HUGE Opportunities to EARN don't miss out: WING Finance (Ontology)

I don't think it surprises anyone here that decentralized finance this year has just exploded and it's extremely worth looking at and worth studying. So today we're going to take a deep dive at the project Wing, which is built on ontology. On face value, it's yet another, it seems like yet another lending platform, but it really has quite a few tricks on its sleeve. And that's what we're going to look at. And also quite importantly too, there's opportunities to benefit from mining or yield farming on Wing. So this is where, you know, my giant smile comes in because I love farming that free money in decentralized finance. So make sure you stick to the mid part of the video where we go through some of the opportunities there are for Wing. Now, I'm not going to take the classic approach. I think I've seen a few channels who try to explain decentralized finance and it gets really hard. I mean, take a look at the description for Wing. Wing has designed a DeFi platform dedicated to digital asset lending market, supporting cross-chain collaboration between DeFi projects. This platform is currently built out. Wing's decent for governance and risk and borrows creditors, guarantors. I mean, sounds fancy, but what does it mean in plain English? I think the easiest way to define some product and platform like this is to look at the objective of decentralized finance as a whole. Overall, it's designed to destroy or completely replace the current banking system, that very corrupt system that we have today. And in many senses, what a bank does can easily be looked at as a lending platform. In many senses, if you have cash sitting in your wallet, you're like, oh, yeah, CapCash, I should technically go to the bank and deposit this and potentially generate a little bit of income. And that's exactly what a lending platform like Wing does. There is something called a flash pull on Wing, where you can deposit various cryptocurrencies. So, for example, a good one that I'm trying to do is PUSDC, also PRENBTC, PEF. Deposit this and earn an interest. And when it comes to crypto, this interest is much greater than a bank. So my biggest example of right now is that when I go down to HSBC, which is my current fiat bank, they're offering less than 1% deposit per year. But in crypto and DeFi, we're getting great numbers still, around 27% for Wing. Or if you're depositing USDC, it's 19% plus an additional 19.4%. So that's literally 40% annual percentage yield on your USDC deposits, which is pretty good to say the very least. So we'll talk about how that is possible. And you've probably seen a few lending platforms on my channel before. You've seen Compound. You've seen Cream. But what makes Ontology special and maybe worth your time to look at is because Ontology does two things, right? One is it's cross-chain. So, you know, the little P in front of every letter. I'll explain what that means. And second of all, more importantly, they have something called a credit score, an O-score. This is something that no other lending platform is doing right now. So this essentially is exactly replacing what a credit score in a bank is, but in a decentralized fashion. It takes a look at the identity of the person borrowing or lending, looking at their history, and then calculating a score so they can, if they're good players, then they can reduce their rates in the future. We'll explore Wing in detail in this episode. If you like other episodes on decentralized finance, we have coverage on, say, Uniswap, Compound, and other decentralized finance center topics. Check out this playlist right here. And with that, guys, let's get started. So starting off with the kind of core and essence of Wing. So if you look at their website, they proudly display they have $61 million currently deposited in Wing, which is no small fee by itself. Now, there are two big pools that really deserves mentioning. And I'll start off with the flash pool first. This is the most interesting one for me personally, because this is where you can start earning. So if you have spare cryptocurrencies, like say, for example, you have some ETH lying around or some BDC or USDC lying around stable coins, then you can start depositing it on Wing to enjoy their pretty good rates. Personally speaking, if you actually just look at their APY, I would say right now the USDC and SUSD are very attractive options at this current point. So that explains the lending aspect of Wing. It's kind of core. It's like a bank. But you probably also notice the letter P in front of USDC. So typically speaking, you'll probably recognize USDC as the stable coin that Coinbase uses, and it's quite popular. But what's the P in front? Well, the P in front designates a cross-chain asset. Typically speaking, when you use USDC, it's on Ethereum blockchain. But here, what happens is that you can move that from Ethereum onto ontology. So you're moving to another system, another ecosystem, to say the least. So that's why there's a need for a bridge. And the P there kind of just means it's gone through the ploy network. We'll talk a little bit about that. We'll show you this transfer in the second part of the video. So cross-chain just means you have more access to more assets. Pretty much. That's the easiest way to describe it. And I'll take you for an example of how this kind of all works and why this type of DeFi lending platform really works. Say, for example, there's a user who