Wing’s July status: financials and other highlights

By: Daniela Kirova
Daniela Kirova
Daniela was born in Bulgaria, grew up in Chicago, and then moved to Michigan to attend the University of… read more.
on Aug 2, 2021
Updated: Aug 3, 2021
  • TVL peaked at $210 million on July 28, which is a monthly increase of $46 million or up by 28.19% from June
  • Wing Assets Risk Model released, testifying to the platform’s commitment to ensure user asset safety
  • The Wing Reserve Factor Standardization Model is involved in sustainability of the DeFi ecosystem

Wing continued its Risk Model Series, whose goals are to create a safer and more secure decentralized lending platform and bring more reliable risk methodologies into DeFi, throughout July. The highlights were published in a detailed report.

Finance web UI upgrade, new “Brand” page, and more

Wing upgraded their Finance web UI to ensure a seamless user experience and created a new “Brand” page for those who want to know more about the platform’s background and vision. In July, Wing’s Ontology (ONT/USD), Ethereum (ETH/USD), and OKExChain versions kept running smoothly. TVL peaked at $210 million on July 28, which is a monthly increase of $46 million or up by 28.19% from June.

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After a notable upgrade to Wing’s Ethereum version, it became the first decentralized lending platform in history to enable collateralization of UST (UST/USD) assets. Wing DAO community members were active in community activities and governance. The Wing PolkaPets NFT Holder Airdrop event commenced on July 1. It drew a lot of participants in the Wing Flash Pool (Ethereum).

Wing Assets Risk Model

The release of the model testifies to the platform’s commitment to ensure user asset security and perform accurate assessment of the risks of platform-supported assets. Wing’s risk control team continues to work on Collateral Factors, Reserve Factors, and other standardized models with the purpose of developing a more trusted decentralized lending platform.

The Reserve Factor is the fee borrowers pay Wing. It’s a key component of their business model and an important part of the interest rate model. The Reserve Factor Standardization Model is implicated in the sustainability of the DeFi ecosystem. Community members proposed to adjust the Reserve Factor for several assets on the Wing platform. This triggered intense debate prior to voting.

Added xICHI to Ethereum Wing Flash Pool  

As a result of collaboration between ICHI and Wing, the staked form of ICHI was added to the Ethereum Wing Flash Pool. This form makes money from fees collected through the ICHI platform. This way, lenders on Wing earn three times the rewards in the form of WING rewards, interest, and ICHI rewards.

Prospects

In the future, WING expect to keep improving their Assets Risk Control Model and continue with pWING liquidity mining activities as well as add synthetic assets to the Ethereum Wing Flash Pool.

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