WIP-14 New Usage for WING: borrower can only get WING APY by locking WING (Yes)

There are a lot of discussions in the community recently about increasing the use of WING,
for example:

Inspired by Erick’s proposal and one of the replies, I have the following proposal:
1% WING Vault:
1 If borrower want to obtain WING APY on non-WING assets, they must be locked in WING at 1% of the value of Borrow assets.
2 The locked WING is placed in a Vault separately, and won’t get WING APY and won’t be loaned out.
3 Only when the loan is paid off, the corresponding pledged WING will be unlocked. WING will not be unlocked with part of the repayment.
4 After going online, the previous Borrow assets will no longer receive WING APY, they must be paid off and borrowed with WING locked.
5 WING of 1% of the asset value is only calculated at borrow time, and there is no need to increase or decrease no matter how the price fluctuates before it is paid off.
6 Liquidation is similar to repayment, if all the loans are liquidated, WING will return to the original account
7 When the second liquidation occurs, this part of WING will be paid in advance. If there is any remaining after the full payment, it will be returned to the original account.

There are still some questions to discuss, such as:
1 Is borrowing without WING locked allowed? Personally I support that.
2 Should the locking-WING proposal works on Supply side as well?
3 Is 1% too high or too low?


I strongly agree with your vote. Can you add a feature that gives you a maximum of 1% to 5% APR preferential treatment as you have more wings?

No.1. Wing Coins must be locked and allow more borrowing (for example, to allow loans of 2 to 3 times the value of Wing Coins) and provide benefits.

No.2. Wing APY works, but requires at least 24 to 72 hours of waiting time for APY to occur. And fixed at low APY

No.3. If the ratio of the wing coin is correct when borrowing other coins, the ratio of the wing coin must be increased by 30% or more.

Right now, I think the purpose is to enable the function, and I think it is right to adjust the ratio after voting.

I Agree with your proposal, it’s some sort of frankenstein version of everything being discussed already but best looking I must admit, I will support it 100%

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This proposal should be pushed into WIP ASAP. Expanding WING’s usage is definitely the right way to stop people from farming free WING with their stable coin in pocket. Not sure how long would it take for the dev. Seems a great amount of work. Can we have tech team’s reply on this idea?

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All the recent proposals have been quite constructive. Let’s keep the ball rolling, more reasons to hold WING.

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TVL is dying. Is binance the main player of wing finance?? They are manipulating the price and the TVL?

??? Wing team can you respond?

It’s simple, the WING APY is down with the distribution rate down. Money left because of no profit.

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This approach can indeed increase the value of wing

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I agree with this, to avoid some people using WING to short WING

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I am very worried about the reappearance of SBF in Wing, so this suggestion is quite valuable, at least it can prevent the death spiral of one-way shorts from appearing

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After oscore goes online, more people will be encouraged to participate in lending on the wing platform, which will allow more wings to be locked

Again, this is an amazing way to improve the tokenomics structure. I think that I would also like to see tiered rewards, like Celsius, where the more wing you lock, the more APY you get.

2 is a very good way to prevent the farming across the board that has hurt Wing’s value.

  1. Complete repayment to unlock any of your wing could lead to problems with “dust”. We would have to solve that problem to implement this.

  2. I don’t understand this one.

  3. This is an important point, thanks for thinking it through.

  4. Original account being the locked WING on the defaulter? I would maybe like to see this be burned as a consequence of liquidation.

  5. Second liquidation could be the remaining wing locked, first, and then insurance pool. I don’t know if this is what you are saying here, but that’s my thought.

Additional discussion points:

  1. Borrowing without lock for no apy rewards is fine.
  2. I don’t think Supply should have any barriers, and the supply side should have the lowest risk.
  3. I think 1% may be too low. Celsius has a non-locked 10-30% model to incentivize holders with increased rewards. They have no minimum to receive minimum rewards, but the 10-30% model is really nice. I would say we should have 3-5% lockup required to get rewards.

4 means the current loaning asset won’t get WING APY anymore after the feature online
6 if borrower gets full liquidation, I think it’s reasonable to give these WING back to borrower
7 that’s correct

Additional discussion points:
1 agree
2 agree
3 if borrowed amount stays still after the feature online, 1% locked WING equals $350k. It’s about 40k WING and 6% of circulating supply at current price. 3% will be 18% and 5% will be 30% of that. I’d say 3% may be a good start

The vote is live. Check here

The voting result is Yes, check voting detail here