Ontology will upgrade its MainNet at 8.00 UTC, Feb 28, which will support EVM, details. It will support four virtual machines, including Native VM, NeoVM, WasmVM and EVM, becoming the blockchain that supports the most types of virtual machines. As a result, interoperability between Ontology and Ethereum will be achieved, and a suitable deployment/running environment will be provided for applications on Ethereum, which will then undertake Ethereum traffic.
So I think now is a good time for Wing to launch the version of Ontology EVM.
There will be several benefits after Wing launches on Ontology EVM:
- As the earliest lending platform that supports Ontology EVM, Wing can obtain the support of the chain and the attention of users on the chain to the greatest extent, thus bringing higher TVL.
- Compared to Ontology, BSC and Ethereum versions, Ontology EVM has a lower gas fee to facilitate users’ participation.
- Ontology EVM will provide ecological incentives to promote the deployment and development of DApps, so that Wing can truly integrate the ecology and produce synergistic effects.
- Ontology EVM will connect multiple bridges and DEX, making it easier for users to gain tokens and participate in Wing.
- As the ecology of EVM evolves, Wing will support lending of more specific tokens on Ontology EVM, differentiating itself with other versions of the chain.
The rules of the Wing Flash Pool on Ontology EVM will be similar to that on Ethereum, with slight changes listed below. If not specified, assets mentioned in this article refer to ORC-20 assets.
Initial Assets Supported:
WING, ONT, ONG, ETH, WBTC, USDT, USDC for supplying/borrowing. Only WING will be eligible for the Insurance Pool.
Asset Collateral Factors:
WING (40%), ONT (60%), ONG (50%), ETH (85%), WBTC (75%), USDT (80%), USDC (80%)
Liquidation Bonus:
WING (10%), ONT (8%), ONG (8%), ETH (5%), WBTC (8%), USDT (5%), USDC (5%)
Reserve Factor:
WING (30%), ONT (20%), ONG (25%), ETH (15%), WBTC (15%), USDT (10%), USDC (10%)
WING incentive weight:
All 1x
WING Incentives Distribution:
WING incentives will be shared between the Ontology, Ethereum, BSC, OEC and Ontology EVM Flash Pools. The total sum of the distribution ratio for the five Flash Pools will be equal to the current rate of 0.03/s. However, the allocation between the OEC, BSC, Ethereum, Ontology, and Ontology EVM Flash Pools will be decided based on the 90th percentile of valid borrowed amount from the previous day according to the block closest to 00:00 UTC for the present day. On the initial launch day of Ontology EVM Wing, 10% of the total aggregate valid borrowed amount of the Ontology Flash Pool, the Ethereum Flash Pool, the OEC Flash Pool and the BSC Flash Pool will be used as an initial estimated borrowed amount. The distribution cycle of the Ontology EVM Flash Pool will be per block, the amount of WING distribution for each block will be adjusted according to the block generation rate.
Therefore, the amount of WING incentives released for each block on the Ontology EVM Flash Pool will be the 90th percentile of valid borrowed amount of the Ontology EVM Flash Pool on the previous day / the sum of the 90th percentile of valid borrowed amount of each pool on the previous day * daily WING distribution amount / 86400 * the duration of each block.
WING (OEP-4) will be swapped to WING (OEC-20) and then distributed on the Ontology EVM Flash Pool. To reduce transaction costs, the Wing Team will swap WING (OEP-4) to WING (OEC-20) in advance, which will be sufficient for several days’ worth of distribution. For the initial launch, 5,000 WING (OEP-4) will be swapped to WING (OEC-20). The 5,000 WING (OEP-4) will come from the 375K WING (OEP-4) unlocked by the community fund in March, 2021.
Proposals & Votes:
Only OEP-4 WING tokens will be eligible for initiating proposals or voting. To participate in governance, WING (OEC-20) needs to be swapped back to WING (OEP-4). Other rules not mentioned above will by default be the same as the rules of the Ethereum Flash Pool.
looking forward to it!