Wing Flash Pool(OKExchain) User Guide
Last updated
Last updated
Wing Flash Pool Mining (OKExChain)
This guide is designed for ONTO Wallet users who want to mine WING tokens in Wing’s Flash Pool (OKExChain) by supplying, borrowing, or insuring assets. To start, make sure your ONTO Wallet is up to date with the latest version (v3.8.3 or later).
Reminder: We recommend your account contains sufficient funds to cover fees to ensure successful transactions for the following actions. They include but are not limited to: authorizing/conducting cross-chain transactions, and supplying, withdrawing, borrowing, repaying, insuring, surrendering and transferring assets.
If not specified, assets mentioned in this article refer to KIP-20 assets.
Downloading Your ONTO Wallet and Creating an ONT ID
Downloading ONTO Wallet
Options:
1. Visit the ONTO website https://onto.app/
2. For Android users, you can download the ONTO wallet by pasting https://app.ont.io/onto/onto.app/android/ONTO.apk into your browser and clicking “Get Started”.
Creating Your ONT ID (For First-time Users)
First-time users need to create their ONT ID. Open ONTO, create your ONT ID and click “Back up now” to back up your mnemonic phrase. You have created your ONT ID if the page says “Backup successful”. Users who already have an ONT ID can import it using their mnemonic phrase.
Adding Assets
OKT is displayed on the asset page by default. Other asset types need to be manually added to the asset page.
Click “+” on the Assets page and then enter the Token name or contract address of the asset type to be added to search. Click the plus sign/check on the right side of the search result to add After the addition is successful, you can view it on the asset page Asset type.
The Hash of the asset types that can participate in the Wing project can be viewed on the Docs page of Wing’s website.
Making Asset Swaps
Ontology chain and Ethereum chain assets need to be converted into KIP-20 tokens before participating in Wing’s Flash Pool (OKExChain). OKExChain chain assets do not need to be exchanged and can participate directly.
Deposit assets to your own OKEx exchange address. (Users can download and register for OKEx, here.)
After the deposit is completed, withdraw the assets to your OKExChain address. Remember to select OKExChain network when withdrawing.
How to Supply Assets in Wing’s Flash Pool (OKExChain)
Supply refers to loaned assets, from which you can receive interest and WING incentives. The interest income is paid in the same asset as the loan and the WING rewards are distributed in WING. Each asset class has an annualized rate of return shown as APY and WING APY, respectively. Each operation requires OKT for payment of transaction fees.
Supplying Assets
Step 1: Enter Wing Flash Pool (OKExChain)
After opening ONTO, click "Market" at the bottom bar to enter the market page. Then, click "Flash Pool (OKExChain)" to enter.
Step 2: Supplying Assets for Lending
In this section, we are using WING to demonstrate how to supply assets for lending. First, click the “Supply” tab. In the pop-up, click “Approve”, and adjust the fee. Click the arrow below after confirming the information. After entering your wallet password, click the arrow below to confirm again.Then, wait for approval to complete the authorization (only required for the first operation).
After the authorization is successful, enter the amount of assets to be lent in the pop-up window, or click the “MAX” button to lend all of your available assets Then, click the “Supply” button to confirm the information and click the arrow, below. Enter your wallet password and click the arrow below again to confirm.
Once the loan is successfully established, you can see the WING you just deposited under the "Supply" page of the ”Current Position” column. Under the "WING Earned" column, you can view the WING rewards earned from this loan. Swipe left and right to view the details of loaned assets .
Withdrawing Assets You Supplied
Before withdrawing, please check the Liquidity column of the asset on the "Borrow" page under the "All Markets" column to confirm the maximum number of assets that can be withdrawn before proceeding with the withdrawal operation.
Again, WING is used for demonstration purposes. Find the WING area on the “Supply” page under the “Current Position” list and click “WITHDRAW” in the upper part of the page to enter the withdrawal page. Input the amount you want to withdraw or click the "MAX" button to extract all the principal and interest. Then, click the "WITHDRAW" button, confirm the information, and click the arrow below. Enter your wallet password and click the arrow below to confirm. Once completed, the withdrawal application is submitted successfully.
Because the interest is settled and adjusted in real-time, it is best to click the “MAX” button to withdraw all of it because the actual amount withdrawn may be different from the displayed number.
How to Borrow Assets in Wing’s Flash Pool (OKExChain)
Users who borrow assets from the Flash Pool can earn WING rewards but need to pay interest. The interest is paid in the same type of asset the user chose to borrow in, while rewards for the borrowers are earned in WING. The interest rate and WING reward rate are displayed as APR and WING APY. Every action (e.g. transaction) costs users a certain amount of OKT.
Before borrowing assets from the Flash Pool (OKExChain), users need to first supply and collateralize assets. Note that one address cannot borrow and supply the same asset at the same time.
Borrowing Assets
Step 1: Turning on/off the Collateral Switch
If you want to borrow assets from the Flash Pool (OKExChain), the first step is to secure a certain amount of other assets. For the purpose of this guide, we are securing WING to borrow OKT. To start the process, simply toggle the switch under “Collateral” in the WING line under “All Markets”. Next, click “Enable WING As Collateral” in the pop-up window, click the arrow button after confirming the information, input your wallet password, and click the arrow button again to confirm. Once completed, you have successfully turned on the collateral switch for the asset.
As shown in the picture above, WING can now be used as collateral, and the 200 WING we deposited can be used as collateral to borrow other assets.
If you want to turn off the “Collateral” switch, just toggle the switch under “Collateral” again. Click the arrow button after confirming the information, input your wallet password, and click the arrow button again to confirm. Once completed, you have turned off the collateral switch for the asset.
