Agreed!. But I would suggest to wait more to see how buyback plan works. Also if what @erickpinos says about C.R.E.A.M is true, we may walk into a false path.
2 Likes
True, if supply is burned then rewards rate is decreased so that it still takes the 10 years, then some of the issues would be addressed
One other way to make this proposal work is to increase the total wing in Buyback plan to a higher number. Lowering max supply to 1/4th of initial plan may just create a bubble over the value of wing in short time and harms wing reputation in market if it falls again. But increasing total wing in Buyback plan (Lets say total of 3M wings) will create a self-made long-term loyal BUYER by the community, who always demands wings and available to buy it on monthly bases.
Vesting will scare off investors, because every liquidity provider (lender) has to get his reward in the end of the day, The only solution i think of to make this ecosystem work for both lenders borrowers investors and holders is reduce the supply, offer wing as liquidity for borrowing with a nice APY, Also I think Pair liquidity providing is also a nice idea which I will explain:
Lenders Can offer any available token along with Wing token as a pair, the token ratio can be adjusted but the lenders has to offer at least 1%wing.
The possibility to reinvest Wing token Earned from lending for a good APY
This way Wing will be used more compared to the current model which exclude wing from the ecosystem as we use it only for reward > dump = no user case.
I don’t see the point of continuing mining WING for another 10 Years, since a Hefty amount has been minted I think that should be the max and with the buy back and burn i believe wing can benefit from it in the short and long term and we all think it’s a great idea and the way forward, the community wanted this to happen and i think we should offer a vote and let the community decide.
If you made calculations based on how many fees are being collected each day and each month about 5.5k to 6000 Wing decreasing each month till 50% we will be able to burn 1 million in 65 years + well I am 100% sure it’s not going to have a impact on the price especially to increase significantly. I don’t see vesting lenders reward is an option, the only way we can see this going forward is for WING to be used, farming rewards to decrease in quantity but not value and of course the Adjustment of the max supply which most community members don’t agree with.
I’m just adding my part of the conversation here. Drastically lower Max supply and distribution rate
I think whatever we decide on as far as the total supply, we also need to keep in mind and not forget to consider the minting/distribution rates need to be adjusted as well. I had proposed a x0.25 rate adjustment which would have a near as well as long term affect, which could allow a buffer space if a short term ‘bubble’ were to form.
Now, the reason I used the 5M figure is because there’s already 2M set for the Wing DAO Community Fund and I think it would be easier to make any adjustments in the Liquidity and Margin Incentives pool, also since that pool has already been tapped into as far as distributing tokens. We could just cut from there and leave, say, 3M. Hence my 5M max total value.
At the end of the day, I’m not set on any hard numbers, but I can definitely agree with you’re view on this in general. I’m glad this is catching traction. I still see huge potential and promise in this project. Conversations like this is proof to me. Cheers @Mr.Jamesbond
1 Like
Indeed, I like how the community is coming together and interacting and sharing some great ideas to help shape the project on its journey. This is just the beginning!
The current revenue for this month is almost $36k and this is made while the total locked amount was averagely around $150k~$200k with %5 commission rate. Consider we get into where COMP is standing now (Above $2B ), with %15 commission, The total years to rebuy wings will be much lesser than 56 years. As I stated in my first comment I am “agreed” with what you are proposing as we share the same concern on this project. What scares me is, What if do so and we fail again!
As long as we give investors the ability to reinvest WING with a Good APY, pair investing with a Wing as well, I think we will start to see the value of WING increasing, following COMP footsteps is also a great idea.
But we should tackle issue by issue, and supply is a huge concern!
Posted by Erick Pinos this Morning
Hi everyone,
Here is the supply information we are trying to get CoinGecko and CMC to correct.
We have two DAO Escrow Accounts for the Community Fund.
AUKZ3KL1FRRhgcijH6DBdBtswUdtmqL8Wo (1.75m)
AbTBwzjveRe4fcWKWeKKpbDQTKVRajfTFh (.25m)
The second address was escrowing funds for the promotional campaign distribution that didn’t happen because the target wasn’t reached. We are moving the funds back into AUKZ for simplicity, although both are technically “locked”.
The API https://flashapi.wing.finance/supply/api/v1/wing/circulating-supply currently includes the .25m in escrow address AbTB. Once it is re-locked, the API should return a more accurate 371,173 WING.
The max supply is 10,000,000. But only 2,371,173 WING has been minted thus far, and more is being minted every block as mining rewards.
Thus, on CoinGecko it should say
Available Supply - 2,371,173 (API+Escrow)
DAO Escrow Account - 2,000,000 (AUKZ+AbTB)
Circulating Supply - 371,173 (API)
Max Supply - 10,000,000 (hard-coded limit)
And on CMC it should say
Circulating Supply - 371,173 WING (API)
Total Supply - 10,000,000 WING (hard-coded limit)
1 Like
Based on the current farmed tokens and community members various suggestions we should push for a proposal as following:
- 3 Millions Max Supply
- 5 Millions Max Supply
- 10 Millions Max Supply
1 Like
2M Supply pretty enough! Thus we can catch long term investors like MKR. Wing have more potential than other tokens.
Best Regards
SL
I totally agree but it may not be enough
Question is when we reduce max supply, do we reduce the rate at which Wing will be distributed or do we reduce the 10 year timeframe?
1 Like
Whatever is decided in the end for supply, rate should also be adjusted at the same time. I’m in favor for x0.25 redux. And that should be applied throughout the rate timeline.
1 Like
Need to figure out-
If 3m / 5m, which pool is it getting burned from?
There is currently 2.3m WING in existence. 2m locked in community funds, .3m minted from mining rewards.
Are you saying to burn the 2m community funds and the rest from the mining rewards? Or to burn entirely from the mining rewards pool.
If burning from the mining rewards pool - The WING is being mined every block, and there’s no way to stop the WING from being minted, and I don’t know if it’s possible to intercept it from being distributed to lenders/borrowers/insurers. That’s why we were doing the buy back.
I still think it best not to touch the community fund. Any adjustments should be focused on the mining rewards pool.
Based on what @Mr.Jamesbond shared of your post, @erickpinos, i see a key phrase you used that helps me get better now with what you wrote here. “Hard-coded limit”. I was assuming the remaining 8M figure could just be altered to fit a lower value. Since that seems to not be the case, I have to admit that there’s definitely more that’s needed to be thought thru on this. It may just come down to us getting more creative with new ways to use Wing, tbh. Simple, not simple. I have a few ideas off my hip, but feel i should leave it there for now until I can have more time to process and speak further. I’ll be reexamining the white paper for sure 
I did respond to your post earlier today, btw, @ Reintroduce WING as collateral and WING APY for WING
5M is a good point to start. We could try voting and see what people think.
If the community fund 2M also has to burn 50%, then it will make more sense.
1 Like
Everything needs to be at least halved, I will support the following formula.
1 Million community fund + 2 Millions minted
or
2 Million Community fund + 3 Millions minted
We should have a vote as following:
- 3 Millions Max Supply
- 5 Millions Max Supply
- 10 Millions Max Supply
And the team has to find a way to reduce that supply.
3 Likes
Hard coded doesn’t mean it can’t be altered or irreversible, Code maintenance/Hard fork can be used to alter any hard coded software is an option to reduce the minting process. and I think the team should think about it before a vote.
1 Like