WIP-28 Launch an Ethereum version of Wing (For)

New Markets
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As stated in 2021 roadmap, Wing is going to launch an Ethereum version of Wing. The rules of Wing Flash Pool on Ethereum will be similar to that on Ontology but differ in some details. We’d like to post a discussion here first, so that our final version of the plan can be more complete.

Basic Flash Pool Rules can be found here.

Different Rules of Flash Pool on Ethereum
Initial Assets: wBTC, ETH, pONT, pWING, USDT, oneWING, mTSLA.
oneWING is a a WING-backed stablecoin. Find details.
mTSLA is the token of Mirrored Tesla, which is a tokenized stock. Find details.

All these assets will be eligible for Supply Pool and Borrow Pool, but only pWING/oneWING/pONT will be eligible for Insurance Pool.

Asset Collateral Factors:
wBTC (75%), ETH (75%), pONT (60%), pWING (40%), USDT (80%), oneWING (85%), mTSLA (60%)

Liquidation Bonus:
wBTC (8%), ETH (8%), pONT (8%), pWING (8%), USDT (5%), oneWING (5%), mTSLA (8%)

Lock pWING when Borrowing:
When borrowing assets, it will be by default and not optional that borrowers have to lock pWING worth equivalent to 3% borrowed assets.

WING Incentives Distribution:
WING Incentives will be distributed to both Wing on Ontology and Wing on Ethereum. They will share the same WING from daily distribution, but distribution ratios, computing cycles and other details are open to discussion.

For the version of Wing on Ethereum, WING will be swapped to pWING and then distributed. Distribution ratios of pWING to Supply Pool, Borrow Pool, Insurance Pool will be 45%, 45% and 10% respectively. The distribution model of pWING within Flash Pool on Ethereum will be the same as that of WING within Flash Pool on Ontology.

Proposals & Votings:
Only WING will be eligible for initiating proposals or votings. pWING need to be swapped back to WING to participate Wing Governance.

Others rules not mentioned above will by default be the same as rules of Flash Pool on Ontology.
If you have any ideas, feel free to leave a comment.

4 Likes
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It will be a great step forward! Let’s act quickly.

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This is big for WING holders. For sure it will expand WING exposure to other people and will only support the amazing WING platform. I love it

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I think an Ethereum version of Wing is very exciting and the two new assets will be welcomed by many users.

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Rules seem appropriate. I’m looking forward to the new version.

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It’s good news that not only pWING, but also oneWING and pONT will be eligible for Insurance Pool.

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It’s a very good idea. Launching a version on Ethereum will make it much easier for ethereum users to try Wing.

9

This new version will speed up the development of Wing.

10

Now that the Ethereum Gas is so high, I am worried that the Gas of the Ethereum version of Wing will be very high after it goes online, which will scare some people away.

11

Great, I believe that after the Ethereum version of wing is launched, it will enhance the application of WING and increase the value of WING.

Especially looking forward to it!

1 Like
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Good to see oneWING as an initial asset. In WIP-24 we voted to create a stable coin back by WING and it’s already launched. Hope that oneWING and WING will form a positive feedback loop.

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It’s a little bit too risky to have mTSLA as an initial asset. We’d better discuss whether to add mTSLA or not another time.

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To reduce potential risks and controversy, we’d better avoid too many changes of rules. I think borrowers should still have a choice of whether to lock pWING. And pWING should be the only asset eligible for Insurance Pool. We can discuss whether to add oneWING or pONT after the launch the new version.

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I suggest the distribution of WING incentives should be based on the medium Borrow amount of the previous day.

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@zzZZ @Lynn
Thank you for your comments and ideas, we will change accordingly.

17

This would be a great steps to the moon…:grin::grin::grin: