OKC Flash Pool Closure Plan

Discussion
1

Background

Since the major security incident involving Poly Network in 2023, numerous cross-chain assets bridged via Poly have been adversely impacted. Wing is one of the affected projects: WING tokens bridged to the OKC network through Poly are now stranded and cannot be redeemed back to the Ontology mainnet. Additionally, these tokens currently lack any viable trading venue on OKC.

Despite ongoing communication with the Poly Network team, no concrete compensation or recovery solution has been offered. In light of this situation, and in the spirit of responsible project governance, the community
has decided to proactively implement a step-by-step plan to mitigate risks, shut down the OKC Flash Pool, and promptly propose a redemption plan for WING tokens on OKC.

Proposal Details (Step-by-Step)

Step 1: Gradually Reduce the Collateral Factor of WING on OKC to 0

We will progressively reduce the Collateral Factor of WING on the OKC network to 0, meaning it will no longer be accepted as collateral for borrowing. This risk management measure is designed to eliminate leverage-related volatility and help stabilize the system.

Step 2: Disable “Supply” and “Borrow” Functions; Keep “Repay,” “Withdraw,” and “Liquidation” Functions Active

The “Supply” and “Borrow” functions for WING on OKC will be disabled. However, users will still be able to repay outstanding loans, withdraw supplied assets, and trigger liquidation when needed. This ensures users can unwind their positions safely without causing further imbalance in the system.

Step 3: Officially Close the OKC Flash Pool

Once the above steps are complete, the OKC Flash Pool will be permanently closed. Given that the bridged assets are irrecoverable, keeping the pool open would only expose users to further risk. A closure is essential for a secure and orderly transition.

Step 4: Propose a Redemption Plan for WING (OKC)

After the Flash Pool is closed and the system stabilized, the community will promptly propose a solution for redeeming WING tokens on the OKC (OK Chain) network.
The primary purpose of shutting down the pool is to prepare the environment for a safe, clear, and executable redemption process.

Purpose & Rationale

This plan originates from the Poly Network exploit, in which Wing is also a victim.

Since no compensation has been provided by Poly, Wing is choosing to act responsibly to protect its users.

The four-step process aims to minimize risk, safeguard user assets, and ensure the orderly handling of the situation.

This action also sets the foundation for long-term stability and growth within the Wing ecosystem.

What’s Next

Details and instructions regarding the redemption of WING (OKC) will be announced as soon as possible after the Flash Pool closure.

Wing remains committed to enhancing protocol security, protecting user assets, and building a resilient DeFi ecosystem.

We welcome community feedback on this proposal and look forward to advancing with your support.

Thank you for your continued trust.

Wing Finance

2

Wing is showing real leadership by taking proactive steps instead of waiting for external solutions. A textbook example of responsible governance.

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3

Thank you, Wing team, for putting users first and working to protect our interests. This builds real trust.

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4

The Poly incident happened ages ago—why is Wing only acting now? Who’s responsible for the user losses during this delay?

5

This plan talks a lot about shutting things down, but where’s the actual compensation for affected users?

6

I used to believe in Wing, but the way this was handled has completely changed my view. I’m considering exiting.

7

Waited this long just to get a ‘service shutdown + stay tuned’ notice? Is this a joke?

8

Reducing collateral factors and disabling borrowing is the right move. A solid, risk-managed approach.

9

This isn’t just crisis control—it’s long-term thinking. Wing is clearly planning for a safer and stronger future.

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10

Challenges happen, but Wing’s actions give us hope. Looking forward to what comes next.

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11

Close that case and move foward