Over the past year, Wing Finance has been developing and innovating according to its 2021 roadmap. In addition to launching on the Ontology chain in 2020, Wing has successively launched its Flash Pool on Ethereum, OEC (formerly OKExChain), and Binance Smart Chain in 2021.
In the process of continuously developing new pools, Wing has also added support for many new assets. The Wing Flash Pools support a total of 61 assets, of which there are 13 assets in the Ontology pool, 18 assets (including PAXG, a synthetic asset) in the Ethereum pool, 12 assets in the OEC pool, and 18 assets in the BSC pool.
In April, Wing launched Any Pool to deliver the vision of “decentralized lending for everything”, and cooperated with UPRETS to introduce real assets into Any Pool for the first time, generating nearly $1 million in loaned value.
With the expansion to new chains, new assets, and new pools; Wing’s TVL has trended upwards, despite market volatility throughout 2021. TVL demonstrated strong growth during the first five months of the year, growing from ~$72 million to ~$329 million, before falling slightly and remaining reasonably stable at ~$200 million for the remainder of the year. The year ended with the TVL having increased by over 125% from the start of the year.
Wing also cooperated with SushiSwap on Ethereum, KSwap, and JSwap on OEC, and ApeSwap and BabySwap on BSC to hold liquidity mining events, locking up a large amount of WING, and providing large amounts of liquidity for the Wing Ecosystem. In addition, Wing also held a series of events based around the themes of voting, Wing’s birthday, and the opening of new pools, and many AMA and social media events. These events attracted the participation of a large number of new users, and the number of Twitter followers and the Wing DAO community has reached a record high.
WING FINANCE Plan for 2022
Innovation and optimization are key to the development of the Wing platform. During 2022 Wing propose focusing on the following areas to ensure the continued optimization of functions for the Wing Flash Pools.
During 2022, Wing suggest that further risk control optimization is undertaken. These optimizations include the establishment of the Inclusive Pool scoring system, the adjustment of the asset parameters to balance the security of the lending pool and the needs of the business, and the expansion of new lending functions pool, all of which need the support of a comprehensive risk control system.
Wing hope to launch a new front end interface in Q3 of 2022, developing branding that deeply connects with, and is recognizable by, its users. Wing aims to further develop the branded design, and fully establish a unique theme and style for the interface. Whilst there has been a degree of optimization to the front end, there is still work to be done to refine the display of data, and develop the overall style for Wing. Furthermore, improved functionality can be developed to improve the overall user experience.
- INCLUSIVE POOL
Under-collateralized and unsecured lending offers a unique opportunity in the DeFi space. Wing is well placed to be the leader in creating a decentralized, undercollateralized, and even unsecured lending.
- FLASH POOL
The following optimizations are recommended for the Flash Pool contract functions.
1.Collateral Liquidation — Enabling users to directly use the collateral in the pool to liquidate others. There would be no need to withdraw to a wallet and then liquidate, reducing the user’s number of steps to liquidate.
2. Collateral Repayment — Enabling users to repay collateral directly after being exchanged through a DEX, eliminating the need for users to exchange and repay with a DEX.
3. Collateral Swap — Enabling users to directly exchange the collateral in the pool for the assets they need to directly collateralize, without the need to withdraw and then go to a DEX to exchange, the same as above.
- ANY POOL
In 2021, the Metaverse ushered in accelerated development, and drove the investment boom in the NFT and GameFi markets. NFT and GameFi are also predicted to be popular markets in 2022. Many users’ NFTs are stored in their wallets. Although they are of high value, many simply sit idle unless they are sold. In order to solve the pain point of utilizing an NFT stored value, without having to sell it in a poor liquidity market, NFT mortgage lending came into being. Wing’s Any Pool can also meet such needs.
Wing Finance should continue to expand into new areas and attract more users to participate in Wing.
Adding more kinds of assets:
- Stablecoins — Wing should provide suitable solutions in a targeted manner, such as supporting more popular stablecoins (such as UST, etc.), improving the liquidity of already supported stablecoins, adjusting the WING lock ratio of stablecoins, and the WING incentive distribution ratio, optimizing the collateral factor and kink point model of stablecoins, etc.
- Long tail assets — The introduction of more long-tail assets such as trading pair liquidity provider (LP) tokens, derivative assets, cross-chain assets, and governance tokens can attract more users, and create a new way to form differentiated competition with other DeFi projects.
Wing Finance will focus on top cross-chain Layer 1 assets as the direction of future asset growth, such as DOGE, SHIB, DOT, BCH, etc. These assets have sufficient liquidity and have a large number of holders. The introduction of these assets is a way to attract new users from very different corners of the blockchain space.
The development of the Wing DAO is also one of the important components of the ecosystem. The best practices of DAOs are evolving as governance tools are gradually getting better. As a DAO, Wing needs to attract more users to participate, so as to deepen the consensus strength of Wing, activate the community, and allow everyone to work together to push forward on the development of Wing. The following are examples of 2 directions that can be exerted in 2022.
ABOUT Wing Finance
Wing has designed and is building a DeFi platform dedicated to the digital asset lending market, supporting cross-chain collaborative interaction between various DeFi products.