in order to borrow assets based on their credits.
Richard | WBE: What is the relation between Wing Finance and Ontology?
Nick Z: Wing is built on the Ontology blockchain and developed by the Ontology core team. Besides, Wing utilizes Ontology’s infrastructures including ONT ID and OScore. These are Ontology’s special advantages in credit-based DeFi.
Richard | WBE: Can you please explain the Use Case for the WING token? And are there any benefits for long-term holders?
Nick Z: The current total supply is 5 million since the passing of WIP-08, which lowered the final total supply from 10 million to 5 and adjusted WING’s distribution rate. Wing DAO community members can check token related information through our Docs page: https://docs.wing.finance. Users can use these tokens to cast votes on the governance proposals: https://gov.wing.finance/
In addition to that, WING is actually the only asset accepted in the Insurance Pool on the platform. This is due to a vote passed by the community recently to increase both the value and utility of the token. You can buy WING tokens on Binance and several other exchanges, and we’re working diligently on adding other exchanges as well.
Another way is to get WING from DEX’s like Uniswap, but please pay attention to the slippage when you place the order due to liquidity changes
Richard | WBE: What achievements has Wing Finance made so far? And what big steps will Wing Finance take in the future?
Nick Z: Wing originally launched on Binance Launchpool in September when we implemented our token distribution model and started handing out WING tokens as incentives to initiate an autonomous community governance model.
Moving forward, our goal for Q4 of this year and Q1 of 2021 is to keep improving the Wing DAO governance model with more community engagement.
Also, we will seek additional utility for WING tokens to further increase its value. By Q4 of next year, we hope to have cross-chain functionality implemented on the platform so that Wing is available on more blockchains
🐳Segment 2: Questions from the Twitter
Question from @nguyenthuthuy90
Most projects have to go through certain difficulties and challenges, what difficulties do you face and how do you overcome them?
Nick Z: It’s true that most DeFi lending platforms are going through a huge hurdle, which is over-collateralization. It’s true that most DeFi lending platforms are going through a huge hurdle, which is over-collateralization.
However, Wing has an innovative solution. By integrating OScore, Ontology’s decentralized credit score framework, Wing will launch a decentralized credit-based lending pool. This new pool is called the “Inclusive Pool”. Users can generate their credit scores based on their multi-chain assets and participate in under-collateralized lending.
The essence of finance is re-allocating capital. Wing is the go-to-platform in which users can supply/borrow crypto assets to solve their unbalanced token demands possibly caused by staking, trading, dApps, or network congestion
Question from @DimasBangbroz69
What is the role that the community plays in the governance of Wing Finance? how big can be the influence of the community in the decisions that drive the project, what are the requirements to be part of it?
Nick Z: All WING token holders can participate in governance through voting in the community proposals, making governance very easy to take part in.
Most project-related topics are welcomed and encouraged on Wing’s governance forum (https://gov.wing.finance/). Once a topic has accumulated enough discussion, it will be moved to the voting page. Anyone with WING tokens in their wallets can vote without limitations
You can learn more about Wing’s Governance Model here: https://medium.com/wingfinance/extending-the-wing-governance-model-d37ea2e4aefb
Question from @YenTatooLeYen
What plans do you have to help drive demand and scarcity for the token?
Nick Z: Through the open governance model implemented by the Wing team, over 10 governance proposals have been officially voted on over the last 2 months, including but not limited to the monthly buyback and burn process. As a result of community governance, Wing is currently in the process of buying back 1 million WING tokens over time from the open market to optimize the token economics of WING
Question from @jokosuband
All investors will look into the project’s smart contract audit, because recently we have seen so many scam projects and rug pull. What is about your smart contract’ audits? Is it audited already? please give us the audit results
Nick Z: Yes. I feel upset about those recent DeFi hacks as well. You can find Wing’s audit reports on this page: https://docs.wing.finance/
Wing is incubated and backed by the Ontology core team which has a very strong technical background
Question from @Ramla36730829
I am reading your Whitepaper
“Ua = Borrows a
— — — — — — —
What is this? Please explain?
Nick Z: Thank you for your thoughtful question. Ua is the utilization rate of an asset. For example, if USDT Ua = 0.4, it means among all of the USDT’s supplied on Wing, 40% of them are loaned out.
Ua is a significant parameter when we introduce the kink point interest rate model. When the utilization rate of an asset is low, lending will be encouraged to optimize capital utility. When the utilization rate becomes too high, supply will be encouraged to help provide more liquidity. Therefore, the kink point, Uk, was introduced to define the boundary of the “high utilization threshold”. With this kink point, Wing smart contract can automatically adjusts interest rates to incentivize the lending pools to remain financially healthy.
If you are interested, please check this recent community proposal: https://wing.finance/vote?anchor=wip15
🐳Segment 3 : Free Asking / Live Questions
Telegram User: Many of the credit platforms favor the lenders, and forget about the borrower. Does Wing modify this reality? What are the advantages that the borrower has in your platform? How do you encourage decentralized lending?
Nick Z: Borrowing on Wing Finance will be rewarded WING tokens on blockly basis. Generally when you borrow assets on Wing, you are paying interest rates but earning mining rewards. Sometimes when mining rewards exceed borrowing fees, users are encouraged to borrow.
Telegram User: What benefits will cross chain functionality bring to DeFi and how can it directly enhance the experience of users?
Nick Z: Wing used Poly Network for cross-chain asset swapping. This has enabled many users to transfer their assets from other chains to Wing. Cross-chain asset swapping feature not only helps users maintain their asset positions but also reduce asset frictions when they use DeFi (i.e. ETH gas fee)
Telegram User: Does Wing have a dApps project coming in the near future?
Nick Z: We have Wing DApp now. Please check it out on ONTO wallet (onto.app).
Telegram User: I saw in the Channel Wing Announcement, that you will do “BuyBack”. My question is what do you expect for $wing after you do “BuyBack”?
Nick Z: Technically, it is “Buy Back and Burn”. All the WING tokens bought back in this project will be burnt immediately. This will surely keep removing short presures on $WING secondary market.
Telegram User: Why did you choose to run WING on the Ontology network? What features do you think the Ontology provides to help WING development?
Nick Z: First of all, Ontology can process 1000+ TPS. This infra-layer performance can significantly reduce transaction costs and make this platform more user-friendly. Secondly, Ontology has OScore, which is a decentralized credit score framework. OScore enables credit-based lending services that other chains can hardly copy
Thank you for answering all questions and thank you also for introducing the Wing Finance to our community. Before ending AMA, is there anything to say to the Whale Blockchain Enthusiast community. Before I opened the chat again. 🐳
Nick Z: Thank you guys for your questions! Keep calm and HODL
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More information on Wing Finance:
- Website: https://wing.finance/
- Whitepaper: https://wing.finance/Wing_whitepaper.pdf
- Twitter: https://twitter.com/Wing_Finance
- Telegram: https://t.me/WingDAO
- Telegram Announcements: https://t.me/WingAnnouncements
- Medium: https://medium.com/wingfinance
- Coinmarketcap: https://coinmarketcap.com/currencies/wing/