A Step by Step Guide on Using ONTO Wallet to Mine WING by Borrowing, Crediting or Insuring in Flash Pool
This guide is designed for ONTO Wallet users who hope to mine WING in Flash Pool by borrowing, crediting or insuring in Flash Pool. To begin, make sure your ONTO wallet is up to date with the latest version, v3.4.0.
Part 1: Using ONTO to Swap pToken
The Flash Pool only supports lending in cross-chain pTokens. Ethereum assets need to be first swapped into pToken. Users with ERC-20 tokens will need to go through a simple two steps.
1. Approval
Open your ONTO wallet, then click “Market” on the lower part of the page to enter the cross-chain swap page. Choose the token into which you wish to swap your Ethereum assets. For the purpose of this guide, we are swapping WBTC to pWBTC.
Input the amount of WBTC you want to swap, and click “Approval”.
Then, input your wallet password, and click the arrow button below to confirm the swap. You will have successfully authorized the swap when the “Approving” process is finished.
2. Swapping
Once again, input the amount of WBTC you want to swap. The amount of pToken and the fee will be automatically displayed when you do so. Click “Swap Now”, then input your wallet password and click the arrow button to confirm the swap. When the swap is complete, you can check your balance on the “Assets” page.
Part 2: Using ONTO to Swap ONTd
Select the “Market” page within your ONTO wallet, then click the “…” on the upper right-hand corner, and choose “ONTd Swap” in the pop-up window.
Input the ONT you want to swap in the “Amount” field before clicking “Swap Now”. Then, input your password and click “Confirm”. When the swap is complete, you can check your ONTd balance on the “Assets” page.
Part 3: Using ONTO to Log into Flash Pool
Go to the Wing website and click “Pools” in the upper right corner to open up the Flash Pool page.
Select “Connect Wallet”, and choose ONTO Wallet in the pop-up window.
Open your ONTO, and click the scan button to scan the QR code on the website.
Next, choose the ONT ID you want to login with in your ONTO wallet before clicking on the arrow button to confirm. Once the pop-up opens, input your wallet and click the arrow button to confirm your login.
Part 4: Depositing pToken to Supply Pool
Click the Supply Area in the pWBTC line
Enter the amount of pWBTC in the pop-up window, and then click “SUPPLY”. Use the scan function in your ONTO to scan the QR code.
Next, click the arrow button in your ONTO and input your wallet password before you click the arrow button again to confirm. Once completed, your assets will be deposited into the Supply Pool.
When the deposit is completed, you can check the amount of pWBTC you deposited under “Current Supply”. You can also find the amount of “WING” you earned for depositing the above amount of pWBTC under “WING Earned”.
Part 5: How to Open / Close 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 ONTd as an example.
To start the process, simply toggle the switch under “Collateral” in the pWBTC line.
Next, click “Enable pWBTC As Collateral” in the pop-up window, and use the scan function in your ONTO to scan the QR code.
Then, click the arrow button within ONTO and input your wallet password before clicking the arrow button again to confirm. Once completed, you have 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.
Part 6: Borrowing pToken
Select the “Borrow” area in the ONTd line.
Input the amount of ONTd you want to borrow, click “BORROW”, and use ONTO to scan the QR code once again.
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 borrowed the pToken.
When the borrowing is complete, you can check the amount of ONTd you borrowed under “Currently Borrowed”. You can also find the amount of “WING” you earned for borrowing ONTd under “WING Earned”.
Part 7: Withdrawing WING into your ONTO
Click the WING icon in the upper right corner to see the amount of WING available for withdrawal. Click “Withdraw”, and use ONTO to scan the QR code.
Confirm the withdrawal within ONTO, input password and confirm the withdrawal once again. Once complete, WING tokens will be withdrawn to your current ONTO wallet.
Part 8: Repaying the pToken you Borrowed
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 interests.
Click any random area in the ONTd line under “Currently Borrowed”.
Select “REPAY” in the upper right corner to open a pop-up window. Input the amount of ONTd 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. Use ONTO to scan the QR code.
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 repaid the assets you borrowed.
You can now find ONTd shown under “All Markets”
Part 9: Withdrawing pToken from Supply Pool
You can withdraw your pToken principal and interest from Supply Pool with one step.
To start, click the pWBTC under “Current Supply”.
Next, select “WITHDRAW” in the upper right corner to open a pop-up window. Input the amount of pToken desired for withdrawal and click “WITHDRAW.” Use ONTO to scan the QR code.
Next, click the arrow button within ONTO and input your wallet password before clicking the arrow button again to confirm. Once completed, your assets will be successfully withdrawn from the Supply Pool.
Part 10: Putting pToken in Insurance Pool
Apart from using your pToken in borrowing and crediting, you can also put your pToken in the Insurance Pool to earn WING tokens. 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, resulting in a certain loss of your assets from the Insurance Pool. You should also understand that each pToken deposit in the Insurance Pool will be locked for 3 days, after which it will be available for withdrawal. Please ensure you understand the risks involved prior to depositing your pToken in the Insurance Pool. For the purposes of this guide, we used pWBTC as an example.
To start, click the Insurance area in the pWBTC line.
Next, input the amount of pWBTC desired for insurance in the pop-up and click “INSURE”. Use ONTO to scan the QR code. 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 your assets in the Insurance Pool.
Once completed, the total pWBTC you insured will be displayed under “Currently Insured”. You can also find the amount of “WING” you earned for insuring the amount pWBTC under “WING Earned”.
Part 11: Liquidating Assets
By joining the Insurance Pool, you are granted a privilege that will allow you to liquidate some of the collateral of a breached user at a preferential price.
Click “Liquidation” in the upper right-hand of the asset list.
Select any account address whose Borrow Limit exceeds 100%. Information under “Debt to Cover” indicates the types and amount of Token the breached user needs to liquidate. The two columns on the right show the types and values of collaterals eligible for liquidation.
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 on the right. Click “Liquidate”, and use ONTO to scan the QR code.
Next, click the arrow button within ONTO and input your wallet password before clicking the arrow button again to confirm. Once completed, the collateral you acquired from liquidation will be displayed under “Current Supply”, and their interest calculation will start. The new collateral can be withdrawn to your ONTO Wallet.
