Right now we are charging the comission rate as 15% from borrowers paying interest towards the borrowed amounts. So I would like to propose a usecase on Wing Tokens to be used to reduce the comission rate to 10% for the users those who stake Wing tokens. Let me explain how it can work.
1.) If both lenders and borrowers have staked X amount of Wing Tokens in the platform then the comission rate will be splitted as 10% to team and 2.5% for the lender and 2.5% back to borrower.
2.) If borrower alone has staked X amount of Wing Tokens and the lender has not staked X amount of Wing Tokens then the comission rate would splitted as 12.5% to team and 2.5% to borrower.
3.) If lenders alone has staked X amount of Wing Tokens and the borrower has not staked X amount of Wing Tokens then the comission rate would splitted as 12.5% to team and 2.5% to lender.
4.) If both borrowers and lenders have not staked X amount of Wing Tokens then the comission rate 15% goes to team as usual.
This topic needs to be further refined on numbers of Wing Tokens to stake, how are we going to do the math depending on Wing Tokens staked and borrowing amount to calculate the amount of comission to reduce.
I think this is a generally good idea. I’ve mentioned in chat the mechanism of Celsius platform which rewards interest in a tiered structure, based on holdings amount. For instance, if you hold 30% of what you are supplying on their platform in CEL tokens, you get x% additional rewards.
I think the tiers encourage participation, basically, so on top of your proposal, I would say at least 3 tiers of holdings where if you stake X WING based on % of supply/borrow, then you get these discounts from 2.5% to even 5%.
Yup I agree with you having like 3 tiers of range for giving out rewards should work. Also my main focus is like for majority of people as we have raised the comission rate to 15% they are like in a situation whether this can be lowered at any point of time, so basically my proposal is split the 15% of comission rate and distribute the comission rate like (2.5%) to lenders those who stake Wing and (2.5%) to borrowers those who stake Wing. So in this case team will be getting 10% comission rate.
This is just I am throwing some numbers but we can lower further if we feel that would be good based on the tier system of how much Wing Tokens has been staked.
Sound great! Any additional use cases for wings token would be a welcoming idea.
Sweet. This is a good proposal. We can have more rewards for wing holders.
I support, such motivation will not be superfluous, good suggestions.