If an asset closes the mortgage authority and the value of the loan asset exceeds 100% of the maximum loanable value (the ratio shown under "Borrow Limit" under the "My Dashboard " column), the mortgage authority of the asset cannot be closed.
Step 2: Borrowing Assets
Select the asset that needs to be loaned. For the purpose of this guide, we are using OKT. First, click the “Borrow” area in the OKT line. If you want to obtain WING rewards through borrowing, you need to transfer enough WING to the address for locking WING in advance before borrowing. Check the BORROW pop-up window to agree to lock 3% of WING, then click the "Approve" button. Next, click the small arrow in the pop-up window to adjust the handling fee. The handling fee asset type is OKT. After confirming the information, click the arrow below and enter your wallet password. Finally, click the arrow below to wait for approval to complete the authorization (only required for the first operation).
After the authorization is completed, you will see the “Borrow Limit” displaying the total amount you can borrow. You can also click on the "SAFE MAX" button to borrow 80% of the maximum loaned assets, check the BORROW pop-up window to agree to lock 3% of pWING, the amount of locked WING will be automatically calculated and displayed at A, and the WING in the address will be displayed at B , when A≤B Can be locked successfully. If you do not agree to lock up 3% of your WING, you will be unable to get WING rewards. Once done, click the “BORROW” button to confirm..
When the borrowing is complete, you can check the amount of WING you borrowed in the “Borrow” page under “Current Position”. You can also find the amount of “WING” you earned for borrowing OKT under “WING Earned”. Swipe left or right to view the details of the loaned asset.
After the loan is successful, you can see the ratio under “Borrow Limit” under “My Dashboard. After reaching 100%, it will be liquidated. Please repay the loaned assets or increase the mortgaged assets when the ratio approaches 100%.
Repaying Assets You Borrowed
When repaying loaned assets, please make sure the wallet balance is sufficient for payment before repayment.
Using OKT as an example, click the row of OKT assets on the "Borrow" page under "Current Position”. Click “REPAY” in the upper right corner in the pop switch to the repay page. Enter the amount of assets to be repaid in the input box or click the "MAX" button to pay off the principal and interest. Click the "REPAY" button, confirm the information, and click the lower arrow. Enter the wallet password and click the lower arrow again to confirm. The repayment is successful after completion.
Because the interest is settled and adjusted in real-time, it is best to click the “MAX” button to withdraw all of it because the actual amount withdrawn may be different from the displayed number.
How to Insure Assets in Wing’s Flash Pool (OKExChain)
In addition to supplying funds, you can also insure WING to get WING rewards.
It should be noted that in the case of a severe breach committed by a borrower or creditor, the Insurance Pool will pay part of the loss to the Supply Pool. This will result in a certain loss of assets from the Insurance Pool. You should also be aware that each WING deposit in the Insurance Pool is locked for 72 hours, after which it will be available for withdrawal. Please ensure you understand the risks involved prior to insuring your WING in the Insurance Pool.
Insuring WING
Click “Insure WING” under “All Markets”. Next, input the amount of WING to be insured in the pop-up window. Check the “Risk Warning” page for possible risks before continuing. Next, click the arrow button and input your wallet password.
Upon completion, the total amount of WING you insured will be displayed on the “Insurance” page under “Current Position”. You can also find the amount of “WING” you earned for insuring WING under “WING Earned”.
Surrendering WING You Insured
You can surrender the WING you insured after 72 hours of its insurance.
Click the WING asset row on the "Insurance" page under" Current Position". Next, select “SURRENDER” in the upper right corner to open a pop-up window to surrender your insured WING. Input the amount of WING you would like to surrender, or click “MAX” on the right of the input field to surrender all of the available WING. Click the “SURRENDER” button and confirm the information. Then, click the arrow button within ONTO and input your wallet password before clicking the arrow button again to confirm. Once completed, you have successfully surrendered the WING you insured.
How to Liquidate Assets
When the value of a loaned asset reaches the maximum loanable amount corresponding to its collateral, the asset can be liquidated, and the liquidator can repay the loaned asset for the borrower and obtain its collateral at a certain preferential rate.
Click the "Liquidation" button on the right side of All Markets to enter the liquidation list. Select any address with a "Borrow Limit Reached " exceeding 100% and select the type of asset to be liquidated. The left side of the "MAX" button is the type of asset to be repaid and being borrowing on related to the amount to be repaid. You can click on the "MAX" button to enter the maximum repayment amount of the asset. "You will receive" will appear to show how much of the collateral type you will get Finally, click on “liquidate” and confirm the information by clicking the arrow below.
The collateral obtained after the liquidation is successful will be at the bottom of the "Supply" page in the “Current Position” column and the loan interest will be calculated. If you need to withdraw, please refer to the steps to withdraw loaned assets .
Claiming WING Rewards
You can earn WING rewards by supplying, borrowing or insuring WING in the Flash pool. In most situations, you do not need to claim WING to your address, as the WING rewards you earned previously will be automatically claimed to your address every time you supply, withdraw, borrow, repay, insure or surrender funds.
However, in circumstances when you need to manually claim WING rewards, here are the steps:
At the bottom of the "Supply", "Borrow" and "Insurance" pages in the ”Current Position” column, the amount of WING that has been motivated is displayed. Click “Claim” and confirm the information. Next, click the arrow button within ONTO and input your wallet password before clicking the arrow button again to confirm. Once completed, the WING rewards can be claimed to your ONTO Wallet.
