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Ethereum Flash Pool Mining Tutorial!

Get ready for the launch of Wing’s new Ethereum version!

This guide is designed for ONTO Wallet users who wish to mine WING tokens in the Ethereum Flash Pool by supplying, borrowing, or insuring assets. To start, make sure your ONTO wallet is up to date with the latest version, v3.7.8 or later. You can also use the ONTO Web Wallet and MetaMask to participate.

The differences are explained at the end of each step.

Reminder: We recommend your account contains enough to cover fees to ensure successful transactions for the following actions. They include but are not limited to: authorizing, conducting cross-chain transactions, supplying, withdrawing, borrowing, repaying, insuring, withdrawing from insurance and transferring assets all cost you transaction fees.

Due to slow transactions on the Ethereum chain, the transaction results cannot be returned in time. You can click “Recent Transactions” in the lower right corner of the page to view and wait for the transaction results.

1 — Downloading ONTO Wallet

2 — 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 have an ONT ID can import their ONT ID to the wallet through the mnemonic phrase.

ETH and ONT are displayed on the asset page by default, all other asset types need to be manually added to the asset page.

Click the “+” on the Assets page, and then enter the Token name or contract address of the asset type to be added to the search, click the plus sign/check on the right side of the search result to add.

The Hash of the asset types that can participate in the Wing project can be viewed on the Docs page of the Wing official website.

If you use the ONTO Web Wallet to add asset types, please refer to ONTO Wallet.

If you use MetaMask, click “Add Token/AddToken” at the bottom of the MetaMask page, select “Custom Token”, enter the contract address of the asset in the “Token Contract Address/Token Contract Address” column and click “Next” to add.

Ontology chain assets need to be converted into pToken before participating in the Ethereum Flash Pool for Supplying, Borrowing, and Insuring. Ethereum chain assets do not need to be exchanged and can participate directly.

For the purpose of this guide, we are swapping WING to pWING. Open ONTO, click on the bottom bar “Market” market entry page, click on “ Swap Now “, the pop in the search box respectively enter WING and pWING .

Then enter the quantity to be exchanged and click “Swap Now”. In the pop-up window, click “Confirm” below to confirm the quantity and handling fee, enter the password and click the arrow below, and the exchange will be successful after completion.

If you need to convert pWING to WING , you only need to adjust the position of the transaction, and the transaction fee asset type is ETH .

ONT needs 2 steps to swap to pONT, first ONT swap to ONTd in market page, the fee is ONG, then ONTd swap to pONT, the fee is ONTd.

If you use the ONTO Web Wallet, cross-chain and exchange of assets on the PC side is temporarily unavailable.

Supply is the loaned asset, from which you can receive interest and pWING incentives of the loaned assets. The interest income is the loaned assets, the pWING incentive is pWING, with an annualized rate of return shown as APY and pWING APY respectively. Each operation requires ETH as a fee.

1 — Supplying Assets

Step 1: Enter Wing Flash Pool (Ethereum)

After opening ONTO, click “Market” on the bottom bar to enter the market page, and click “Flash Pool (Ethereum)” to enter Flash Pool.

If you use ONTO Web Wallet of the wallet and MetaMask, please open the following URL to operate

Step 2: Supplying Assets for Lending

For the purpose of explanation, we are using pWING as an example. Click the “Supply” area in the line of pWING. In the popup, click “Approve”, and adjust the fee. Click the arrow below after confirming the information. After entering the wallet password, click the arrow below to confirm again, and wait for approval to complete the authorization.

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 it, then click the “SUPPLY” button to confirm the information and click the arrow below, enter the wallet password and click the arrow below again to confirm. After the completion of that, the loan application is successful and you can wait.

After the loan is successful, you can see the pWING you just deposited under the “Supply” page of the “Current Position” column. Under the “pWING Earned” column, you can view the pWING incentives obtained by this loan. Swipe left and right to view the details of each loaned asset.

2 — Withdrawing The 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.

For the purpose of this guide, we will take pWING as an example. Find the pWING area in “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 of asset you want to withdraw, you can also click the “MAX” button to extract all the principal and interest, click the “WITHDRAW” button, confirm the information and click the arrow below, enter the 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, only click the “MAX” button to withdraw all of it, the actual amount withdrawn may be different from the displayed number.

Users who borrow assets from the Flash Pool can earn WING incentives but need to pay interest. The interest is paid in the same type of asset the user chose to borrow, while incentives for the borrowers are earned in pWING. The interest rate and pWING incentive rate are displayed as APR and pWING APY. Every action costs users a certain amount of ETH as the transaction fee.

Before borrowing assets from the Flash Pool(Ethereum), users need to first supply and collateralize assets. Note that one address cannot borrow and supply the same type of assets at the same time.

1 — Borrowing Assets

Step 1: Turning on / off the Collateral Switch

If you want to borrow assets from Flash Pool (Ethereum), the first step is to secure a certain amount of other assets. For the purpose of this guide, we are securing pWING to borrow oneWING as an example. To start the process, simply toggle the switch under “Collateral” in the pWING line under “All Markets”. Next, click “Enable pWING 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 on the asset.

