In the previous part of our Wing Finance Flash Pool article series, we have explained the following things: how you can install and set up the MetaMask and Cyano wallets, get ONG (Ontology Gas token) from Binance, swap ERC-20 tokens into p-tokens, and add tokens into the Cyano wallet.
In this article, we explain the later steps, i.e., how you can supply the p-tokens in the Wing Finance Flash Pool and earn Wing tokens.
Users can now deposit the p-tokens into the pools.
Click on pools on the upper part of the page, it will redirect you to this page.
Connect your Cyano wallet.
The Flash Pool landing page contains the following details:
- Pool overview (total supplied, borrowed, and insured amount)
- User’s dashboard (contains the supply and borrowed information)
- Liquidation pane
- Supported assets (supply and borrow)
You can see the list of supported tokens in the supply and borrow pane.
To supply your p-token (pETH here), go to the Supply pane and click on it.
Fill in the token amount you want to supply as collateral and confirm the swap activity.
And finally, confirm the transaction in your Cyano wallet.
Important: We need to have ONG (Ontology Gas) tokens in your Cyano wallet to pay for the gas charges in the Ontology chain.
You can get the ONG token from Binance.
Once the transaction is successful, you can see the supply tokens in your dashboard.
Users start receiving WING incentives immediately after supplying pETH.
If you want to borrow an asset, you have to first provide collateral.
Enable the token as collateral before actually providing it as collateral.
To enable pETH as collateral, toggle the collateral button.
Confirm the transaction activity. You can now see the collateral button becomes green in the dashboard. This collateral can be used to borrow other assets.
Once you have supplied collateral, you can now borrow tokens against it.
Here, we want to borrow pDAI.
Enter the amount of tokens you want to borrow. It is always recommended not to borrow the max amount to avoid liquidation.
One important thing to note that the borrowing page gives you an option to receive a WING token as an incentive. You can check this box, which will lock the amount of tokens equivalent to 3% of the WING token.
Once the transaction is successful, you can see the borrowed amount in your dashboard.
Users will not receive WING incentives through borrowing assets in the Flash Pool. Hence, in the above screenshot, you will find the WING earned field is blank since we have not checked the 3% asset lock checkbox.
You can now check the borrowed amount in your dashboard.
At any time, you can repay the amount that you have taken out as a loan.
Go to the Repay tab and enter the amount you want to repay.
One thing to note that if you have locked a 3% WING token amount during borrowing, you will not be able to unlock it until you repay the entire amount of the borrowed token.
Confirm the transaction. Once successful, you can see the borrowed amount becomes zero in the dashboard.
If the users have repaid the amount of the borrowed token and no longer want to use the platform or simply want to take out the amount locked as collateral, they can go for withdrawing the supply token.
To withdraw, go to the tab and enter the amount you want to withdraw.
Click MAX if you want to withdraw both the principle and the interest that you have earned.
Once the transaction is successful, you can see the Supply Balance becomes zero in your dashboard.
All the tokens are reverted to your Cyano wallet along with the WING token earned as incentives.
Insure WING in a Flash Pool
An address can insure Wing in the Flash Pool if the address isn’t supplying or borrowing WING in the Flash Pool.
Click on Insure and confirm the transaction.
Now you can see the WING token in the Insured pane.
You can withdraw the insured WING token after 72 hours of your insurance.
In case the user’s borrowed limit reaches 100%, his collateral will be liquidated.
Users joining the Insurance Pool are granted the privilege of liquidating collaterals of a breached user at a preferential price.
Click on the Liquidation link, it will show the list of borrowers. From there, you can select the borrower whose liquidation value is reaching 100%.
We have selected the above account address as its borrowing limit is reaching 100%.
The Debt to Cover indicates the type and amount of tokens the breached user needs to liquidate.
Enter the amount of debt you want to pay for the breached user, and the application will show you the amount of collateral you will receive for this liquidation that includes an 8% liquidation bonus.
Confirm the transaction and the new collateral will be displayed in your Cyano wallet.
Wing Finance is one of the initial DeFi projects in the Ontology blockchain. With the dominance of Ethereum in the market, there is that extra step of converting your ERC-20 assets to an OEP-4 token. However, that makes sense once you start using the platform. It has all the standard features which an ideal DeFi platform should have. A strong user interface can bring this project to the forefront. We have been looking for a decent low-cost alternative in other chains, and Wing Finance can be an ideal position there. We hope that as the number of supported tokens increases, it will attract more users to the platform in the future.
Resources: Wing Finance official website