Glossary
Annual Percentage Rate (APR) is the simple interest rate over a year’s time. Loan interest, WING incentives, etc. on the Wing platform is calculated with APR.
Asset utilization rate = total borrowed amount of the asset/ total supplied amount of the asset
Users can borrow crypto assets from the Wing platform. A borrower needs to supply assets as collateral to borrow other types of assets and pay interest for the borrowed assets. It is possible to earn WING incentives through borrowed assets by locking WING assets that equals to 3% of borrowed amount in Flash Pools.
The sum of a user's current borrowed amount plus interest to be repaid.
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 at least one different type of asset as collateral. Collateral cannot be fully withdrawn when borrowed assets are not completely repaid.
The total amount of Wing DAO’s revenue accumulated from 0:00 on the 22nd of each month to 0:00 on the 22nd of the following month in UTC time. The revenue is a certain percentage (Reserve Factor[1] ) of interest paid by borrowers. Based on the Wing community vote WIP-05 , the Reserve Factor is now 15%.
According to the WIP-08 voting results, WING distribution rate has been adjusted from 0.06/sec to 0.036/sec at 5:30:35 (UTC) on 9th December, 2020.Since the WING token release speed does not change, extra WING tokens released will be burned automatically through a smart contract in real time. The current burn rate is 0.024/sec, which means 2073.6 WING tokens are burned every day.
Daily WING token distribution amount. In accordance with the WING release model, the current distribution rate is 0.036/sec, which means 3,110.4 WING tokens are added to circulation every day. Please check the WING distribution page for more details.
Decentralized Autonomous Organization (DAO) is an organization managed by smart contracts rather than people so that a distributed group of members can coordinate to achieve certain goals. Once smart contracts are deployed and live on the DAO’s blockchain, rules cannot be changed except by voting among DAO members. An approved proposal will be implemented automatically. All activities and financial spending are transparent to the public.
DeFi, or Decentralized Finance, is a system aiming to allow any Internet users to access and trade financial products without intermediaries. At its root, a DeFi application is a set of smart contracts running independently on blockchains. There are an array of DeFi applications including exchanges, lending platforms, asset management platforms, etc. Wing is a credit-based cross-chain lending DeFi platform.
Users can receive WING incentives if they supply, borrow and insure assets on the Wing platform. WING APR is the Annual Percentage Rate of WING incentives.
ERC-20 is a cryptocurrency protocol based on the Ethereum blockchain specifying a token standard. An ERC-20 coin, by definition, uses this protocol.
Ethereum is the most active blockchain network which allows for programming activities such as dApp development through the use of smart contracts and a Turing complete programming language. DApps built on top of Ethereum can release their own tokens using the ERC-20 protocol, such as LINK, USDT and YFI.
Flash Pool is a DeFi product built on the Wing platform with different versions based on several popular blockchain networks. Each version 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.
In blockchain, governance refers to the structure to control and operate a system. In respect of the Wing community, this concept focuses more on the use of the governance token WING to grow the ecosystem and maximize gains for token holders. Wing is a DAO whose governance is facilitated by smart contracts.
Inclusive Pool is the first credit-based DeFi product integrating OScore which includes a Supply pool, a Borrow pool and an Insurance pool.
Users can earn WING incentives by insuring WING assets in Flash Pools at certain risks. In the case of a severe breach committed by a borrower, insured assets will be used to compensate the loss. Assets deposited in the Insurance Pool will be locked for 72 hours, after which it will be available for withdrawal.
Total insured amount of a wallet address.
Know Your Customer (KYC) is the process of verifying customer identity. As the Inclusive Pool is an under-collateralized lending pool based on credit factors, users are required to go through a KYC verification process before they are able to borrow.
Liquidation will happen when the Borrowed Balance of an account exceeds the borrow limit. Liquidators can repay a portion of the loan in exchange for a portion of its collateral with a liquidation bonus. The liquidation bonus implies that liquidators acquire collateral at a discount to the market price. The borrower will lose all or part of their collateral after liquidation.
Liquidity is a measure of how easy an asset or currency can be exchanged or traded. It is usually influenced by the circulating supply and trading volume of an asset. The liquidity of an asset on the Wing platform refers to the amount of the asset in a pool that is available for borrowing or withdrawal.
Max supply is the maximum number of coins that will ever exist during the lifetime of a cryptocurrency. Originally the max supply of WING was 10,000,000. In accordance with the WIP-08 voting results, it has been halved to 5,000,000.
