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How to use the Cyano Wallet to earn WING incentives in the Wing Flash Pool

This guide is designed for Cyano Wallet users who wish to earn WING tokens in Flash Pool through supplying, borrowing or insuring assets.

Reminder: We recommend your account contains enough to cover fees to ensure successful transactions for the following actions. They include but are not limited to: authorizing, conducting cross-chain transactions, supplying, withdrawing, borrowing, repaying, insuring, surrendering from insurance and transferring assets all cost you transaction fees.

Downloading the Cyano Wallet or Other Wallets & Creating an Account

The Cyano Wallet and other wallets mentioned in this guide are Chrome extensions. To install them, you have to ensure that your computer has installed the Chrome Explorer.

Go to Chrome Web Store and install

Create a new account in your wallet, and remember to back up your private key.

Users who have registered a Wallet account can import their account into the wallet through their private key or mnemonic phrases.

Making Cross-chain Asset Transactions and Swaps

Users need to swap Ethereum and Neo assets to pToken, and swap ONT to ONTd before supplying, borrowing or insuring assets in Flash Pool. WING and ONG are eligible for direct supplying, borrowing and insuring, without any swapping.

Cross-chain tutorial click here.

How to Supply Assets in Flash Pool

Users who supply assets in Flash Pool will earn interest from the supplied assets and WING incentives. Users who supply assets earn interest in the specific form of the supplied asset and receive incentives in WING tokens at the respective APY and WING APY. Each transaction costs ONG as a fee.

Supplying Assets

Step 1: Entering Wing’s Flash Pool website and Connecting to the Cyano Wallet

Go to the Flash Pool website at https://flash.wing.finance/.

Click “Connect Wallet” on the upper right corner. Click “Cyano Wallet” and approve corresponding actions to complete the connection to the Cyano Wallet.

Step 2: Borrowing Assets

For the purpose of explanation, we are using pWBTC as an example. Click the “Supply” area in the line of pWBTC, and input the amount of pWBTC desired for supplying. Alternatively, you can click “MAX” on the right of the input field to have all your pWBTC supplied. Click the “Supply” button. Then click “CONFIRM” on your Cyano Wallet page to confirm your supply information, input your wallet password, and click “CONFIRM” again. You have successfully supplied your pWBTC when the process is completed.

When you have successfully supplied your pWBTC, you can check the amount in the “Currently Supplied” list. And you can find the WING incentives you received for completing the supplying of pWBTC.

Withdrawing the Assets You Supplied

Before withdrawing the assets you supplied, you can check the “Liquidity” column for the maximum amount of the asset available for withdrawal.

For the purpose of this guide, we take pWBTC as an example. Find the pWBTC area under the “Currently Supplied” list, and click “WITHDRAW” in the upper part of the page to enter the withdrawal page. Input the amount of asset you want to withdraw, and click the “WITHDRAW” button. Or you can click “MAX” to withdraw both the principle and all the interests you earned. Then click “CONFIRM” on your Cyano Wallet page to confirm your withdrawal information, input your wallet password, and click “CONFIRM” again. You have successfully withdrawn your pWBTC when the process is completed.

As the interest is calculated in real-time, the displayed amount only equals the amount you have actually withdrawn when you click “MAX” to withdraw both the principal and the interests.

How to Borrow Assets in Flash Pool

Users who borrow assets from the Flash Pool can earn WING incentives but need to pay the interest. The interest is paid in the same type of asset the user chose to borrow, while incentives for the borrowers is earned in WING. The interest rate and WING incentive rate are displayed as APR and WING APY. Every action costs users a certain amount of ONG as the transaction fee.

Before borrowing assets from the Flash Pool, users need to first supply and collateralize assets. Note that one address cannot borrow and supply the same type of assets at the same time.

Borrowing Assets

Step 1: Turning on / off the Collateral Switch

If you want to borrow assets from Flash Pool, the first step is to secure a certain amount of other assets. For the purpose of this guide, we are securing pWBTC to borrow pUSDC as an example. To start the process, simply toggle the switch under “Collateral” in the pWBTC line under “All Markets”. Next, click “Enable pWBTC As Collateral” in the pop-up window, click “CONFIRM” in the Cyano Wallet page after confirming the information, input your wallet password and click the “CONFIRM” again. Once completed, you have successfully turned on the collateral switch on the asset.

As shown in the picture above, pWBTC can now be used as collateral, and the 10 pWBTC we deposited just now can be used as collateral to borrow other assets. If you want to turn off the “Collateral” switch, just toggle the switch under “Collateral” again and click “Disable pWBTC As Collateral” in the popup window. Click “CONFIRM” on the Cyano Wallet page after confirming the information, input your wallet password, and click the “CONFIRM” again. Once completed, you have turned off the collateral switch on the asset.

You will be unable to turn off the collateral switch on a particular asset in the case when disabling the asset as collateral will make the value of borrowed assets exceed 100% of the maximum value for borrowing (i.e.: the number under Borrow Limit).

Step 2: Borrowing Assets

For the purpose of this guide, we used pUSDC as an example. First, click the “Borrow” area in the pUSDC line. Input the amount of pUSDC you want to borrow. You can then see the proportion of borrowed pUSDC in your total borrow limit under the field of “Borrow Limit Reached”, or you can click “SAFE MAX” to borrow 80% of your borrow limit.

