What is Wing Finance (WING)? How to Buy Token WING in India?

What is Wing Finance (WING)?

Today’s Decentralised Finance (DeFi) industry has empowered us users with several benefits such as inclusion, anonymity, transparency, and full control of the assets. However, most popular DeFi protocols have entry barriers and that over-collateralisation-based model makes it difficult for mainstream financial service mechanisms. One solution to these issues is credit-based DeFi.

Wing Finance is a decentralized protocol that supports the cross-chain collaboration of DeFi products, allowing users to leverage digital lending services more inclusive through its credit-based evaluation model. It utilizes a decentralized governance model- Wing DAO and risk control mechanism, which maintains a healthy relationship between its borrowers, creditors, and guarantors, giving users premium quality DeFi products. Wing DAO runs through protocol native governance token WING, which grants holders with governance rights to vote on new development proposals and changes, allocation of community funds, and more.

Who are the Founders of Wing Finance?

Wing Finance was developed and launched by the founder and team behind the Ontology blockchain in August 2020. Wing is currently governed by Wing DAO and aims to expand DeFi reach to everyone through a credit-based reputation model. 

How does Wing Finance (WING) work?

Wing Finance architecture runs on top of the Ontology blockchain, as it comes with decentralized identity, and supports automated credit verification, cross-chain integrations, and versatile smart contracts with a throughput of 3000-5000 transactions per second. The protocol currently has four types of pools as follows:

• Peer-to-peer Pool: This is similar to collateral-based pools where users deposit their crypto assets in smart contract collateral to borrow other assets. And when the collateral factor falls below a threshold, the loan is liquidated to secure.
• Flash Pool: These pools enable users to lend and borrow assets instantly without needing a typical lending/borrowing process. It uses a peer-to-pool model for quick, efficient transactions and is available for Ontology, Ethereum, OKC, and BNB blockchains.
• NFT Pool: Here, borrowers use their blue chip NFT to collateralize loans, borrow other assets (only ETH is supported), and earn pWING incentives. The borrowed amount is determined using the collateral factor and time-weighted floor price of NFT, which is retrieved through Wing Oracles.  
• Inclusive Pool: This asset pool of Wing Finance integrates credit-based scoring OScore for DeFi products. Users need to complete and verify KYC- customer identity to be able to participate in this pool.

What makes WING Unique Use Cases?

• It bridges the gap between traditional and decentralized finance systems with its unique credit-based model and DAO framework.
• WING holders can participate in DAO governance without prior knowledge, receive interest discounts, and more.
• It supports cross-chain integration and multiple collateral types, including cryptos, NFTs, and real-world assets.  

Wing Finance (WING) Price Analysis

Source: Tradingview

• WING’s price today is trading at $5.20, with a 24-hour trading volume of $5.41 million. In the last 24 hours, The WING price has rallied by 5.1%, and its market cap is $18.16 million as of August 03, 2023.
• WING performed quite well initially but dropped by more than 50% in the second quarter, following rejection from $8.
• It has managed to pull back from the oversold zone, and if the WING price rises above $5.9, it might rally again.

How to Buy WING Tokens in India?

To buy WING Token in India, just follow the below-mentioned steps:

• Download the CoinDCX App
• Enter the details for registration.
• Complete KYC
• Once your profile is verified, add funds and buy WING Tokens.