Borrowing Crypto on Wing (OKExChain)

Wing is a credit-based, cross-chain DeFi lending platform. It has built a decentralized finance (DeFi) platform to support cross-chain collaborative interactions between various DeFi products. What makes it stand out from other lending and borrowing protocols are its Flash Pools.

Flash Pools are collateral-based fund pools on the Wing DAO platform with different versions based on several popular blockchain networks. The followings are some of the tokens supported by Flash Pool (OEC):

• WING
• OKT
• USDT
• USDC
• USDC
• BTCK
• OKB

How to Borrow Assets in Wing’s Flash Pool (OEC) #

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

To start borrowing assets on the Wing protocol, follow the steps bellow:

Step 1: Turning on/off of the Collateral Switch

Step 2: Borrowing Assets

Select the asset that needs to be loaned. First click the “Borrow” area n the OKT line. If you want to get WING rewards through borrowing, you have 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 “Approve”/ Them, click the small arrow in the pop-up window to adjust the handling fee. The handling fee asset type is OKT. After confirmation, click the arrow below and enter your wallet password. At the end, click the arrow below to wait for approval to complete the authorization.

After the completion of authorization, the “Borrow Limit” will be displayed showing the total amount you can borrow. You can also click on the “SAFE MAX” button to borrow 0% 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 calculated automatically. 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”. 

Conclusion #

You should now be able to borrow and repay assets on the Wing protocol. If you want to know more about OKEx Chain, check our article “Introduction to OKExChain”.