MetaMask is a popular cryptocurrency wallet that is usually used to hold, transmit or receive ERC-20 tokens.
Neoline is a multi-wallet digital asset management platform supporting NEO and all NEP-5 tokens.
Oracle is a service providing off-chain data such as the current market price of an asset, for smart contracts to execute decisions.
OScore is a self-sovereign credit scoring system based on users' digital asset holdings and exchange history. OScore will serve as an important tool for the design and execution of credit-based DeFi products.
A pool is a collection of funds deposited in a smart contract to facilitate financing activities on decentralized platforms. A pool enables peer-to-contract trading model that provides higher liquidity and lower gas fees comparing with the peer-to-peer model. There are two types of pools on the Wing platform: Flash Pool and Inclusive Pool.
A pToken is an OEP-4 mapping token that represents an asset which is based on a blockchain other than Ontology (except that pWING and pONT are ERC-20 tokens). All assets used in Flash Pool (Ontology) and Inclusive Pool are OEP-4 assets based on the Ontology blockchain, users need to initially swap their assets on other blockchains into pTokens.
Repay is the action that users return their loan principal and pay interest.
A smart contract is a program running on a blockchain network which performed automatically only when clauses are fulfilled as designed. Once implemented, the clauses cannot be changed. Smart contracts can execute an agreement efficiently and accurately without a third party’s involvement.
A stablecoin is a type of cryptocurrency that is designed to stay at a relatively fixed price. Most stablecoins are fiat-backed, cryptocurrency-backed or commodity-backed. Many stablecoins are meant to pegged to a fiat currency at a 1 to 1 ratio, for example 1 USDT equals to 1 USD. But in reality, stablecoins fluctuate in price due to changes in the market. Stablecoins provide a medium for exchanges between fiat currencies and cryptocurrencies. Crypto investors can also use them as a hedge against downward volatility and a tool for quick global transfer.
Supply means lending assets. By doing so, users can obtain interest and WING incentives on the lent asset. The asset type of interest is the same as the lent asset. The incentive is released in the form of WING tokens.
The sum of a user's current supplied amount of assets plus the interest earned.
A token usually refers to a cryptocurrency with functionalities other than the use as a currency. For instance, governance tokens can represent voting rights; utility tokens can be used to access a specific service or platform.
The total amount of WING tokens that have been created so far..
It's the total amount of coins in circulation. Coins that have been burned are excluded.
The total amount of WING incentives earned of an address.
Total Value Locked (TVL) usually refers to the amount of assets supplied to a protocol for a DeFi platform. This metric can be seen as an indicator of market health. The TVL of the Wing platform includes the total amount of supplied assets, insured assets and locked WING.
Unpaid principal is the remaining amount of the original loan that has not been repaid. Repayment is first used to pay off interest, and then principal. Unpaid principal continues accruing interest.
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.
Voting activities assist DAO community members to reach an agreement on proposals. Here are rules of Wing Community voting:
1. Any community member who holds WING tokens is eligible to vote.
2. Only Ontology based WING tokens (using OEP-4 standard) count as votes.
3. One WING token counts as one vote.
4. The results will be calculated at the block height closest to the end of the vote, based on the amount of WING held by the voters at that time in their wallets and in the Insurance Pool, in addition to the locked WING through borrowing (not in the Supply Pool).
5.The result of a vote will only be executed if there is a quorum of at least 20,000 WING.
6. While a vote is ongoing, WING tokens in users' accounts will remain unlocked.
A wallet is software or hardware that is used to store and transfer digital assets. Technically it does not store the assets but the access to the assets – private keys. There are primarily two types of wallets: hot wallets and cold wallets. Hot wallets are Internet-connected software which is convenient for instant transactions. Cold wallets are always disconnected from the Internet to keep funds away from hacks and thefts.
It's the total amount of WING assets locked in a Wing Flash Pool. Borrowers who want to earn interest need to lock WING assets that equals to 3% of their borrowed amount.
The total amount of WING tokens that have not been released out of the total WING tokens. The WING tokens allocated to the Wing DAO Community Fund are not included. You can see the real-time data of WING Remaining here.
WING incentives will be automatically withdrawn to users' addresses every time when they supply, withdraw, borrow, repay or insure assets. Users can also individually withdraw Wing incentives generated from either of these actions, this called Claim.
Withdraw is the action when users taking supplied assets, interest, and WING incentives or taking insured assets and WING incentives out of the Wing platform.
