Poly Network AMA Recap With Wing
The credit-based, cross-chain DeFi platform, Wing Finance (@WING_Finance), was invited to Poly Network (@PolyNetwork2) AMA，taken place on 9th November in the Poly Network Telegram Community. From the Live AMA with Yuki, WING Finance Community Lead, this recap fully grasps topics discussed during the AMA.
GUEST INTRODUCTION
Moderator: Poly Network is a groundbreaking heterogeneous interoperability protocol alliance, which has already integrated Bitcoin, Ethereum, Neo, Ontology, Heco, BSC, OKExChain, Arbitrum, Polygon, Elrond, and Cosmos-SDK, and aims to build the foundation for Next-gen Internet (NGI) by enabling greater integration, cooperation, and innovation. Since the launch, the protocol has reached total trade volume of more than $14 billion USD involving more than 270K cross-chain addresses on different blockchains.
Yuki: 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 (decentralised autonomous organisation), the platform’s decentralised 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. For more, visit WING.finance.
Project Social Media links:
🚀Telegram Channel: https://t.me/WINGDAO
🚀WING DAO CN中文电报群: https://t.me/WINGDaoCN
🗣Announcement channel: https://t.me/WINGAnnouncements
🐦Twitter: https://twitter.com/WING_Finance
QUESTIONS AND ANSWERS IN LIVE AMA
Q1: Could you please share the founding story of WING?
Yuki: Sure! First let’s take a look at our story and initiatives.
As we all know, the traditional financial systems that have dominated our collective history are currently being challenged by a new paradigm. Advancements in cryptography and blockchain technology have led to the creation of decentralized finance, better known as DeFi. While DeFi has the potential to revolutionize the world of finance, its potential will not be fully realized without the development of a verifiable and trusted credit system. This is what WING Finance represents. WING enables users to develop a credit-based reputation on the blockchain that can help them achieve financial freedom.
Compared to other DeFi Projects, there are several highlights of WING as folloWING:
· Supports cross-chain collaboration and decentralized governance throughout a range of DeFi projects.
· Includes a risk control mechanism that promotes mutually beneficial relationships between borrowers, creditors and guarantors.
· Bridges DeFi and traditional finance via its decentralized credit system.
While DeFi has potentially revolutionized how we borrow and lend between each other, anyone who works in traditional finance knows that the market won’t realize its full potential without the added element of credit. This — the addition of a verifiable and accurate credit system — is what brings WING Finance to the forefront of DeFi, and gives each one of users a pair of WINGs to be truly free in DeFi.
Q2: How many Pools do you have and what’s the difference? Could you explain the flash pools a little bit more?
Yuki: Sure, Currently we have 4 Flash Pools, Inclusive Pool and Any Pool
First of all the most frequently used pool — Flash Pool. Flash Pools are collateral based fund pools on the WING Finance platform with different versions based on several popular blockchain networks, including Ontology, Ethereum, OEC and BSC). And thanks to PolyNetwork, WING can be cross-chain between 4-chains with simple clicks. Everyone can participate in the pool which meets their needs.
With Flash Pool, you do not need to sell your assets you hold and you can collateral your assets to obtain the desired assets, meanwhile you can also get WING incentive as the additional rewards.
Here are the detail rules for Flash Pools:
https://docs.WING.finance/rules/flash-pool
You could find the tutorial on Flash Pool Mining (BSC) here:
https://docs.WING.finance/guide-1/flash-pool-bsc
PolyNetwork Cross-Chain Transfer Tutorial：
https://docs.WING.finance/guide-1/polynetwork-cross-chain-transfer/with-onto-on-mobile
Second of all, Inclusive Pool.The Inclusive Pool, is the first in the DeFi space — coupled with Ontology’s OScore, which gives users a real-time, pinpoint accurate insight into another user’s credit liability. The OScore product was designed to increase transparency between users who wish to transact between each other, while protecting people by granting control over how their data is accessed. With that in mind, we wanted to extend it to allow people to under collateralized assets and maximize their borroWING capabilities, granted that they have an impeccable OScore of course. Unfortunately due to regulatory policies, the Insurance Pool won’t be accessible to users in China or in the United States.
Learn more about Inclusive Pool here: https://medium.com/WINGfinance/introducing-our-inclusive-pool-the-1st-defi-product-based-on-oscore-9f59c07373c1
Last one,Any Pool. The Any Pool allows any kind of asset to be collateralized for lending and trading within DeFi. In traditional markets, anything of value that can be re-sold is accepted as collateral by pawnbrokers for lending, with the lending limit depending on a collaterals’ fair market value, liquidity, and price volatility. In the event of liquidation, pawnbrokers agree to collect the ownership of collateral if the borrower does not repay the loan.
The Any Pool will act as the pawnbroker, accepting traditional assets as collateral for lending, while keeping vital DeFi features including decentralization, trust, and cost-efficiency.
