There is enough WING in circulation now that WING can act as the sole insurance asset on the Wing platform.
Similar to Aave’s safety modules, WING can be used as the sole asset for insuring WING and other asset lending.
This would mean that the WING APY for all insurance pools besides WING would go to 0, and that WING would be used to insure those other assets if needed.
The team is currently gauging technical feasibilty, but I think we can go ahead and discuss as a community.
This is very interesting. And how would also vesting long term also be applied with this idea
Great idea, the only problem may be tech solution to realize it
This brings water to my lips.
I highly respect your opinion. Concerns exist that reduce VTL. But it may not matter. More importantly, it can curb the sale of malicious wing coins. We need to explore to increase the value of the wing coin. As the demand for Wing Coin increases, the size that can accommodate the asset can increase. Prices naturally rise. It will be an asset to trust wing coin. Right now vote
I‘m with this proposal. AAVE already adopted this machenism and works well. It will definitely increase the value of WING. Little impact on TVL, users can still do ordinary borrow/lend. I am curious to hear from tech team if they can make it happen soon!
Tech team says that, if vote passes, would take about 2 weeks to create the auction system that would allow WING to be used as insurance to cover the other assets.
I really like this idea. It would def increase the utility of WING quite a lot, and in would incentivize people to hold WING should someone need to be liquidated. 100% support this awesome idea. It’s very functional.
Wing is a good project but increasing its utility is a major concern. Making wing a sole insurance asset might not make it, but it would be a great step forward.
Over time, you must gradually increase the collateral rate of Wingcoin to at least 60%~80% of the loan amount of all coins. For example, if there are 1000 Wing Coins and 4000 DAI, the amount of DAI that can be borrowed does not exceed 3 times the sum of the above ratios. If the collateral ratio of Wing Coin is insufficient, you cannot borrow more DAI. I say conditions like this.
More details for further discussion:
Change the mechanism of Insurance Pool for Flash pool when the feature is online;
10% WING incentive for Flash Pool will go to Insurance Pool first;
These 10% WING incentive will only split to WINGs in the Insurance Pool;
Other kind of assets will not receive WING incentive in the Insurance Pool anymore;
Other kind of assets can only be surrendered from Insurance Pool;
72hr lock time will be canceled for other kind of assets;
Secondary Insurance will be paid by WINGs in Insurance Pool at the market price at the time of secondary liquidation;
I agree. Let’s move it from Proposal to Vote to gain more utility and value for WING.
I agree. Make WING GREAT AGAIN
The voting is live. Check here
The voting result is Yes, check voting detail here