Wing Finance Beginner’s Guide
1. Introduction to Wing Finance
What is Wing Finance?
Wing Finance is a cross-chain decentralized lending platform. It supports interactions between various DeFi products and features a decentralized governance model (Wing DAO) and risk control mechanisms. The platform aims to foster beneficial relationships between borrowers, creditors, and guarantors, and offers an innovative credit evaluation module.
2. WING Token
What is WING and how can I acquire it?
WING is the native token of the Wing Finance platform. You can purchase WING from:
Centralized Exchanges (CEX):
- Binance, Gate.io (recommended)
- MEXC, Bitget, CoinW, CoinEx, CoinDCX
Decentralized Exchanges (DEX)*:
- OpenOcean (Ontology)
- SushiSwap (Ethereum)
- BabySwap (BSC)
*liquidity may be low, be careful of slippage
What are the tokenomics of WING?
- Maximum supply: 5 million WING tokens
- Circulating supply: Varies based on the token buyback plan
- Deflation mechanism: Total supply reduced from 10 million to 5 million following WIP-08 voting results. A buyback process of 1 million WING tokens has been initiated.
On which blockchain networks is WING available?
WING has been deployed on various chains:
- OEP-4 (WING | Ontology): 00c59fcd27a562d6397883eab1f2fff56e58ef80
- ERC-20 (pWING | Ethereum): 0xDb0f18081b505A7DE20B18ac41856BCB4Ba86A1a
- KIP-20 (WING | OKC): 0x7a47ab305b8a2a3f4020d13fa9ef73cddcc0e7d4
- BEP-20 (WING | BNB Chain): 0x3cb7378565718c64ab86970802140cc48ef1f969
- ORC-20 (WING | Ontology EVM): 0x6ea9f7B81bdEB047d63A023b1F28Bea481a5785a
Which wallets support WING?
- ONTO Wallet (mobile)
- Huobi Wallet (mobile)
- ONTO Web Wallet (Chrome)
- Metamask (Chrome)
- Wallet Connect (Chrome)
3. Participating in Wing Finance
How can I participate in Wing Finance?
You can participate by:
- Supplying assets
- Borrowing assets
- Insuring assets in Wing Pools
Each of these actions can earn you interest and WING incentives.
What are Flash Pools?
Flash Pools are a key feature of Wing Finance where users can supply, borrow, and insure assets. The platform incentivizes participation by distributing WING tokens based on users’ contributions.
How do I earn WING rewards?
You can earn WING rewards by:
- Supplying assets to Flash Pools
- Borrowing assets from Flash Pools
- Insuring assets in Flash Pools
The rewards are distributed proportionally based on your contribution to the pool.
What is the role of insurers in Flash Pools?
Insurers help control the risk of Flash Pool liquidation. If the liabilities of the supply side cannot be covered by liquidation of the supplier’s collateral, the insurer pays 100% of the corresponding liabilities to the supply side. Insurers receive WING incentives for their participation.
How is income calculated in Flash Pools?
- Supplying: WING incentives + interest on loaned assets
- Borrowing: WING incentives — interest paid on borrowed assets
- Insuring: WING incentives based on the total insurance amount invested
What are the differences between the loan pool and insurance pool?
- Supply Pool: You can collateralize your supply assets and borrow other assets. The APR is generally lower than in the insurance pool.
- Insurance Pool: You can get a higher APR, but your insured WING is locked for a 3-day period. The insurance pool only supports WING or pWING.
Why do I need to lock 3% WING when borrowing?
Locking 3% of your borrowed amount in WING allows you to earn WING incentives from borrowing.
4. Platform Mechanics
How does liquidation work in Flash Pools?
When the ratio of repayment (principal + interest) to a user’s borrow limit reaches 95%, the loan details appear on the liquidation page. Once it exceeds 100%, the loan becomes open to liquidators.
Where can I see the APR and TVL for Wing Finance pools?
You can view the APR and TVL (Total Value Locked) for each pool on the Wing Finance website.
What are the gas fees for the chains supported by Wing Finance?
- Ontology Chain: Paid in ONG (Ontology Gas)
- Ethereum Chain: Paid in ETH (fees vary based on network congestion)
- BNB Chain: Paid in BNB (generally lower fees compared to Ethereum)
- OKC Chain: Paid in OKT (OKX Token)
- Ontology EVM Chain: Paid in ONG
5. Governance and Token Economics
How does Wing Finance governance work?
Wing Finance uses a decentralized governance model. WING holders can participate in voting on important decisions. Key voting rules include:
- Only WING (OEP-4) on Ontology is counted
- One WING token equals one vote
- A quorum of 20,000 WING is required for a valid vote
What is the Wing Buyback program?
The Wing DAO is buying back 1 million WING tokens. The buyback starts on the 23rd of each month, allowing users to purchase stablecoins and assets on the Ontology Chain at a discount. The discount increases by 1% each day.
How often is the WING distribution rate adjusted?
The WING distribution rate is periodically adjusted by the DAO. Check the Wing Distribution page for the latest information.
6. Security and Support
What should I be aware of regarding security?
- Be cautious of scam groups impersonating Wing Finance
- Only use the official Telegram group: WingDAO
- Never share sensitive information or wallet details
Report any suspicious activity to official support channels
How can I stay updated on Wing Finance developments?
Follow Wing Finance on their official Twitter handle and Medium page for the latest news and updates.
This structured guide provides a comprehensive overview of Wing Finance, covering its core aspects and functionalities. For more detailed information or recent updates, always refer to the official Wing Finance website and communication channels.
