WIP-50 Upgrading oneWING to ICHI V2 (For)

Co-authored by Erick Pinos


$oneWING is not currently supported on ICHI V2 and does not benefit from the new Decentralized Monetary Authority (DMA) model and all its benefits:

  • A new user interface at ichi.org,
  • 80+% lower gas expenses when minting and redeeming,
  • Single-step deposit for ICHI rewards (no required LP provision),
  • A pluggable infrastructure that enables it to earn yield across DeFi,
  • Protocol-provided Uniswap V3 liquidity for oneWING and pWING,
  • Higher levels of $ICHI rewards,
  • Audits by Quantstamp and Solidified.


$oneWING was the first ICHI partner stablecoin launched on ICHI V1 in February of 2021. As of 11/13/2021, $oneWING represents over 74% of stablecoin borrowing and lending in the Ethereum flash pool at wing.finance. This is nearly 5X more than the other 4 stablecoins (USDT, USDC, DAI, and UST) combined.

However, there is room to improve in terms of the $oneWING treasury as it is 97% backed by USDC because of 3 factors: 1) $pWING was not lent to the $oneWING treasury, 2) most $oneWING was minted when $WING price was $40-$60, and 3) Ethereum $pWING liquidity has been inconsistent since the launch of $oneWING. The relaunch of oneWING will solve these problems.


Following the treasury and minting strategies for $one1INCH, $oneFUSE, $onePERL, and $oneMPH, we believe that we can relaunch $oneWING on ICHI V2 to achieve the following goals by 1/30/2022:

  • $500k pWING captured during $oneWING minting
  • 10M supplied and borrowed $oneWING
  • 2M $oneWING deposited to ichi.org and earning ICHI rewards
  • $500k protocol provided $oneWING-$USDC liquidity on Uniswap V3
  • $500k protocol provided $pWING-$USDC liquidity on Uniswap V3


ICHI to:

  • Deploy a Decentralized Monetary Authority (DMA) for the Wing.finance community, building a Branded Dollar backed by both $pWING and $USDC;
  • Provide 25,000 ICHI over 3 months to $oneWING deposits at ichi.org.

WING to:

  • Provide 5000 pWING to $oneWING supplying and borrowing over 3 months;

  • Deposit 10,000 pWING to the $oneWING treasury to bootstrap a 75%-25% USDC-pWING minting ratio, ensuring strong pWING demand

  • Enable 10x multiplier of pWING rewards for the first week of Stable WING V2 deployment.

What happens with the V1 oneWING token?

It is renamed as $oneWING (legacy). The reward rates are gradually lowered to 0 ICHI on ichi.farm and 0 pWING on wing.finance. All outstanding oneWING (legacy) tokens will be 100%-backed by USDC and will continue to be redeemable 1:1 for that USDC. Additional funds (in pWING and USDC) will be transferred from the legacy $oneWING treasury to the v2 Stable WING treasury. Users will unwind their $oneWING (legacy) positions and create new $oneWING positions as they see fit.


Good idea, I think this is a great improvement for both communities.

Last but not least, we should gradually dislist oneWING V1. First, we need to adjust the Reserve Factor of oneWING V1 to 100% on the day of launching oneWING V2, and adjust the Distribution Weight to 0x.


Yes, great idea, and after BSC :sweat_smile:

1 Like

If oneWING v1 goes offline, how can I change oneWING V1 to oneWING V2?

I have a question.
As a holder of oneWING V1, will my assets be emptied if I don’t migrate?

I totally agree and look forward to the launch of oneWING V2 !

1 Like

Your oneWING V1 will be 100% backed by USDC so you will be able to redeem it for your USDC if you choose to do so. This ensures you are still able to get 1 USD of value for every V1 oneWING you hold.

You will then have two options for getting oneWING V2:

  1. Mint new oneWING on app.ichi.org with both pWING and USDC
  2. After oneWING V2 is launched we plan to create a Uniswap V3 pool with a minimum of $500k worth of liquidity where you will be able to directly swap USDC for oneWING V2.
1 Like

Your assets will never be emptied, They will be backed 100% by USDC and you can always redeem for USDC.

1 Like

When will the 10,000 pWING be withdrawn from $oneWING treasury?At what circulation?

I’m interest in the Collateral Factor and Reserve Factor of oneWING V2, do someone have any suggestions?

@bajilulu withdrawing from the $oneWING treasury hurts the oneWING community.
Remove deposit → raise minting ratio → less pWING demand → less pWING locked
I would be interested to know why you would want to do that?

I think this tells the whole story - a community owning it’s own stablecoin preserve the value and strengthen it’s own scarce asset, and oneWING proved it can do so.

Migrating to v2 with all the benefits in lower gas, new UI with better visibility to ICHI users, and higher $ICHI rewards, and will also enable applying strategies on the collateral to earn yield. Makes sense

I think this proposal is a great opportunity to continue the WING<>ICHI collaboration. The oneWING branded dollar would enable the use of $pWING and $USDC backing the asset. This ensures stability of the branded dollar, creates a community treasury that becomes over collateralized over time, and can be used for yield and other incentives to drive Wing adoption.

$oneWING with ICHI V1 has been a great success. I would be very happy to see oneWING move to ICHI V2!

$oneWING is an OG from ICHI V1, not to mention a success. I’m loving the idea of taking flight with oneWING on ICHI v2. (sorry for the dad joke)

This is the WING of the community fund. If it is not returned, it is equivalent to spent.

As a community member, we care about any expenditure. We hope that every stroke can affect the entire ecology of Wing.

Understood - oneWING is built for the WING community with the intention of it being used to enhance both the community and the token’s value. After speaking with Yuki and Cedric from the team what we will look to do is create a multisig wallet that has 6 signers four of which will be WING community members and 2 of which will be ICHI DAO members. What this will do is ensure that the funds are still in the hands of/governed by the WING community. In other words, moving WING to oneWING is like moving money from your right pocket to your left pocket, all the funds are still under WING control. We will post the exact details here soon. @Mellion @bajilulu how does that sound to you all?

I think it is very reasonable!

Hope that our two communities can achieve a win-win situation! :heart_eyes:

1 Like

Hey all - @Yuki @CedricD and I worked through the terms for governing the new $oneWING treasury. Here is a link to the detailed terms for everyone to view. Looking forward to hearing any thoughts/feedback before we put this proposal up to vote!

After analysis by the risk control team, we recommend that the parameters of oneWING V2 are as follows:

Collateral Factor: 70%
Liquidation Bonus: 8%
Reserve Factor: 15%
Distribution Weight:1-7 days after launching 10x,and from day 8 will adjusted.

Regarding oneWING V1, it needs to be dislisted gradually. To prevent users from continuing to Supply oneWING V1, when oneWING V2 launching the parameters should be adjusted as follows:
Reserve Factor: 20% → 100%
Distribution Weight:1x → 0x