Assets mentioned in this article refers to BEP-20 asset.
Now the Ethereum version Wing is about to launch, and the technology is relatively mature. At this stage, the BSC is very popular and the fee is very low, so I suggest to launch a BSC version of Wing. The rules of Wing Flash Pool on BSC 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 BSC
Initial Assets: WING, ONT, ONG, BNB, BUSD, USDT, USDC, DAI, BTC, ETH
BNB is the native currency on BSC, the same as ETH on Ethereum. Find details.
BUSD is the most widely used stablecoin on BSC. Find details.
All these assets will be eligible for Supply Pool and Borrow Pool, but only WING will be eligible for Insurance Pool.
WING, ONT, ONG will swap from Ontology to BSC by Binance Bridge, and BTC will swap from BTC to BSC by Binance Bridge, and USDT, USDC, DAI, ETH will swap from Ethereum to BSC by Binance Bridge.
Asset Collateral Factors:
WING (60%), ONT (70%), ONG (60%), BNB (75%), BUSD (80%), USDT (80%), USDC (80%), DAI (80%), BTC (75%), ETH (75%)
WING (8%), ONT (8%), ONG (8%), BNB (8%), BUSD (5%), USDT (5%), USDC (5%), DAI (5%), BTC (8%), ETH (8%)
Lock WING when Borrowing:
When borrowing assets, it will be by default and not optional that borrowers have to lock WING worth equivalent to 3% borrowed assets.
WING Incentives Distribution:
WING Incentives will be distributed to Wing on Ontology, Wing on Ethereum and Wing on BSC. 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 BSC, WING will be swapped to WING and then distributed. Distribution ratios of WING to Supply Pool, Borrow Pool, Insurance Pool will be 45%, 45% and 10% respectively. The distribution model of WING within Flash Pool on BSC 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. WING need to be swapped back to WING to participate Wing Governance.
Other rules not mentioned above will by default be the same as rules of Flash Pool on Ontology.
Do you have any other ideas? Feel free to have you say.