overview of the token and the DeFi platform, a course where to buy, sell, trade and storeWing is an open source DeFi lending platform based on cross-chain technology and the Ontology platform. It aims to increase the degree of trust and transparency in the financial market through decentralization.
Differs in the presence of an automated check of the user’s credit history using the ONT ID mechanism. Using the Oscore credit scoring system, Wing verifies the full value of a user’s assets, without revealing their actual list, and analyzes the financial history.
The WING token is used to receive rewards for participation in the Flash Pool, deposits to the insurance pool, loans and other activities. Its functional purpose is the conclusion in the decentralized management of the platform. The Bitcoinminershashrate.com editorial team offers an overview of the project and the Wing token and their main advantages. From 15/09/2020, WING can be obtained through the Binance Launchpool, and from 16/09/2020, the token is listed on the exchange. To receive, you must make a deposit for up to 30 days (the deposit must be in certain currencies that have the Launchpool mark).
The content of the article
Uniswap Chart and Price (UNI)
WING / USTD chart on Binance:
|Total emission||2 000 000 WING|
|Course on 09/20/20||59 $|
|Cryptocurrencies||Binance, OKEx, MXC|
The essence of the Wing project
The Wing Decentralized Lending Platform provides opportunities for the digital currency lending market, supports cross-chain compatibility, has a risk control mechanism and a distributed governance model. Organizes interaction between lenders and borrowers on mutually beneficial terms. In addition, it supports unique methods for assessing creditworthiness, which may well be further spread among the defi-infrastructure.
Wing developers plan to develop the following areas:
- Adding new types of assets used as collateral.
- Extension of Wing DAO (Decentralized Autonomous Organization). Encouraging participants to put forward proposals for the services provided. Members have the right to make independent decisions about connecting certain products, adding or removing certain services.
- Inclusion of elements of decentralized lending. Integration into the architecture of the credit score system, generating benefits for the participant in the purchase of financial services.
Interaction with the Ontology blockchain
According to Wing’s developers, a viable DeFi product must have two main components: a wide range of supported collateral and an automated credit rating system.
Ontology is able to create collateral pools, which include assets of different blockchains, thanks to the support of cross-chain interoperability. It also offers a number of identification protocols to help authenticate new and existing types of digital coins.
ONT ID – Ontology’s decentralized identification – in parallel with decentralized data, DDXF supports offline verification of information. Based on these functions, it is convenient to develop automated credit verification based on smart contracts. Ontology also launched the OScore credit scoring system, which generates completely confidential credit history for users in the DeFi infrastructure.
Wing Flash Pool
The flash pool is used for lending, insurance or borrowing. This is Wing’s original product that works with standard lending and implements insurance to reduce the risk of asset loss. Users who are active in the pool can receive rewards in WING tokens.
Currently, the pool supports ONT, USDT, wrappedBTC, ETH, DAI, etc. assets, this list will expand.
WING token: obtaining and using
The platform will stimulate user activity with the WING token reward. Thus, 80% of the total emission will be distributed. The remaining 20% will be locked in the Wing DAO escrow account and solely for community management. Every six months they will be sent to community funds to support various initiatives.
Starting September 12th, 0.06 WING is released every second. They are distributed among users in proportion to their contribution to the liquidity of the flash pool. At the same time, the distribution will be increased at first:
- 10x for $ ONT deposit from September 15 to September 19
- 5x for depositing ONT, $ ETH, $ WBTC, $ RENBTC from September 20 to 24
- 3x for depositing ONT, $ DAI, WBTC, $ USDC, RENBTC, $ USDT, ETH, $ PAX, $ SUSD from September 25 to September 29
At any time on the website in the flash pool section, you can see the total amount of deposited cryptocurrencies.
WING on Binance Lauchpool
Users who have made a deposit within the Binance Launchpool within a month starting from 15.09.2020 will receive an additional reward in WING tokens (to participate in Launchpool, the deposit must be in one of the currencies marked with the corresponding tag, at the moment it is ONT, BNB, BUSD).
Terms of the offer:
- Total distribution of WING tokens on Launchpool: 130,000 WING (6.5% of the total supply).
- A total of 2,000,000 WING will be issued.
- Posting period: from 03:00 on September 15 to 03:00 on October 15 (Moscow time).
Distribution conditions for staking pools:
- BNB: 50% (65 000 WING)
- ONT: 40% (52 000 WING)
- BUSD: 10% (13 000 WING)
Every day, Binance registers the deposits of all users, and at the end of the specified period, calculates the bonus due to each of the participants. The amount of the bonus is affected by the amount of funds invested and the total duration of their retention.
Where to store WING
The WING token is supported by such decentralized wallets as ONTO Wallet, Metamask. To place it on the Metamask wallet, you will need:
- Install the appropriate extension to the Chrome browser.
- Create and save wallet keys and passphrase. Detailed instructions are available on our website.
- Go to the Etherscan blockchain explorer, find the Wing token there. Copy the address of the contract.
- Go to the wallet, click “Add token”, then “Custom token”.
- Insert the address of the contract and confirm your action.
Where to buy, sell, trade WING
For these purposes, the Binance crypto exchange is optimal, since it is she who now actively supports the project and helps in the distribution of the token.
To purchase a coin, you need to fund your account with one of the following currencies: BNB, BTC, BUSD, USDT. Then go to the “Spot Wallet”, find the desired currency there, click “Trade” and select the appropriate market.
Orders in the trading terminal can be market or limit orders. The choice depends on whether you want to buy / sell the asset right now at the current rate, or prefer to wait for a better price.
Advantages and disadvantages
- DeFi Token Distribution on Binance Launchpool.
- Profitable farming through Wing Flash Pool activities.
- Decentralized platform management for token holders.
- Innovative solutions in DeFi lending through collaboration with Ontology.
- Not all functions of the system are fully functional yet. A small number of assets are supported.
Thanks to Wing’s collaboration with Ontology, the prospects for this project look promising. Given the popularity of decentralized lending and depositing, improvements in this area are significantly helping to bring these methods to the masses. Ontology actively contributes to the development of the platform and in every possible way contributes to the implementation of the final product.