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How to use the ONTO Wallet to earn WING incentives in the Wing Flash Pool
Last updated
How to use the ONTO Wallet to earn WING incentives in the Wing Flash Pool
Last updated
This guide is designed for ONTO Wallet users who wish to earn WING tokens in Flash Pool by supplying, borrowing or insuring assets.
Please make sure your ONTO wallet is up to date with the latest version, v3.6.2.
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.
How to Swap ONG (the fee on the Ontology Blockchain) with ONT: Open your ONTO wallet, click “ONT” on the Assets page and click “Swap” on the upper part of the page. Input the number of ONT you want to swap (at most 10 ONT a day). Click “Swap Now” and input your password to get ONG.
Options:
Visit the ONTO website https://onto.app/
If your mobile phone is equipped with the Android system, you can download the ONTO wallet by pasting https://onto.app/en/download/to the explorer and clicking “Get Started”.
First-time users need to create their ONT ID. Open ONTO, create your ONT ID and click “Back up now” to back up your mnemonic phrase. You have created your ONT ID if the page says “Backup successful”. Users who have an ONT ID can import their ONT ID to the wallet through the mnemonic phrase.
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 swap actions.
Cross-chain tutorial click here.
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 receives incentives in WING tokens at the respective APY and WING APY. Each action costs ONG as a fee.
Step 1: Enter the Wing Flash Pool
Open ONTO, and enter the “Market” page to go to Wing. Enter Flash Pool from the Wing page.
Step 2: Supplying Assets for Lending
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, confirm the supplying information and click the arrow button to input your wallet password.
Then click the arrow button again to confirm. 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.
Before withdrawing the assets you supplied, you can check the “Liquidity” column for the maximum amount of the asset you want to withdraw.
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. Click the arrow button to confirm the information, input your wallet password and confirm the arrow button again to complete the process. By then your supplied asset would be successfully withdrawn.
There may be a slight difference between the amount displayed under “Liquidity” and the amount you have actually withdrawn. That’s because 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.
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. Each action costs ONG as a 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.
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 the arrow button after confirming the information, input your wallet password and click the arrow button again to confirm. 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. Click the arrow button after confirming the information, input the wallet password and click the arrow button again to confirm. Once completed, you have turned off the collateral switch on the asset. You are not allowed to turn off the “Collateral” switch if the action would cause the borrow limit over 100%.
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 locking 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 & input your wallet password before clicking the arrow button again to confirm. 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 ONTd 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 pToken you borrowed requires you to repay the principal along with the interest. 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 the arrow button within ONTO and input your wallet password before clicking the arrow button again to confirm. Once completed, you have successfully repaid the assets you borrowed.
You may see a slight difference between the amount displayed under “Liquidity” and the amount you have actually withdrawn. That’s because 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.
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 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.
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. Next, click the arrow button within ONTO and input your wallet password before clicking the arrow button again to confirm. 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”.
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 confirm the information. Then click the arrow button within ONTO and input your wallet password before clicking the arrow button again to confirm. Once completed, you have successfully surrendered the WING you insured.
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 collateral 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 the arrow button within ONTO and input your wallet password before clicking the arrow button again to confirm. Once completed, the new collateral can be withdrawn to your ONTO Wallet.
Once completed, the collateral you acquired from liquidation will be displayed under “Current Supply”, and its interest calculation will start.
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 surrender 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 the arrow button within ONTO and input your wallet password before clicking the arrow button again to confirm. Once completed, the WING incentives can be withdrawn to your ONTO Wallet.
