WIP-33 Launch an BSC version of Wing (FOR)

New Markets
1

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%)

Liquidation Bonus:
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.

1 Like
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I def think this is needed. It’s one of the most commonly requested items.

2 Likes
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True, people ask for BSC version everyday

1 Like
4

Yes, plan is clear and well put out. BSC should be next to launch after ETH.

5

Hope to go online soon

1 Like
6

i totally like this propopal, implement it asap

1 Like
7

propopal= proposal :wink:

1 Like
8

totally agree and support BSC version idea.
shouldn’t be difficult to do it just after or together with ethereum version

1 Like
9

Vejo como muito relevante e necessário. Muito bom!

10

BSC with Binance Bridge to ONT and their low fees will be great for the ONT chain to swap assets. :+1: I think this is the next step forward to $1k.

1 Like
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I suggest the distribution of WING incentives as follows:

Take a snapshot for the Borrow amount each block on the previous day, and the distribution of WING incentives should be based on 90th percentile of Borrow amount previous day.

12

Yes this should be done soon! eth version a bit expensive :)))

1 Like
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In my opinion, ONG should not be one of the initial assets since ONG has little usage on BSC.

1 Like
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If it was on me, I would launch bsc prior eth version. So go go go :sunglasses: its definately good time to launch, since bsc is very popular due to low fees and basicaly accessibility of same tokens as on eth.

1 Like
15

That depends, bsc users can borrow ONG and flip it with binance bridge to ontology ong and use there. Or they can just speculatively borrow to sell at spike.

1 Like
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The vote is live. Check here.