oneWING is a stablecoin issued jointly by Wing and Ichi, and it is an important part of the Wing ecosystem.
oneWING has already supported supplying and borrowing since the launch of Wing Flash Pool (Ethereum). Since it is a stablecoin in the Wing ecosystem, it was suggested to set Collateral Factor to 85%, which means that $1 of oneWING allows users to borrow up to $0.85 in another asset.
But actually the liquidity of oneWING in DEX is poor. According to the assessment of the Collateral Factor Standardization Model, the Collateral Factor of oneWING should be 40%, and we should gradually reduce the Collateral Factor of oneWING through voting.
Why is DEX liquidity taken as a basis? On the ICHI platform you can mint any amount of oneWING and redeem it with a commission of 0.45%.This would be 10 points instead of 1 in the liquidity risk control score table.
I believe that the assessment of assets by the risk control department, we should reduce the collateral factor of oneWING. But the collateral factor of some assets are low, I think it should be increased appropriately, such as ETH.
If the liquidity on Ichi platform isn’t stable so OneWing CF should be change to 75% by 5%/step. If you are saying risk about DEX have no collateral fund to redeem so it should be delist. 75% or delist is what it’s should be but i think 75% is a way because DEX Collateral fund always more than 90% base on Onewing minting mechanism
oneWING’s collateral is very good, more than 95% are in USDC, but oneWING has little liquidity in the entire market, and the price is easily controlled by humans.
The previous Venus incident was impressive. I think one of the reasons it was attacked was that the staking factor of XVS was adjusted too high.
You need to consider the risk of the oracle, the oneWING market’s liquidity is low, then the price of the oracle is also easy to be attacked, 75% CF is too high.
I asked the data department to make a small list of the current borrowers list with oneWING as collateral, this is filtered for minimum 50$ worth of borrowing, at least 50$ worth of collateral and the difference ≥3% between Borrow Limit before and after the Collateral Factor adjustment.
Though oneWING is a stablecoin, if the price of oneWING Token deviates from the market value, which is dangerous and may cause losses to other asset suppliers.