Wing Finance introduced the popular Wing platform, a credit-based DeFi system, to support cross-chain digital asset lending. Based on the credit score, anyone can borrow lots of money and provide collateral on the lending platform securely and with ease. In this article, we explain in detail how Wing resolves the problems that have prevented crypto-lending from realizing its original objective for quite an extended period.
Wing is a decentralized, credit-based platform that aims to make crypto- lending inclusive for the first time. Its credit evaluation module deliberately removes the need for large collaterals.
The platform allows users to take part in its governance. Wing token holders can vote on a wide variety of issues and shape the DAO community's future.
Besides this, the Wing Project uses a risk control mechanism to enhance the relationships between guarantors, borrowers, and creditors. It assigns WING tokens daily release to each product based on the DeFi products' transaction volume. Each product allocates the tokens to the guarantors, creditor, and debtor, creating a sense of fairness. With these features, the Wing platform has been able to help increase the accessibility to DeFi projects.
Wing releases 80% of the total supply of the tokens regularly as deposit and liquid incentives. However, it keeps the balance in an escrow account to finance the platform's day-to-day operations, including emergency response programs.
Sebastian Stupurac, Boris Popov, Sergei Popov, and Stas Oskin founded and launched Wing in 2018. This team is made up of individuals with extensive experience in business, science, and engineering.
Stas Oskin, the team's leader, has over 10 years of management, product design, and engineering experience. Besides, the team lead is a renowned professional in cloud infrastructure and scalability.
Boris is the research and development lead and a blockchain engineer. He is a former consultant for the blockchain project List and advisor for the Economix and Cartesi.
As of February 2021, the circulating supply of WING is 976 314 tokens. Its total supply is 2,484, 052. Given that WING is the platform's governance token, it confers on holders voting rights.
Wing launched its ICOs between November 2016 and January 2017. During this period, it raised $ 1.7 million.
The developers of Wing built it on the Ontology blockchain, given its exceptional ability to create collateral pools across a wide variety of blockchains. It helps to digitize new and existing assets.
Wing's credit evaluation method works around the OScore system that is also built on top of Ontology.
It is designed to operate by evaluating the users' borrowing or lending history and their digital asset information.
Since users have full access to their accounts, they can also securely access their credit score to ensure data privacy.
Moreover, given that borrowers rely on their OScore data to get loans, the collateral requirements are reduced. The platform also incentivizes users to maintain a good credit score. For example, Wing's inclusive pool may grant users who repay their loans on time the privilege to enjoy lowered interests.
The use of credit elements that function through decentralized identifiers plays a significant role in enhancing user sovereignty.
Wing flash pool allows users on the platform to lend and borrow funds conveniently. The lenders get interest payments for supplying their funds on Wing. The platform understands the likelihood of asset losses and has created an insurance pool that covers the risk. So, lenders are assured of getting their funds back in time.
Here is how Wing Flash Pool works to suit the needs of all the users:
Any user can become a lender on the platform. In other words, you can supply your cryptocurrencies to the Flash Pool whenever you want. Once it lends the funds on your behalf, you receive interest in the crypto you provided as well as WING tokens. Your return will correspond to the APY.
Any user can also borrow funds from the Wing Flash Pool. The platform only requires one to meet the loan's prescribed collateral requirements. For borrowers to earn WING rewards, they must first lock 3% of their WING tokens.
For the insurance to cover the potential risks, users must take part in the platform's insurance pool. This involves locking their WING tokens in the Flash Pool for a minimum of 3 days.
Users can buy WING on several exchanges. Some of the most popular ones are:
However, one of the easiest ways to get WING tokens is via Swapzone. Here is how to go about it.
Wing DAO refers to the community that governs the platform. It can vote on the following:
Some functions that may require the attention of Wing DAO and are subject to its vote are:
What qualifies a user to be a member of Wing DAO with voting rights? As long as you own at least 1 WING, you have the full right to take part in the community's governance. In other words, you can put forward proposals on the platform's services and vote whenever necessary as long as you hold a single WING token.
DeFi products limit the number of users who can borrow crypto and the amount they can leverage despite that many crypto traders, investors, and enthusiasts have been waiting for them for years to solve the same problem. Wing Finance has noted this and developed Wing to solve it. This platform is efficient as it functions on top of the Ontology system that makes borrowing funds hustle-free.