$oneWING (New) Takes Flight — Launches on V2
TL;DR
- ICHI has deployed the $oneWING (New) stablecoin on V2
- Wing to deposit 10,000 pWING to the oneWING (New) treasury to bootstrap a 75%-25% USDC-pWING minting ratio, ensuring strong pWING demand
- ICHI to deploy a Decentralized Monetary Authority (DMA) for the Wing DAO community and provide 25,000 ICHI over three months to oneWING (New) deposits at App.ICHI.Org
- DeFi users will be able to lend and borrow $oneWING (New) with Wing’s Ethereum Flash Pool
Background
oneWING (Legacy) was the first ICHI-supported stablecoin launched on ICHI V1 in February 2021. As of 11/13/2021, oneWING (Legacy) represents over 74% of stablecoin borrowing and lending in the Ethereum Flash Pool at wing.finance. This is nearly 5X more than the other four stablecoins (USDT, USDC, DAI, and UST) combined.
Launching on V2 provides:
- A new user interface at ichi.org
- 80+% lower gas expenses when minting and redeeming
- Single-step deposit for ICHI rewards (no required LP provision)
- A pluggable infrastructure that enables it to earn yield across DeFi
- Protocol-provided Uniswap V3 liquidity for oneWING (New) and pWING
- Higher levels of ICHI rewards
- Audits by Quantstamp and Solidified
oneWING (New) on ICHI V2 to achieve the following goals by 1/30/2022:
- $500k pWING captured during oneWING (New) minting
- 10M supplied and borrowed oneWING (New)
- 2MoneWING (New) deposited to ichi.org and earning ICHI rewards
- $500k protocol provided oneWING (New) -USDC liquidity on Uniswap V3
- $500k protocol provided pWING-USDC liquidity on Uniswap V3
About Wing.Finance
Wing is a credit-based, cross-chain decentralized lending platform. As a DeFi platform dedicated to the digital asset lending market, Wing supports cross-chain interactions between a variety of DeFi products. Combined with the Wing DAO (decentralized autonomous organization), the platform’s decentralized governance model and risk control mechanism aim to foster mutually beneficial relationships between borrowers, creditors, and guarantors. In addition, Wing offers an innovative credit evaluation module that rewards users for developing good credit on the blockchain.
Where can I get $pWING?
You can swap for $WING with Sushiswap.
Contract address: 0xdb0f18081b505a7de20b18ac41856bcb4ba86a1a
How do I mint $oneWING (New)?
You can mint oneWING (New) on ICHI by providing part $pWING and part $USDC. You pay exactly $1 of value for each $oneWING.
The initial Minting Ratio is 75% $USDC, 25% $pWING.
How do I redeem $oneWING (New)?
You can redeem $oneWING on the ICHI application for $USDC. You will receive exactly $1 of value (less a 0.45% redemption fee) for each $oneWING.
How do I earn rewards with $oneWING (New)?
Deposit $oneWING in the ICHI Deposits contract to start earning $ICHI rewards.
$ICHI rewards for $oneWING (New) will begin 48hrs after the $oneWING (New) launch on December 7th, 2021.
oneWING (New) Governance
The Wing DAO can perform any oneWING (New) governance actions directly by passing a proposal, but a 4-of-6 multisignature scheme will be used for day-to-day operations. Two of the signers will be nominated from the ICHI DAO community, and four will be nominated from the Wing DAO community. Here are the initial nominations:
- Kendall (Wing DAO): 0xbb10c53c82fd7e9A3232A2096447D0b4cbdcd071
- David (Wing DAO): 0x63Aaf17A3DD63A0de5B7aD36f82Ea4054024d79c
- Cedric (Wing DAO): 0x3A512A00DEc156D1fd86D4FaCCf35861c03328a7
- Yuki (Wing DAO): 0x0110Af7736e7EA99Ff2EfC84960Acf245B2E5D45
- 37Aces (ICHI DAO): 0x0dd4C0c16Fff6693e169Ef89235Cb92F9D8943EE
- Dhtal (ICHI DAO): 0xaD187f2D2e7957411475f7a66F1Fff273b38cAd5
A Wing DAO proposal and successful vote are required to replace a Wing signer with a new one, replace an ICHI signer with a Wing signer, or change the threshold and number of signers. An ICHI DAO vote is required to replace an ICHI signer with a new ICHI signer.
Signing Process
The ICHI DAO will submit recommended transactions and summarize each transaction to the Wing DAO signers. Wing signer(s) will confirm that it is a permitted transaction and (if so) execute it in a timely manner. Only a Wing DAO vote may alter this signing process.
For a more detailed description of oneWING (New) Governance please see WIP-50 Upgrading oneWING to ICHI V2.
What happens with the oneWING (Legacy) token?
All outstanding oneWING (Legacy) tokens will be 100%-backed by USDC and will continue to be redeemable 1:1. Additional funds (in pWING and USDC) will be transferred from the oneWING (Legacy) treasury to the oneWING (New) treasury. Users will unwind their oneWING (Legacy) positions and create new oneWING (New) positions as they see fit.
oneWING (Legacy) needs to be delisted gradually in the Wing Flash Pool on Ethereum. To prevent users from continuing to supply and borrow oneWING (Legacy), the parameters for oneWING (Legacy) should be adjusted as follows:
- Reserve Factor: 20% → 100%
- Distribution Weight：1x → 0x
- Collateral Factor: Now that oneWING (New) has launched, the Collateral Factor for oneWING (Legacy) will be reduced by 5% every two weeks until it drops to 0. There is no need to vote for each adjustment.
About ICHI
Angel Liquidity Vaults build on ICHI’s unique Decentralized Monetary Authority (DMA) protocol which enables any crypto project to create a branded dollar, worth exactly $1, backed by their native token. These stable assets keep more value within the project by creating a reliable, everyday currency that can easily be used to pay for business operations and investing in DeFi. ICHI has helped eight leading projects, including ShapeShift, 1inch Network, DODO, and others launch their own stable tokens. To date, more than $13.5 million branded dollars have been minted.
Learn more by visiting the ICHI website, Medium, Twitter, or Telegram. If you’re a developer, visit ICHI docs or join Discord.
