Skew WING APY Rewards Towards WING

Discussion
1

TVL of other assets is not as valuable as TVL from locked WING.

WING should be the collateral of choice for the Wing platform as it is native to the platform.

There is an abuse of the platform where people are lending/borrowing stablecoin with 10x leverage for low-risk WING farming.

Even lending UNI or ONT is not as valuable as lending WING.

On Synthetix for example, SNX and ETH can both be used as collateral, but only SNX can earn rewards. This is fair.

The ratio is up for discussion. Once some ratios have been proposed we can put it up for a vote.

For example, WING earns 2x the percentage.

Most extreme: WING is the only asset on the platform to earn WING APY for lending, borrowing, and insuring.

5 Likes
2

Do it please as fast as possible. Put it for vote right now please

2 Likes
3

Stablecoin’s wing APY is too high. Maintain the APY of the stablecoin, but lower the wing APY and require a reasonable wing coin APY and wing APY. I highly agree with your opinion. Please make a vote immediately.

1 Like
4

Yes, the proposal is to lower the WING APY, which is set according to a percentage split across the different assets.

The APY for stablecoins is dynamically set by the borrowing demand so that won’t be affected unless borrowing demand goes down for those assets.

1 Like
5

I suggest we distribute the daily supply of Wing to Wing lenders only, this will be a suitable utility for Wing.

The rest of the tokens earn the same the apy and minimise there Wing APY, so wing can be distributed and holded by these whales who have been dumping wing on the market.

2 Likes
6

I hold the same opinion that currently big buyers just farm WING with their stable coins and sell at the 2nd market, which makes WING price drops every day. But if we adopt WING APY only for WING, Wing would lose the competition with other similar lending platforms. No one is willing to borrow/lending on Wing cos there’s no incentive. Then Wing becomes a platform only for WING players.

And it won’t stop the free farming WING actually thru “WING APY only for WING”. The situation will be quite similar as Mining Celebration campaign, 10x for WING borrow/lend/insure. They will still supply WING, then borrow more WING to get free WING. With the TVL drops, it’s harder for Wing to get WING as transaction fee income and conduct buy-back.

But there should be more ways to improve the utility and increase value fo WING, say WING as the only insurance asset, just like AAVE do.

7

If you feel it is best to do it this way then I am all for it. I will support.

8

This is a radical change, other coins can receive rewards in ONT or other coins, and only WING holders can farm Wing. I think this is the way forward, it will promote holding Wing and reinvesting it.

9

I agree, only those who hold the wing receive the wing, and the other coin will receive the reward as that coin, avoiding the wing dumping.

10

WING should be the only insurance asset. And stop the uncontrolled wing printing. Cause we get Wing DAO income of $ 50k
and we print 150 thousand wings a month, that is, the price of a wing is $ 0.3. Cool perspective

11

agree, lets do :+1:t2::+1:t2::+1:t2: