WIP-11 Implement Wing farming with ONG tokens (Yes)

New Markets
1

In order to boost Ontology ecosystem, lets implement $WING farming option with ONG tokens. Ontology community seek an usecase of ONG tokens since day 1, for example staking ONG. Basicaly it works the way you stake ONT tokens, get ONG as rewards, but than there is no other significant usage of ONGs, instead of transaction fees, so usually those ONGs goes straight to the market to either sell for ONT or other coins.

If we add value to ONG the way we implement its staking to farm $wing, that should lead to less ONG heading to the market over time, which may have positive impact on price of ONG. If ONG value rise higher, automatically node staking rewards are also higher. That can of course attract more users to staking, which again increases demand for ONT tokens.

How to do it ? We could implement it as normal asset, with lend, borrow and insurance pools, but also and what I see much more interesting and significant, as ONG is in my opinion very special due to it is fuel of entire ecosystem, we could create special place for it. My vision is as follows:

Add ONG staking feature at Wing platform, where users can lock the tokens for specified period of time, which could be very similar to node staking, or also guided by consensus rounds duration. So lets say its consensus round 55, you decide that you want to stake your ONG tokens to farm $WING, so you submit transaction, and your stake will be activated with start of round 56. If you decide to unstake, it will get unlocked by the end of the round when you decided to stake. There could also be some minimal and maximal staking periods specified, in case the round takes too long or too short time.

Where to get $WING tokens ? If current distribution curve is set to 0.06 wing/s, we could decide to allocate 0.01 of it to ONG staking rewards, or other option is to increase it to 0.07 and take 0.01 allocation of that, than it would not influence current wing APY rates for other assets. I believe there may be also other options, so lets discuss.

Lets also discuss what do you think about it guys, I believe, that if we want to achieve positive value development of ONT tokens (which automatically increases interest of wider audience, so more people come, research, invest, build…), we need to think more about ONG usability.

2 Likes
2

Personally, as ONG is a a gas token, I don’t personally think that there will be much demand for borrowing it aside from speculation. I think the support for other tokens should come first–hype tokens and shorting tokens to increase TVL and general adoption. As each token is supported, WING/pool rewards will decrease overall, so we should choose carefully which tokens we support first.

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As I wrote above, I know its a gas token, therefore I would like to see unique mechanism for ONG. Not lend, borrow and insurance pool, just staking ONG, but with lock periods. Entire Ontology ecosystem will benefit from it, because when ONG has higher market value, it mean normal node staking has higher returns and that drives also ONT price, when demand increases. If price is growing, more people are attracted to Ontology ecosystem, therefore also to Wing platform :sunglasses:

4

Its not a short term observable effect, but mid to long term for sure.

5

Ah, my bad. I misread. I should really stop reading things first thing in the morning. As a staking incentive to bring more marketing and attention on WING, it’s not a bad idea. Sorry. I do like this idea, then.

1 Like
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Staking is an interesting idea. WING should be supported first other than ONG. But we need discuss it more since it’s a fresh new feature which takes a lot manpower to develop it. I don’t want to see it fails

8

This is a very interesting idea. ONG has indeed been ignored for too long. It is the current choice to incorporate it into Wing. We can discuss this issue.

9

Farming more Wing for the sake of using ONG well no one will support this in this community.

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I think you can even consider directly launching a vote to include ONG in Wing’s borrowing, lending, and insurance, which will further strengthen the asset attributes on the ontology

11

Wing is based on Ontology, so ONG should be supported. But since Wing is a lending/borrow project, ONG should be traded as a normal asset not a special which could earn WING without any risk.

12

Currently, Ontology Coin does not function in wing dao. In particular, Korea is in high demand for KLAY coins. Orbit chain coins are also the same. I think the craving for staking for all coins is the same.

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I’d like to propose this:
Adding ONG as an asset in Flash Pool and set parameters as:
set collateral factor as 40%;
set WING APY weight as 1;
turn on Insurance feature;
set Insurance lock time to 72hrs;

1 Like
14

You can start a new proposal for new Tokens and ask community to support it

15

reasonable rate, agreed

16

I agree to add ong to wing :grinning:

17

The voting is live. Check here

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The voting result is Yes, check voting detail here

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New Markets Category is created, I moved this topic to the New Markets category.