You could learn more about Any Pool at here: https://medium.com/WINGfinance/WING-finance-launches-any-pool-a-decentralized-lending-pool-for-any-asset-b6eadbf9c4e8
Q3: WING recently announced to be live on BSC. What shall users expect?Any recent events scheduled for users to get involved?
Yuki: By integrating onto BSC, a blockchain known for its high speeds and low fees, WING will open up its unique lending, borroWING, and insuring options to millions of new DeFi users. The initial supported assets include WING, ONT, BTCB, ETH, BNB, USDT, BUSD, USDC, DOT, ADA, BCH, XRP, DAI, LINK, LTC, DOGE, CAKE, and FIL.
Since launching on the Ontology blockchain in September 2020, WING has seen monumental growth in total value locked (TVL), as well as in levels of lending and borroWING activity between users. Its TVL has increased astronomically to over $300 million, driven by its launch on Ontology, Ethereum, OEC, and now BSC. BSC holds over a $19.5 billion worth of transaction value, meaning there is massive potential for even further growth in WING’s TVL.
With the launch of the BSC version WING, we have held a variety of events.
During the ten days folloWING the launch of WING Flash Pool on BSC, we are holding a series of campaigns with $84,000 in WING rewards up for grabs. The events will include a BSC launch airdrop to reward users who participate in WING Flash Pool (BSC) and a social campaign.
The key to get rich: https://medium.com/WINGfinance/WING-flash-pool-bsc-launch-party-1650f3e46613
Meanwhile, we are also hosting a WING-BNB liquidity mining event in partnership with ApeSwap and ONTO Wallet with $250,000 in rewards (BANANA, WING and ONG) on offer. Now the APR up to 197%。What are you waiting for!? Come on！
https://medium.com/WINGfinance/WING-x-apeswap-x-onto-are-giving-away-250-000-in-prizes-ec17d2c95579
Q4: Could you introduce the Tokenomics for the WING Token?
Yuki: Sure, WING Finance’s WING token is not only used for governance, but also has a series of utilities. Let me introduce several main features with you guys.
[Insurance]: WING’s insurance pool only accepts WING tokens as insurance capital. When users stake WING in the insurance pool, they continuously get WING rewards pro-rata. Around 10% of WING’s daily distribution is for the insurance pool, as an alternative way to participate in this project besides lending and borroWING. Currently, the insurance APY is around 40–50% with a three-day lock-up period for new stakers.
[Deflation]: WING has a “buyback and burn” policy. Namely, WING Finance is generating revenue every month, and the team spends 50% of its revenue to buy back WING from the secondary market and send it to a burn address. Burning WING monthly won’t influence WING’s TVL and revenue model but reduces the total circulating supply of WING in the secondary market, thus creating a scarcer, more valuable asset.
[Stablecoin]: WING collaborated with an external project, Ichi, to create oneWING, a stablecoin backed by WING. Currently, a small percentage of WING supply is locked in Ichi’s smart contract, which creates another utility for WING holders.
[Governance]: WING holders can propose and vote for community decisions using their WING tokens. Staked or locked WING also count for voting. The WING decentralized autonomous organization ensures that users’ and token holders’ voices are heard in the project and that the project evolves in a way that suits the needs of the users. The more TVL WING has, the more valuable it becomes to participate in the WING DAO.
The WING token is a utility and governance token, where its fundamental value is in its utility and governance capabilities. Welcome to participate in voting and governance.https://WING.finance/governance
Q5: Sounds cool! What about security? Recently, there are so many flash loan attackers out there, how could you guys keep users safe on your platform?
Yuki: The WING platform was launched on Ontology’s MainNet, the leading public chain which operates stable for more than 3 years, in September 2020. WING’s Flash Pool currently runs on four chains (Ontology, Ethereum, OKExChain and BSC), with its Inclusive Pool for credit loan products, Any Pool for NFTs, custom interest rates and periods having also been released. While continuing to innovate, WING always puts the security of the project and its users’ assets first. WING also offers the unique Insurance Pool to ensure assets safety. All versions of WING have passed audits by Beosin, CertiK and PeckShield. For details, please refer to: https://docs.WING.finance/#audits
Besides, WING has established WING’s Assets Risk Model, it focuses on the risk assessment for assets supported by WING. The risk assessment considers market, counterparty, and smart contract risks, for the assets supported by WING. WING Risk Management Team hopes the assessment contributes to a safer, more secure DeFi ecosystem.
WING launched and has been running for nearly a year without being hacked. For a DeFi project, it’s rare to have such a proven security record. The longer a particular version of WING is out on the market, the closer the risk of WING being hacked approaches zero.
As WING is the official DeFi project of Ontology, it is comparatively trustworthy and the rug pull risk is significantly reduced.
COMMUNITY LIVE QUESTIONS
Note: 5 questions were chosen and answered by the AMA guest in this session. The AMA Rewards for this session was $300USD in total.
Q1: What is Most Special in WING Finance and give me a unique feature or key that is in WING Finance itself that is different from the others?
