Wing 2021 July Recap
This month, Wing continued its Risk Model Series, publishing Part 1: Wing’s Reserve Factor Standardization Model and Part 2: Wing’s Collateral Factor Standardization Model. The goal of this series is to bring more reliable risk methodologies into DeFi and build a safer and more secure decentralized lending platform. The Wing.Finance’s web UI was also upgraded, providing a smoother user experience. Wing launched a “Brand” page, where users can quickly learn about Wing’s background and vision. Media outlets and partners can view and download Wing’s brand materials for their reporting and campaign promotions. Wing is committed to creating the most professional, reliable, and easy to use cross-chain, credit-based decentralized lending platform.
The Ontology, Ethereum, and OKExChain versions of Wing continued to run smoothly this month, with TVL reaching a high of $210 million. Wing executed a major upgrade to its Ethereum version, becoming the first decentralized lending platform to support collateralization of UST assets. The front-end display of the platform was further optimized to provide a better user experience. In addition, Wing DAO community members also actively participated in community governance and activities. After Wing released its “Asset Risk Model”, the forum discussion was heated and stimulated high voter participation.
1. TVL
- Monthly increase: $46 Million
- Monthly increase rate: 28.19%
- Peak value: $210 Million (28/7/2021)
2. Pools & Features
(1) 6/7/2021
- Wing Flash Pool (Ethereum) upgrade;
- xICHI listed for lending and borrowing
- New Brand page and Wing official website homepage update
- Front-end display optimization (incl. dApp display optimization)
(2) 19/7/2021
- Adjustment of the Collateral Factors of ONG, pYFI, LINKK, OKB, ETHK, BTCK, DOTK and OKT
(3) 26/7/2021
- Wing dApp page display and function optimization, such as adding tokens to MetaMask with one-click and switching MetaMask network with one-click
3. Community Activities
(1) The Wing PolkaPets NFT Holder Airdrop event started on July 1st. 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).
(2) pWING liquidity mining rewards will continue for three months. From May to August, 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. Users can receive a liquidity mining bonus of 2,000 pWING per month per transaction.
Tutorial: https://twitter.com/Wing_Finance/status/1399920749742223360
4. Wing Assets Risk Model
The release of the Wing Assets Risk Model reinforces Wing’s commitment to ensuring the security of users’ assets and evaluating the risks of platform-supported assets. Wing’s risk control team will continue to update its standardized models, including Collateral Factors, Reserve Factors, etc., and introduce the professional practices, methodologies, and standardizations into DeFi to build a more trusted decentralized lending platform.
The Reserve Factor is the fee paid by borrowers to Wing. As the risk premium of borrowing on the platform, the Reserve Factor is an important part of the interest rate model and an indispensable part of Wing’s business model. The Wing Reserve Factor Standardization Model helps to build a more sustainable DeFi ecosystem. The proposed Reserve Factor adjustment for several assets on the Wing platform triggered intense discussion within the community and was ultimately voted upon through the community voting process.
The Collateral Factor is the amount that can be borrowed against collateralized assets on the platform. Wing published a Collateral Factor Standardized Model to preserve asset safety. After comprehensive evaluation of the Wing Assets Risk Model, Wing lock mechanism, and Wing insurance pool mechanism, the Collateral Factor of relevant assets was discussed in the community and adjusted according to the results of the community vote.
5. Wing DAO Community Votes
https://wing.finance/governance
6. Monthly Buy-Back
Wing’s 10th monthly buy-back went smoothly.
This month, 50% of Wing DAO’s income was used to buy back WING. A total of 3,971.117398388 WING has been transferred to the burn address: AFmseVrdL9f9oyCzZefL9tG6UbvhPbdYzM.
Related reports: https://medium.com/wingfinance/wing-token-buyback-update-8416d1c5cc15
7. Ecosystem Collaboration
(1) ICHI further collaborated with Wing to add xICHI to the Ethereum Wing Flash Pool. xICHI is the staked form of ICHI that earns from fees collected through the ICHI platform, so lenders on Wing earn triple rewards in the form of ICHI rewards, lending interest, and WING rewards.
(2) Wing published a press release on Cointelegraph entitled “The next dark horse of DeFi lending: Wing Finance”.
8. Wing DAO Marketing Fund
Wing DAO spending summary for July:
- Community: 450.62 WING
- Media: 1,800.89 WING
- Campaign: 4,001 WING
- Translations: 600 WING
- MKT Materials Production: 800 WING
- Total: 7,652.51 WING
9. Forecast
- Continue improving the Wing Assets Risk Control Model;
- Add synthetic assets to the Ethereum Wing Flash Pool;
- Continue Wing PolkaPets activities and pWING liquidity mining activities.
