Glossary
Annual Percentage Rate (APR) refers to the annual rate of interest charged to borrowers and paid to investors. APR is expressed as a percentage that represents the actual yearly cost of funds over the term of a loan or income earned on an investment.
Annual Percentage Yield, a time-based measurement of the Return On Investment (ROI) on an asset. For example, $100 invested at 2% APY would yield $102 after one year, if there is no compounding of any interest earned on that $100 through the year. Assuming a static APY rate, the Monthly ROI would be 0.16%, in this case.
The amount of the assets that users have currently deposited in a pool or a platform.
Users can borrow crypto assets from the WING platform by paying a varying interest rate every Ontology block. The interest that borrowers pay produces the interest that suppliers earn.
The sum of a user's current borrowed amount of assets plus the interests that needs to be repaid on the Wing platform.
The maximum amount of assets that a user can borrow.
It's the most accurate approximation of the number of coins currently circulating in the market as well as in the general public's hands.
In order to borrow assets from the Wing platform, users need to first supply another type of asset as collateral. Collaterals cannot be fully withdrawn while users are borrowing.
A DeFi platform. From the Compound DAO's description: an algorithmic, autonomous interest rate protocol built for developers, to unlock a universe of open financial applications. Compound was built using community built interfaces and is an example of traditional institutional investors and CIIs (Cryptocurrency Institutional Investors) collaborating on a product that benefits both groups of investors, and the CeFi and DeFi communities.
The total amount of Wing DAO’s revenue accumulated from 0:00 on the 22nd of every month to 0:00 on the 22nd of the following month in UTC time. The revenue is derived from a certain percentage of commission on each loan interest. According to the result of 5th vote from the community, the current commission rate has been raised to 15%.
According to the WIP-08 voting results, WING’s distribution rate has been adjusted from 0.06/sec to 0.036/sec on 12/9/2020 5:30:35(UTC), all the extra WING tokens generated after the distribution rate change will be burned automatically through the smart contract in real time. The current burn rate is 0.024/sec, which means 2073.6 WING tokens are burned every day.
WING's daily distribution supply. In accordance to the WING release model, the current release rate is 0.06 per second, which means 5,184 WING tokens are added to circulation every day.
Distributed Autonomous Organization. The first DAO was started in 2016. According to Wikipedia's definition, it is an: "organization represented by rules encoded as a computer program that is transparent, controlled by the organization members and not influenced by a central government. A DAO's financial transaction record and program rules are maintained on a blockchain." When implemented correctly, a DAO allows for real-world experiments in a decentralized democratic organization, with more freedom of action and less regulatory oversight for DAO controlled projects and products when compared to legacy corporate structures and organizations.
DeFi, or Decentralized Finance, is at its root a set of Smart Contracts running independently on blockchains. Smart Contracts may or may not interact with other smart contracts and even other blockchains. The goal of DeFi is to enhance the profitability of investors in DeFi through automated smart contracts seeking to maximize yields for invested funds. DeFi is marked by rapid innovation as well as new ideas and concepts. DeFi often involves high risk investing involving smart contracts that have not been audited or even thoroughly reviewed (a review is not as comprehensive as an audit, but may also be included as part of an audit). Due to this and other reasons, DeFi is conventionally considered to be riskier than CeFi or traditional investing. Wing is a credit-based cross-chain lending DeFi platform.
A cryptocurrency protocol based on the Ethereum blockchain. An ERC-20 coin, by definition, uses this protocol.
Bitcoin is the original cryptocurrency but Ethereum, which launched in July 2015, allows for much more complexity through the use of smart contracts and a Turing complete programming language. Thanks to the ERC-20 protocol, Ethereum has many cryptocurrency coins such as LINK, USDT and YFI built on top of Ethereum, each with their own set of rules.
Flash Pool is a DeFi product built on the Wing platform and includes a supply pool & a borrow pool as well as an insurance pool.
Gas fees are the fees paid to perform transactions on blockchains. On the Ontology network, gas fees are paid in ONG.
Governance refers to the control and use of a Governance coin, token, and/or project through various measures to grow the ecosystem or product and to maximize gains for governance token holders. Wing governance is based on a DAO form.
Inclusive Pool is the first credit-based DeFi product based on OScore and includes a supply pool & a borrow pool as well as an insurance pool.
Users can earn WING incentives by insuring WING. In the case of a severe breach committed by a borrower or creditor, the Insurance Pool will pay all of the loss to the Supply Pool, which will lead to the loss of the insured assets; each pToken deposit in the Insurance Pool will be locked for 72 hours, after which it will be available for withdrawal.
A user's current insured amount of WING tokens on the Wing platform.
Real-name Authentication. As the Inclusive Pool is a non-sufficient lending pool based on credit factors, KYC authentication is required to obtain the borrowing authority for participating in borrowing.
A borrowing account becomes insolvent when the Borrowed Balance exceeds theborrow limit. When an account becomes insolvent, other users can repay a portion of its outstanding amount in exchange for a portion of its collateral, with a liquidation incentive. The liquidation incentive means that liquidators receive the borrower's collateral at a discount to market price. The borrower will lose all or part of their collaterals once liquidated.
A measure of how much available circulating supply there is of an asset or currency, and the activity of that asset or currency in an exchange, economy, or network. A currency with low supply and/or circulation is said to be illiquid. The liquidity of an asset on the Wing platform refers to the asset remaining in the pool for borrowing or withdrawal.
It's the most accurate approximation of the maximum amount of coins that will ever exist during the lifetime of the cryptocurrency. Originally the amount was 10,000,000，in accordance to the WIP-08 voting results, WING Max Supply has been halved to 5,000,000.
MetaMask is a popular mobile or desktop software cryptocurrency wallet that can hold, transmit or receive Ethereum and ERC-20 compatible coins or tokens.
