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A Credit-based, Cross-chain DeFi Platform.
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Wing is building a credit-based Decentralized Finance (DeFi) platform dedicated to the digital asset lending market, supporting cross-chain asset and protocol interactions.
The project aims to support two types of lending activity:
Over-collateralized lending where users can deposit assets whose value is 125% or higher than that of the assets borrowed.
Credit-based lending where users with an OScore can deposit assets whose value is 80% or higher than that of the assets borrowed. According to the initial platform setting, users with an OScore will generally be able to borrow assets totaling a value equivalent to 20 - 500 USD, with the upper limit being 1,000 USD.
The WING token has the following planned use cases:
Voting for new product development, platform parameters, allocation of community funds, etc.
Interest discounts when paying interest to the platform.
Purchasing insurance contracts to hedge financial exposure in the platform.
According to the initial platform setting, 68.50% of WING tokens will be allocated as community incentives and distributed as follows:
50% to the Lending Pool, or to users who receive interest by depositing assets for others to borrow.
40% to the Borrowing Pool, or to users who borrow assets and pay interest to the platform.
10% to the Margin Pool, which stores the funds that the platform deducts from interest payments and is used for paying contract breaches. Users will be able to deposit assets to the Margin Pool, and receive WING for doing so.
Key metrics (as at September 14th 2020)
Binance Launchpool Start Date
September 15th 2020
Binance Launchpool Allocation
130,000 WING (6.50%)
Initial Circ. Supply
369,232 WING (18.46%)
Current Total Supply
After 2,000,000 WING tokens have been released into circulation, the community can vote to mint more tokens for liquidity mining, with the max token supply being 10,000,000. The percentages shown in this report are relative to the current total token supply (2,000,000 WING).
1. What is Wing (WING)?
Wing is building a credit-based Decentralized Finance (DeFi) platform dedicated to the digital asset lending market, supporting cross-chain asset and protocol interactions. Besides over-collateralized lending services that DeFi projects often offer nowadays, Wing also aims to introduce a credit-based lending mechanism using Distributed Identity (DID). Users with an OScore can borrow assets by collateralizing assets whose value is 80% or higher than that of the assets borrowed.
Wing also plans to introduce new collateral types, and the team aims to do this in two stages: the first stage is to implement cross-chain asset collateralization, while the second stage is to explore the possibility of collateralizing assets such as NFTs and real-world assets.
The project has initiated the Wing DAO, a Decentralized Autonomous Organization (DAO) that governs the platform. WING token holders can vote for new product development, changes in platform parameters, allocation of community funds, etc.
Besides voting, the WING token is planned to be used for interest discounts when paying interest to the platform, and purchasing insurance contracts to hedge financial exposure in the platform.
2. Economics and supply
2.1 Token sale data
Wing's project development is fully backed by the Ontology project team and has not conducted any token sale as of the time of writing.
2.2 Token allocation
6.50% of the current total token supply
68.50% of the current total token supply
25.00% of the current total token supply
WING token allocation
WING token release schedule
3. Wing's community overview
Wing will initially focus on community building in Asia, Europe, and North America, and will gradually expand to other regions as the project grows.
Current community growth strategies of Wing include:
Regularly publishing DeFi & credit lending related content.
Hosting and participating in DeFi blockchain conferences, workshops, and meetups.
Conducting AMAs with popular DeFi communities.
Partnering with existing DeFi protocols.
Conducting bi-weekly technical updates.
Actively communicating with the public via social channels.
Future community growth strategies of Wing include:
Launching referral programs for mining pools.
Conducting promotional campaigns for liquidity mining.
Conducting collaborative marketing events with KOLs from North America and Asia.
Community and social channels (as at September 14th 2020)