Wing 2021 August Recap
This month, Wing Finance dealt with the aftermath of the Poly Network security breach. Thanks to the joint efforts with the Poly Network team, all cross-chain functions related to the digital assets supported on the Wing platform have been fully restored. Wing Finance’s TVL grew by 12.24% in just the past month. UST and PAXG assets were listed in the Ethereum Wing Flash Pool for lending and borrowing, and UST’s Supply APY reached a high of 125%. Activities have been carried out with SushiSwap, OKExChain, PolkaPets and KSwap, bringing a larger variety of benefits to Wing community members.
1. TVL
- Monthly increase: $25 Million
- Monthly increase rate: 12.24%
- Peak value: $242 Million (24/8/2021)
2. Pools & Features
(1) 9/8/2021
- Adjustment of the reserve coefficient of 25 assets in Wing Flash Pools following WIP-42 and WIP-43
- “My Dashboard” display optimization (incl. add “Est. Daily Earnings” data)
- Front-end real-time data display optimization
(2) 23/8/2021
- Wing Flash Pool (Ethereum) upgrade
- PAXG listed for lending and borrowing in accordance with WIP-44
- Front-end display optimization (incl. pop-ups display optimization)
3. Community Activities
(1) pWING liquidity mining rewards were extended for another three months. From September to December, a total of 12,000 pWING will be distributed to users who provide pWING-ETH and pWING-pONT liquidity on SushiSwap and stake their SLP tokens. A total of 2,000 pWING per month per transaction pair will be distributed.
Tutorial: https://twitter.com/Wing_Finance/status/1399920749742223360
(2) The Wing PolkaPets NFT Holder Airdrop event continued. Users who hold the NFT and participate in the “borrow, lend, and insure” activity in the Wing Flash Pool (Ethereum) and reach the average daily borrowing and insuring total of more than $500 will receive a pWING airdrop reward. The launch of the event was warmly received and attracted a large number of users to participate in the Wing Flash Pool (Ethereum), improving TVL.
(3) The Wing/ONTO/KSwap USDT-WING liquidity mining activity started on August 5. Over 15,000 KST is being distributed to users who provide WING-USDT liquidity on KSwap and stake their LP tokens weekly. The launch of the event was warmly received and attracted a large number of users to participate. The TVL of the USDT-WING liquidity pool ranks second among the same reward projects in the same period.
4. Wing Assets Risk Model
The Wing Assets Risk Model was further optimized, and Wing’s Liquidation Bonus Standardization Model was officially released.
The Liquidation Bonus amount impacts users’ willingness to participate in liquidation. A reasonable setting of the Liquidation Bonus ensures the stability of the liquidation mechanism, thereby ensuring the sustainable growth of the Wing project. Based on the importance of the Liquidation Bonus, we have established a Liquidation Bonus Standardized Model. This model refers to Wing’s Asset Risk Model, focusing on the trading volume and fluctuations of relevant assets in the market.
In general, the Liquidation Bonus for assets with high popularity, good market liquidity, and low price fluctuations should be relatively low. The Liquidation Bonus for less popular assets with poor market liquidity and large price fluctuations should be relatively higher.
5. Wing DAO Community Votes
https://wing.finance/governance
6. Monthly Buy-Back
Wing’s 11th monthly buy-back went smoothly; all assets have been repurchased.
This month, 50% of Wing DAO’s income was used to buy back WING. A total of 3,525.615143384 WING has been transferred to the burn address: AFmseVrdL9f9oyCzZefL9tG6UbvhPbdYzM.
Related reports: https://medium.com/wingfinance/wing-token-buyback-update-8416d1c5cc15
7. Ecosystem Collaboration
- Wing collaborated with OKExChain to host an AMA.
- Wing and ONTO collaborated with KSwap for a USDT-WING liquidity mining event.
8. Wing DAO Marketing Fund
Wing DAO spending summary for August:
- Community: 420.735 WING
- Media: 1,500.89 WING
- Campaign: 16,010 WING
- Translations: 500 WING
- MKT Materials Production: 300 WING
- Total: 18,731.625 WING
*The funds used for “Campaigns” include rewards for the pWING liquidity mining campaign with SushiSwap this month and the following three months.
9. Forecast
- Wing’s first anniversary event; stay tuned.
- Addition of synthetic assets to the Ethereum Wing Flash Pool.
- Continuation of Wing PolkaPets activities, pWING liquidity mining activities and KSwap liquidity mining activities.
