Wing Finance Coin Price & Market Data
Wing Finance price today is $19.17 with a 24-hour trading volume of $18,896,200. WING price is down -1.3% in the last 24 hours. It has a circulating supply of 2 Million WING coins and a total supply of 3.09 Million. If you are looking to buy or sell Wing Finance, Binance is currently the most active exchange.
What is Wing Finance?
Wing Finance is a decentralized finance (DeFi) platform built by the team behind Ontology that supports cross-chain interactions between various protocols. The Wing team created an innovative credit valuation method designed to support its credit-based lending and to increase transparency. The project aims to create a fair and synergistic relationship between borrowers, creditors, and guarantors through decentralized governance and its own risk control mechanism – which opens doors to a larger range of DeFi projects accessible and implemented on the platform. Wing is a decentralized autonomous organization (DAO) that allows users to participate in decision-making, product design, and operations.
How does Wing work?
Though lending in DeFi is rampant, it is not as accessible to many as it was meant to be. Despite the openness and permissionless nature of platforms, over-collateralization requirements have restricted the ability to make loans to borrowers because borrowers needed to own a ton of digital assets in the first place. Essentially, Wing was created to solve the issue of over-collateralization that pervades the DeFi industry – to engender an inclusive ecosystem.
The project’s goal is to make lending services in DeFi more accessible. The Wing team’s credit evaluation system known as OScore removes the need for large collateralization.
OScore’s credit scoring mechanism examines the user’s balance and lending/borrowing history. It is able to support Bitcoin, Ethereum, and Ontology blockchain and automatically generates a quantifiable credit score for a user. So, since borrowers have to rely on their OScore data for loans, the collateral needed is lowered. Thus, Wing improves trust, transparency, and security within its own platform, and also taking the DeFi industry a step up.
As such, it is a credit-based DeFi platform that is able to support cross-chain interaction across the asset lending market. There are several functions in Wing:
- Flash pool: A collateral pool that supports asset lending, coupled with an Insurance Pool that aims to cover assets risk. Powered by Ontology, it can support various native cryptocurrencies rather than relying on the wrapped version.
- Borrowing: Any user can borrow from the flash pool, provided they meet the collateral and OScore requirement for their loan.
- Lending: Any user can supply their cryptocurrencies in the Flash pool which will then be used to lend to borrowers. Lenders receive interest in both the crypto supplied and WING.
- Community: Wing DAO allows community members to submit proposals for DeFi services on the platform, or become an investor on the platform, without the need to obtain prior interaction with the blockchain. The community also makes decisions independently on product launches.
Activities such as depositing, withdrawing, borrowing, repaying, insuring, surrendering, and other contracts on the Wing platform will cost 1-5 Ontology Gas (ONG) in handling fees, which ultimately depends on the complexity of the contract performed.
What is WING?
WING is the native token for Wing Finance. It serves three purposes:
- Governance: Holders of WING token can participate in the governance of the Wing DAO community. Participants can vote for the launch of new products, product application rules, allocation of funds within Wing DAO community fund and any other new governance proposals for the community.
- Incentives: WING can be earned by carrying out supplying, borrowing and insurance actions in Flash Pool and Inclusive Pool. These rewards are allocated based on the user's contribution to the DeFi projects on the platform.
- Release: 80% of the total supply of WING will be released regularly as a form of liquidity incentive and deposited-based incentive. The remaining 20% will be kept in escrow for the Wing DAO community fund with the purpose to ensure long-term community governance, risk control and emergency response actions.
How do I get WING?
You can browse through the various centralized and decentralized exchanges by heading over to our exchanges page.