Using Wing

How to earn WING rewards?

WING Tokens are allocated based on the user's contribution to the DeFi projects on the Wing platform. At the current stage, WING Tokens can be earned by carrying out supplying, borrowing and insurance actions in Flash Pool and Inclusive Pool.

Do I need to pay a fee in order to use the Wing platform?

Calling the asset swap, deposit/withdraw, borrow/repay, insure/surrender, and other contracts on the Wing platform will cost about 1-5 ONG handling fees, and the corresponding amount of ONG handling fees will be charged according to the complexity of the calling contract.

What wallets does Wing currently support?

Since the DeFi projects on Wing are all deployed on the Ontology chain, only the wallets that support Ontology-based assets can be used to carry out operations.

As of now, the Wing platform supports mobile wallets Cyano Mobile and ONTO, and the browser plug-in wallets Metamask and Cyano for the cross chain asset swap function. More wallet applications will be supported in the future.

Since the supplying, borrowing, and insurance operations are concerned with native Ontology assets, they are supported by the mobile wallets Cyano and ONTO only.

Flash Pool Supplying, Borrowing and Insurance Operations

What is Flash Pool supply-borrow-insure mining?

In order to encourage user participation in Flash Pool’s supplying, borrowing and insurance, contribution from users is calculated based on the amount of funds, utilization, and the length of time that users actually participate in the supply-borrow-insure process, and the daily release volume of WING tokens for liquidity incentivisation is distributed among users in proportion of this contribution.

What assets does the Flash Pool support?

The assets currently supported by the flash pool are:

  • ONT: Needs to be converted to ONTd

  • wBTC, ETH, USDC, renBTC, DAI, USDT, SUSD, UNI: Need to be converted to pwBTC, pETH, pUSDC, prenBTC, pDAI, pUSDT, pSUSD and pUNI respectively

  • NEO: Need to be converted to pNEO

  • WING and ONG: Can be used directly

  • Other assets: More assets will be voted on via Wing DAO to determine the currencies, and their respective times of listing

Assets can be converted using the asset swap function on the Wing platform, or using the swap function in the ONTO wallet.

What is the role of Flash Pool insurer? Why is an insurer needed?

In order to control the risk of Flash Pool liquidation, in the event that the liabilities of the supply side cannot be covered by liquidation of the supplier's collateral, the insurer shall pay 100% of the corresponding liabilities to the supply side. In order to encourage funds to enter the insurance pool, WING incentives will be issued to the participating users.

How to calculate my comprehensive income from participating in Flash Pool?

Supplying Side: The overall income is calculated as WING's incentive income plus interest on loaned assets, and then adding up the value of (WING APY+APR), the dollar value of the loan for each instance of block generation. Wing's incentives are distributed in the form of WING tokens, and the interest based income becomes a part of the supply asset amount.

Borrowing Side: The total income is calculated as WING's incentive income minus the interest that needs to be paid for the loan, which is calculated by adding up the (WING APY-APR) loaned dollar value at each instance of block generation. Wing's incentives are distributed in the form of WING tokens, and the interest based expense is a part of the borrowed asset amount.

Insuring Party: The total income is the incentive income in the form of WING, which is calculated by adding up the dollar value of (WING APY*) the total insurance amount invested at each instance of block generation.

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