If you want to earn WING incentives through borrowing in the Flash Pool, you need to transfer enough WING to your address before borrowing. Tick the box to lock 3% of WING tokens in your address in the popup window. The number of WING locked will automatically display at the A spot in the picture above, and the WING balance of the address will show at the B spot. Only when A≤B will the lock considered complete. If you do not tick the box to agree to lock 3% of WING tokens in your address, you will not earn WING incentives through borrowing assets in the Flash Pool. Next, click “Borrow” to confirm the information & click “CONFIRM” on the Cyano Wallet page, input your wallet password before clicking the “CONFIRM” again. Once you’ve completed the steps, you will have borrowed assets into your address.

When the borrowing is complete, you can check the amount of pUSDC you borrowed under “Currently Borrowed”. You can also find the amount of “WING” you earned for borrowing pUSDC under “WING Earned”.

Remember to pay attention to the proportion listed under “Borrow Limit,” under “My Dashboard” after successfully borrowing. When the proportion reaches 100%, liquidation will occur. Remember to repay the assets you borrowed or increase the amount of collateral you secured when the proportion approaches 100%.

Repaying the Assets You Borrowed

Before starting the repayment, check your wallet balance to see if you have enough pToken to pay the principal and interest.

Let’s take pUSDC as an example. Click any random area in the pUSDC line under “Currently Borrowed”.

Select “REPAY” in the upper right corner to open a pop-up window. Input the amount of pUSDC desired for repayment and click “REPAY”. Or, you can click “MAX” on the right of the input field to have the principal and interest automatically displayed. Click “REPAY”, and click “CONFIRM” in the Cyano Wallet page to input your wallet password before clicking “CONFIRM” again. Once completed, you have successfully repaid the assets you borrowed.

As the interest is calculated in real-time, the displayed amount only equals the amount you have actually repaid when you click “MAX” to repay both the principal and the interests.

How to Insure Assets in the Flash Pool

Apart from using your pToken in borrowing and crediting, you can also put your pToken in the Insurance Pool to earn WING tokens.

An address can only insure Wing in the Flash Pool if the address isn’t supplying or borrowing WING in Flash Pool. That is to say, if you have used one address to supply or borrow WING in the Flash Pool, you can no longer insure WING.

It should be noted that in the case of a severe breach committed by a borrower or creditor, the Insurance Pool will pay part of the loss to the Supply Pool. This will result in a certain loss of assets from the Insurance Pool. You should also understand that each pToken deposit in the Insurance Pool will be locked for 72 hours, after which it will be available for withdrawal. Please ensure you understand the risks involved prior to insuring your pToken in the Insurance Pool.

Insuring WING

Click “Insure WING” under “All Markets”. Next, input the amount of WING desired for insurance in the pop-up and click “INSURE”. You can check the “Risk Warning” page for possible risks and decide whether you are able to bear them. Next, click “I understand the risks and wish to proceed” to confirm (only for your first insurance action). Click “CONFIRM” on the Cyano Wallet page to input your wallet password before clicking “CONFIRM” again. Once completed, you have successfully insured WING in the Insurance Pool.

Upon completion, the total amount of WING you insured will be displayed under “Currently Insured”. You can also find the amount of “WING” you earned for insuring the amount WING under “WING Earned”.

Surrendering the WING You Insured

You can surrender the WING you insured after 72 hours of your insurance.

Select any random area in the WING line under “Currently Insured”. Select “SURRENDER” in the upper right corner to open a pop-up window for surrendering your insured WING. Input the amount of WING desired for surrendering, or click “MAX” on the right of the input field to surrender all the WING available. Click the “SURRENDER” button and click “CONFIRM” in the Cyano Wallet page to input your wallet password before clicking “CONFIRM” again. Once completed, you have successfully surrendered the WING you insured.

How to Liquidate Assets

A borrower’s collateral will be liquidated when the assets he or she borrowed reaches the borrower’s limit. By joining the Insurance Pool, you are granted a privilege that will allow you to liquidate collaterals of a breached user at a preferential price.

Click “Liquidation” in the upper right-hand of “All Markets”. Select any account address whose Borrow Limit Reached exceeds 100%. Information under “Debt to Cover” indicates the type and amount of tokens the breached user needs to liquidate. Input the amount of debt you wish to pay for the breached user, and the number of collateral you’ll receive for this liquidation will be shown under the “You will receive” field.

Next, click “Liquidate” and click “CONFIRM” on the Cyano Wallet page to input your wallet password before clicking “CONFIRM” again. Once completed, the new collateral can be withdrawn to your Cyano Wallet.

Once completed, the collateral you acquired from liquidation will be displayed under “Current Supply”, and its interest calculation will start. See the steps for withdrawing supplied assets if you want to withdraw the collateral you acquired.

Withdrawing WING Incentives

You can earn WING incentives by supplying, borrowing, or insuring WING in Flash pool. In most occasions, you do not need to withdraw WING to your address, as the WING incentives you earned previously will be automatically withdrawn to your address every time you supply, withdraw, borrow, repay, insure or withdraw the WING insured.

However, in circumstances when you need to complete the action of withdrawing WING incentives, here are the steps:

Go to the Flash Pool page, and the number displayed alongside the WING icon in the upper-left corner indicates the WING tokens you’ve earned as incentives. Click “Withdraw” and confirm the information. Next, click “CONFIRM” on the Cyano Wallet page to input your wallet password before clicking “CONFIRM” again. Once completed, the WING incentives can be withdrawn to your Cyano Wallet.