Wing Finance Community Auction
Wing Finance community auction started May 23rd, 2022. Since the 4th governance vote for the Wing DAO community was successfully passed, the Wing team has started the buyback process of a total of 1 million WING tokens.
The WING tokens will be bought back gradually with 100% of monthly revenues going towards the repurchase in the 1st month. Followed subsequently with a 10% decrease each subsequent month until the buyback rate flattens out at 50% of monthly revenue.
The buyback will end once a total of 1 million WING tokens have been repurchased. WING is the governance token of Wing Finance. It is also use to vote on and determine the outcome of WING Improvement Proposals (WIPs). WIN also use to staked in Wing’s Insurance pool to provide security/insurance to the protocol/suppliers. Stakers can earn staking rewards from the protocol.
BRIEF INFORMATION ABOUT THE WING FINANCE ECOSYSTEM
Wing is a credit-based cross-chain DeFi platform that plans to work on the
following things.
- DeFi DAO — s an autonomous organization set up to support decentralized
finance. Participants in this type of DAO can contribute to DeFi product design
and operations through a proposal system. - Integration of Credit Elements — By introducing credit elements into decentralized financial services, decentralized verification of applicants’ relevant qualifications can reduce or eliminate the need for collateralization in different products, and provide digital credit financial services.
- New Types of Collateral — The integration of new types of collateral, divided into two stages. The first stage is to implement cross-chain asset collateralization and the second stage is to explore the possibility of digitizing and collateralizing more types of
assets, such as NFTs and real-world assets.
Wing DAO
In addition, Wing DAO can support community proposals to establish new asset market product pools. Each product pool has three components: a lending pool, a borrowed pool, and a risk control margin pool (optional). 5% of the interest revenue from each loan deposited back into the margin pool.
Moreover, monthly revenue doesn’t include OKCNetwork, BNBCHAIN, Ontology EVM chains, or the Inclusive Pool.
ABOUT Wing Finance
Wing has built a decentralized finance platform to support cross-chain collaborative interactions between various DeFi products. Combining the platform’s decentralized governance model, the risk control mechanism introduced by Wing promotes a healthy, benign relationship between borrowers, creditors, and guarantors, allowing the implementation of a wider range of DeFi plans on the platform and thus providing users with more DeFi products of premium quality.
RESOURCE
Medium | Wing Finance