really likes Bitcoin. So this person really believes in Bitcoin. But at the same time, just Christmas coming up, he or she wants to do a little bit of Christmas shopping. So this is what these platforms allow you to do. So say, for example, you can deposit P rent BTC. So this is yet again, a cross-chain asset. It represents Bitcoin. But they can perfectly deposit that rent Bitcoin, earn a little bit of interest on the side as well. And at the same time, once they made that deposit, they can take a loan out for another different currency. So maybe if they want to use Circle, use Coinbase to buy something, well, they can take out some PUSDC. And this is very powerful. This means that they can still keep having Bitcoin. But at the same time, now they can take a loan in USDC to start spending that, getting a little bit of that. And when Bitcoin rises in value, they wouldn't have sold. Right. That's kind of the key point here. And this is why this year we've been seeing a lot of this use case in happen, both on the kind of lending side, supplying side, but also for the trading side, too, because some people want to speculate on other coins. So what they do is they deposit some form of collateral and borrow another coin out. Now, what's kind of interesting also is how Wing functions, and this is where the opportunities are arriving. So in terms of the platform itself, obviously, the APY for supplying coins comes from borrows. So if people are borrowing this coin, they got to pay the suppliers for it. So this is where part of this interest really comes from. But there's another opportunity here, which is where you see the Wing APY. So this is when you get extra bonus Wing on top of supplying. So you kind of double up on your gains here. And this is where the opportunity is. So if you're looking for a yield farming opportunity, I would say, yep, this is not a bad place, especially because you're not subjected to impermanent loss. Yet again, if you don't know what that is, impermanent loss is super important. And I'll put the link up here for my description episode on impermanent loss. So there's plenty of opportunity for Wing in this case. So the next part is what really takes Wing to the next level, because this is the first time it's doing something very unique for the first time, which is allowing users to have a credit score. Now, this is very powerful because in crypto, the current way it stands with lending platforms is that you got to be rich in order to take out a loan. All right. It's not really a loan because you have a massive amount of collateral there in the first place, maybe in the form of another currency, which is what makes it make sense. But you must be rich to begin with. But what about everyone else? Right. What about if you just have a good credit history? If you demonstrate that you can sustain a loan, why can't you take out a loan? That doesn't make sense, right? So Wing directly tackles this using ontology-based ID. So this is something very unique to the ontology chain because it uses a feature, one of the primary features on ontology, which is digital decentralized identities. This basically means that it allows you to connect your personal accounts. It allows you to connect your history, but also it preserves the privacy part because the system is designed pretty much a blockchain itself is designed around a digital identity. It allows you to keep your identity safe, do your KYC, and at the same time build up credit history without revealing too much of your expenditure. No one wants that to be completely public. So that's what O-Score is. So O-Score allows you to essentially connect up different wallets, allow that history to be kind of analyzed, and then use that history to borrow or take a loan. So this is kind of at its infancy right now, but it's already in the inclusive pool. So once you get the KYC, you're allowed to borrow on a daily basis. The rates are not too bad. So right now at its current point, it's around 6% to take out a crypto loan. And I can see a lot of people who would want to do this, especially once we start developing more and more people and getting more people on blockchain. Why not? Why can't people who are underbanked, underserved by banks, start using this and start taking out loans to build their businesses? All right. Now we're jumping to the fun stop, which is how to use Wing and how to get a little bit of the interest on the side as well. So personally, for me, I'm in the flash pool. So this is the traditional supplying and borrowing platform. Personally, for me, I'm just supplying because I just want to earn that deposit interest on the side. And I've chosen the stable coins to deposit. For me, it's just more convenient to just use USDC. And if you look at the USDC rates, you can see that the annual percentage yield is 18.47 at this current point. That's in their APY. And then on top of that, you also have a bonus APY of 20.8% in terms of Wing. So that's actually not too shabby for stable coin deposits. And there's no impermanent loss here, too, because you're purely supplying your USDC to the platform. So other users can then borrow it out and they'll have to pay to borrow it out. So on this side, you know, if someone wants to borrow that, they have to pay a 26% rate. So that's where the money is coming from. So this is where you need to do a little bit of work to get this started. So in terms of how to get the PUSDC, you need to have some USDC on Ethereum first. So that's kind of