Neoline is a popular mobile or desktop software cryptocurrency wallet that can hold, transmit or receive NEO and NEP-5 compatible coins or tokens.
A feed of data, such as the current market prices of an asset, that provides a high confidence service to users and other services in which the source and detail of the oracle's data are timely, accurate, and untampered. Sources of data may be singular or decentralized and may be dispersed geographically from one another.
OScore is a user's self-management scoring system based on users' digital assets information and lending/borrowing history. Users hold self-sovereign ownership of their accounts and can generate their OScore in such a way where their data privacy is under their control. OScore will prove an important tool for the design and execution of credit-based DeFi products.
A set of smart contracts containing shared amounts of assets. There is a Flash Pool and Inclusive Pool on Wing platform.
WING token distribution for each Pool that have been distributed.
A pToken is an asset that cross-chains from other blockchain asset to the Ontology blockchain. All assets used on Wing platform are OEP-4 assets on the Ontology blockchain. To successfully lend, borrow, or insure, users need to initially swap their assets on other blockchains into pTokens.
Users can repay the principal and interests they borrowed.
A "key" to enter the safety amount of borrowing, which reaches the 80% of borrow limit.
A digital contract that is programmed in a language that is considered Turing complete, meaning that with enough processing power and time, a properly programmed Smart Contract should be able to use its code base and logical algorithms to perform almost any digital task or process. Ethereum's programming languages, such as Solidity and Vyper, are Turing complete.
In cryptocurrency, it is a digital cryptocurrency equivalent to 1 fiat currency (e.g. USD). In theory, the price of the stablecoin is pegged to the fiat currency, but in practice, there is some variance to nearly all stablecoins. A stablecoin is an attractive investment to investors because: It can be used as a safe harbor or hedge for cryptocurrency funds in times of downward volatility, also known as a bear market, whether this trend in downward volatility is temporary or prolonged in duration. It can be used as diversification into the realm of Cryptocurrency finance to take advantage of new products in CeFi and DeFi that are unavailable elsewhere, as a safe diversification into crypto that won't lose nor gain significant value to the stablecoin price. A coin with a stable price is used for transferring crypto around, as a means to not lose value in the base asset itself as its being moved around or deployed to Smart Contracts or wallets.
Supply means lending assets. By doing so, users can obtain interest and Wing incentives on the lent asset. The asset type of interest obtained is the same as the lent asset. The obtained incentive is in WING. The annualized rate of return is displayed as APY and WING APY respectively.
The sum of a user's current supplied amount of assets plus the interests earned on the Wing platform.
Users can surrender the WING insured after 72 hours of insurance.
A type of coin, except with much greater functionality. Tokens can also be used as a method of payment like coins, but unlike coins, they can excel at other use cases such as the democratic governance of a protocol or system, or as a means to use underlying coins to make liquidity tokens from the deposited coins. These liquidity tokens could then be used elsewhere via delegated funds to amplify gains with little risk to the underlying asset the liquidity token is based upon. An investor could choose this action so that further gains to their assets may be made by using the automated actions of Smart Contracts to optimize gains.
The total amount of WING tokens that have been distributed and circulated so far out of the 8 million WING tokens in supply.
The total amount of WING tokens that have been withdrawn from the pool so far.
It's the total amount of coins that are existence at the moment (minus any coins that have been verifiably burned).
The total amount of WING incentives earned from users participating in supplying, borrowing, and insuring in the Pools.
The Total Value Locked into a Smart Contract or a set of Smart Contracts that may be deployed or stored at one or more exchanges and, or markets. It is the dollar value of all the coins or tokens locked into a platform, protocol, lending program, yield farming program, or insurance liquidity pool. The TVL of the Wing platform is the total asset value of supplying, insuring and WING locked for borrowing.
Unpaid principal is the remaining loan principal that has not been repaid. Partial repayment will be paid for interest first, and the future interest is calculated according to the remaining principal after partial repayment.
Utility of the Asset = the borrowed amount of the Asset/ the supplied amount of the Asset
For Flash Pool borrowers, they only receive WING incentives if they lock WING assets that equal to 3% of their borrowed amount. After the WING assets are locked, what they has borrowed becomes valid borrowed amount. On the other hand, all assets borrowed from Inclusive Pool are valid borrowed amount.
Anyone holding WING tokens has voting rights on proposal. One WING token counts as one vote. The results will be calculated at the block height closest to the end of the vote, based on the number of WING tokens held by the voters at that time in their wallet or in the Insurance Pool (not in the Supply Pool). The vote may only be executed if there is a total of at least 20,000 WING votes.
A software or hardware cryptocurrency wallet that can hold a variety of coins. Wallets may also be considered a cold wallet, meant to be used for long term storage of crypto coins for security purposes or a hot wallet, which is considered more at risk than a cold wallet due to its inaccessibility (usually offline). A hot wallet is meant to be used for active or semi-active transactions in and out of that wallet, as well as a place to withdraw or add funds.
Participating in supplying, borrowing or insuring assets will grant WING incentives. WING APY is the APY of these WING incentives.
The total amount of WING tokens distributed out of the total 8 million WING tokens, excluding the 2 million WING tokens allocated to the Wing DAO Community Fund.
It's the amount of WING locked. if a user wants to earn WING incentives through borrowing assets in the Flash Pool, the user need to lock 3% of WING tokens.
The total amount of WING tokens that have not been distributed out of the total 8 million WING tokens, excluding the 2 million WING tokens allocated to the Wing DAO Community Fund.
In most cases, WING incentives will be automatically withdrawn to users' addresses every time supply, withdraw, borrow, repay, insure or surrender the WING insured. They can also been withdrawn independently.
Users can withdraw the assets they supplied and the interests received when supplying.