As shown in the picture above, pWING can now be used as collateral, and the 30 pWING we deposited just now 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 the wallet password, and click the arrow button again to confirm. Once completed, you have turned off the collateral switch on 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 is 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 used oneWING as an example. First, click the “Borrow” area in the oneWING line. If you want to obtain pWING incentives through borrowing, you need to transfer enough pWING to the address for locking pWING in advance before borrowing, check the BORROW pop-up window to agree to lock 3% of pWING, then click the “Approve” button, and then click the small arrow in the pop-up window to adjust the handling fee. The handling fee asset type is ETH. After confirming the information, click the arrow below to wait for approval to complete the authorization.

After the authorization is completed, you will see the “Borrow Limit ” displaying the max you can borrow, or you can click on the “SAFE MAX” button to borrow up to 80% of loanable assets. Then, check the BORROW pop-up window to agree to lock-up 3% of pWING, the amount of locked pWING will be automatically calculated and displayed at A, and the pWING in the address will be displayed at B, when A ≤ B you can successfully lock in your pWING. If you did not check the agreement to lock 3% of pWING, you will not be able to get pWING incentives. Once done, click the “BORROW” button to confirm, the loan is successful after this task.

When the borrowing is complete, you can check the amount of pWING you borrowed in the “Borrow” page under “Current Position”. You can also find the amount of “pWING” you earned for borrowing oneWING under “pWING Earned”. Swipe left or right to View the details of the loaned asset.

After the loan is successful, you can pay attention to 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%.

2 — Repaying the Assets You Borrowed

When repaying the loaned assets, please confirm whether the wallet balance is sufficient for payment before repayment.

Take oneWING as an example, click on the row of oneWING asset in the “ Borrow” page under the “Current Position” area, click on the upper right corner “REPAY” in the pop switch to repay the amount. To begin, click on the “the Approve” button, then click on the small arrow to adjust the handling fee. The handling fee asset type is ETH. After confirming the information, click the arrow below, enter the wallet password and then click the arrow below to confirm. After approval is completed, the authorization is successful (only required for the first operation).

After the authorization is successful, 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 increased in real time, it can only be paid off by clicking the “MAX” button. The actual repayment amount may be different from the displayed figure.

In addition to participating in supplying, you can also insure pWING to get pWING incentives .

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 loss of assets from the Insurance Pool. You should also understand that each pWING deposit in the Insurance Pool will be locked for 72 hours, after which it will be available for withdrawal. Please ensure you understand the risks involved prior to insuring your pWING in the Insurance Pool.

1 — Insuring pWING

Click “Insure pWING” under “All Markets.” Next, input the amount of pWING desired for insurance in the pop-up and click “Approve,” then click on the small arrows to adjust the fees, which are paid ETH, After confirming the information, click the arrow below, enter the wallet password and click the arrow below to confirm again to successfully complete the authorization.

After the authorization is completed, You can check the “Risk Warning” page for possible risks and decide whether you are able to bear them. Next, click the arrow button and input your wallet password.

Upon completion, the total amount of pWING you insured will be displayed in “insurance” page under “Current Position”. You can also find the amount of “pWING” you earned for insuring the amount pWING under “pWING Earned.”

2 — Surrendering the pWING You Insured

You can surrender the pWING you insured after 72 hours of your insurance.

Click on the pWING asset row on the “Insurance” page under “Current Position,” Select “SURRENDER” in the upper right corner to open a pop-up window for surrendering your insured pWING. Input the amount of pWING desired for surrendering, or click “MAX” on the right of the input field to surrender all the pWING available. 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 pWING you insured.

When the value of the 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 assets to be liquidated. The left side of the “MAX” button is the type of assets to be repaid and borrowing on behalf of to repay the amount, you can click on the “MAX” button to enter the maximum repayment of the number of assets “You by Will receive” will pop up to show how much of the collateral type quantity you will get, then click on “liquidate,” confirm the information by clicking the arrow below.

The collateral obtained after the liquidation will be at the bottom of the “Supply “ page in the Current Position column and the loan interest will be calculated automatically. If you need to withdraw, please refer to the steps above to withdraw the loaned assets.

You can earn pWING incentives by supplying, borrowing or insuring pWING in Flash pool. In most occasions, you do not need to withdraw pWING to your address, as the pWING incentives you earned previously will be automatically withdrawn to your address every time you supply, withdraw, borrow, repay, insure or withdraw the pWING insured.

However, in circumstances when you need to complete the action of withdrawing pWING incentives, here are the steps:

At the bottom of the “Supply “ , “Borrow “ and “Insurance “ pages in the ”Current Position” column, the number of pWINGs that have been motivated is displayed. Click “Withdraw” 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 incentives can be withdrawn to your ONTO Wallet.

That’s all folks! Good luck with the new Ethereum version of Wing.Finance!

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