where the asset swap side comes in. For this, let me just take a look. I'll show you through how this works. For this, you'll need to have both Metamask installed and also Cyanowallet installed. So, you know, when you first start on this interface, I'll show this. You'll need to connect two wallets, both Metamask and Cyanowallet. For me personally, I do recommend Cyanowallet. This is the one that I am using. And it's a pretty easy setup. With Cyanowallet, just a special note as well on that this is an Ontology wallet. So you'll be using the Ontology blockchain. And that's where the assets will go soon. And of course, when you set this up, make sure you do set up it properly. You know, you don't never want to lose any crypto on the side by having someone steal your keys. And the other note as well is that for me personally, it didn't work very well with the ledger option or the treasure option. So I use this purely as a kind of online wallet. And yeah, it's not the cleanest, but I had to live with it. All right, next up. So in terms of the actual deposit itself, this was actually pretty simple. So what you have to do here is on the asset deposit sit page, the asset swap page, go to deposit. And you want to find USDC. So that was the one I used. And as long as you have USDC on your Ethereum account, this will show up here. And you can just click max, whatever, approve and deposit. The process itself would take roughly around 15 minutes. And personally, for me, I've done this a few times. I've used the Poly network a few times. And the key to here, this phase, this step is patience. So once you initiate the transfer, you have to wait roughly 10 to 15 minutes. And there was one time when the network was congested where I had to wait 16 hours. And that was really painful. But everything got transferred in the end. There was no problem. So make that transfer across the bridge. Recently, more of my transfers took less than 15 minutes to do so. And once this goes on, you can go and scan the ontology side and to make sure that the assets are there. So it will just basically click deposit and instantly it will show up on the kind of the flash pool page if you're connected to the same wallet. So just make sure you connect it to Sionno wallet here too. So this is where you can directly make that deposit by clicking supply and supplying any amount of coins you wish. By supplying so you're essentially deposit. Like I said, you're depositing it into the pool and it will be loaned out to other people. So just keeping in mind, that's the kind of process. That's why you get the rewards. It's because your coins will be loaned out on the other side. The good thing about Wing is that they also have an insurance fund as well. So that's kind of how the Wing coin actually works here. It functions not only for governance, but also for insurance. So roughly at this current point, 2 million Wing has been deposited on the platform to secure any deposit. So if there's anything that goes wrong here, well, this Wing will be used to cover the expenditure of reimbursing people if something does go wrong. So that's the kind of insurance amount at this current point. Now, personally, I didn't do anything too funky with this. So I just left it in terms of the supply and deposit. And what you'll see over time is that the PUSD will increase on your account. And that's it. That's how to use Wing and how to supply currency onto the platform. I enjoy some of the benefits there. Honestly, just looking at it, I think the hardest step was really just to install the plugin, making sure I trust it, and also making sure those recovery words are written down properly and stored properly because that's core to everything. So I think that was the hardest jump. And then after using the ontology platform was super simple. I mean, every deposit, every interaction, it was super fast. And in terms of the cost of every transaction, it was super low as well. Roughly speaking, everything, every interaction was roughly 0.05 ontology gas, which barely costs anything. So I don't think you have to worry too much in terms of gas costs. I do have the note there that this is ontology gas. So you can buy this on exchanges. And you don't really need ontology itself. I made the initial mistake of buying a bunch of ontology, trying to wait for the gas to collect. It's actually much more efficient to just buy ontology gas directly. And for me personally, I bought like around, what, 20 ontology gas. And that was plenty for everything that I did on the platform. All the interactions kind of got covered by way less than 20 ontology gas. So in summary, Wing essentially functions like a bank. People can supply, essentially make deposits on there, can get some rewards, get some income. But at the same time, people who are advanced traders, they can start borrowing those assets. And, well, they can either use it to have a nice time off or can use it for powerful trading purposes. Beyond that, of course, the kind of key here is with Oscore and how it kind of shines in this whole DeFi system. And that's why it's worth taking a look at. I hope you found this video useful. If you have any questions or thoughts, leave them in the comment section down below. And with that, guys, I hope you guys can catch more on this DeFi series up here. I'll put the whole playlist up here as well. And to kind of include the whole ecosystem into that. And, guys, thank you guys so much for watching this video. See you guys next time.