Yuki: Currently we have 4 Flash Pools, Inclusive Pool and Any Pool
First of all the most frequently used pool — Flash Pool. Flash Pools are collateral based fund pools on the WING Finance platform with different versions based on several popular blockchain networks, including Ontology, Ethereum, OEC and BSC). And thanks to PolyNetwork, WING can be cross-chain between 4-chains with simple clicks. Everyone can participate in the pool which meets their needs.
With Flash Pool, you do not need to sell your assets you hold and you can collateral your assets to obtain the desired assets, meanwhile you can also get WING incentive as the additional rewards.
Here are the detail rules for Flash Pools:
https://docs.WING.finance/rules/flash-pool
You could find the tutorial on Flash Pool Mining (BSC) here:
https://docs.WING.finance/guide-1/flash-pool-bsc
PolyNetwork Cross-Chain Transfer Tutorial：
https://docs.WING.finance/guide-1/polynetwork-cross-chain-transfer/with-onto-on-mobile
Q2: Why WING FINANCE chooses burning in transaction smart-contract, and what is the purpose of this burning system in long run?
Yuki: WING Finance is generating revenue every month, and the team spends 50% of its revenue to buy back WING from the secondary market and send it to a burn address. Burning WING monthly won’t influence WING’s TVL and revenue model but reduces the total circulating supply of WING in the secondary market, thus creating a scarcer, more valuable asset.
Q3: What is the ultimate vision that WING FINANCE is trying to achieve within the cryptocurrencies market? Obviously the whole space will experience huge growth in the upcoming years, but what role would you like WING FINANCE play in this?
Yuki:
- Mission
Our mission is to introduce credit into the world of decentralized lending and borroWING so that everyone can be part of the DeFi ecosystem.
- Vision
To promote mutually beneficial relationships between borrowers, creditors and guarantors, and promote an innovative credit evaluation module to support DeFi adoption and ease-of-use
- Values
We value financial freedom and aim to give everyone the opportunity to forge their own financial path. With WING, users are rewarded for developing good credit on the blockchain, whilst remaining in control of their private data via ONT ID
In my opinion, DeFi relies on collateralization because a lot of it is anonymous. You always have to put in more than you borrow. There’s a limit there because that’s a specific type of loan. If I put up $10,000 to borrow $5,000, that cuts out a whole lot of use cases. Many people wouldn’t be interested in putting up $10,000 to borrow $5,000 in order to buy a car, for instance — they’d just use the cash they already have.
What we want to push towards is all these other use cases for loans, I can go to the blockchain with nothing but my credit score, and maybe a little bit of collateral, and I can borrow more at a better rate than a predatory loan company and I can actually use that loan in the real world to pay off a mortgage, or pay for tuition, or start a new business.
So, WING aims to be more inclusive and ensure that DeFi can be used in the real world. One of the biggest priorities for WING is increasing the types of collateral that are accepted — giving crypto enthusiasts like you guys more opportunity to get your assets to work for you.
Q4: DEFI platforms are always prone to security flaws that can take time to fix. What security mechanisms will WING Finance use to protect investors’ assets? How is your project different from others that currently exist? What companies are looking for as potential partners?
Yuki: WING platform was launched on Ontology’s MainNet, the leading public chain which operates stable for more than 3 years, in September 2020. WING’s Flash Pool currently runs on four chains (Ontology, Ethereum, OKExChain and BSC), with its Inclusive Pool for credit loan products, Any Pool for NFTs, custom interest rates and periods having also been released.
While continuing to innovate, WING always puts the security of the project and its users’ assets first. WING also offers the unique Insurance Pool to ensure assets safety. All versions of WING have passed audits by Beosin, CertiK and PeckShield. For details, please refer to: https://docs.WING.finance/#audits
Besides, WING has established WING’s Assets Risk Model, it focuses on the risk assessment for assets supported by WING. The risk assessment considers market, counterparty, and smart contract risks, for the assets supported by WING. WING Risk Management Team hopes the assessment contributes to a safer, more secure DeFi ecosystem.
WING launched and has been running for nearly a year without being hacked. For a DeFi project, it’s rare to have such a proven security record. The longer a particular version of WING is out on the market, the closer the risk of WING being hacked approaches zero.
As WING is the official DeFi project of Ontology, it is comparatively trustworthy and the rug pull risk is significantly reduced.
Q5: If you guys were me, where would you buy WING Finance tokens and how much?
Yuki: Trade WING on:
DEXs:
openocean.finance WING Native Ontology OEP-4
app.sushi.com pWING Ethereum ERC-20
app.kswap.finance app.jswap.finance WING OKExChain KIP-20
app.apeswap.finance WING BSC BEP-20
And for price and trading discussion, please join trading group — https://t.me/WINGDAO_Trading
The AMA with WING was pleasantly concluded, with 600+ newcomers brought to the Poly Network Telegram Community. Please stay tuned with a new round of AMA coming next week!
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