It's here! The WINGS to XFI swap

by Dfinance team


It’s finally here! After months of work, planning, and simulations, we now have the swap details for the WINGS to XFI (the Dfinance coin ticker) swap.

Treat with care: Please make sure you only use the official swap portal or, if you decide to swap directly, the correct smart-contract address - both of which will be made public using our official channels. Always check more than one official channel to verify information authenticity (for example website and Twitter). Also please be careful and do not use any unofficial Uniswap or other liquidity pools. Be vigilant and be wary of imposters.

Please note that due to regulation uncertainty the swap portal hosted by the Wings Foundation will be closed for US persons - we apologize for the inconvenience.

Important: By swapping WINGS to XFI you are exchanging your WINGS tokens for XFI. Once sent to the swap contract, your WINGS tokens will no longer be accessible by you forever. The swap is not reversible. Before swapping, please make sure you understand what XFI is, what role it has in the Dfinance network, and how the Dfinance network operates.

Find the swap instruction here: https://dfinance.co/blog/swap-instruction/

How will it work?

On 07 September 2020 ( 14:00 UTC) , we will open the swap option to the public. The swap will occur over a period of 182 days as follows:

  1. A maximum amount of 100,000,000 WINGS can be swapped (100% of the total supply)
  2. A total of 100,000,000 XFI will be created as a result of the WINGS swap. At the launch of the mainnet, an additional 45,000,000 XFI will be created and allocated to the Wings Foundation, team, partners, and early Dfinance supporters as well as a public treasury (with different lockups and vestings which will be made public later).
  3. The swap rate of WINGS:XFI will start at 1:1 and will decrease by 1/182 each day until it will reach 0. The smart contract will calculate the swap rate as:
    TOTAL XFI TO RECEIVE = INDIVIDUAL DEPOSIT [WINGS] / 182 [SWAP PERIOD] * [SWAP DAYS REMAINING]. A few examples are provided further in this blog post.
  4. Every day, up to (100,000,000 / 182) XFI will become unlocked, allocated and withdraw-able between all the addresses that deposited WINGS - according to the number of WINGS tokens and when on the swap timeline did they initiate the swap (see examples below).
  5. Unallocated XFI will be locked by the smart contract for 24 months and re-allocated to the Wings Foundation, to be used for the development of the network.
  6. Your XFI balance is automatically updated by the smart contract every 24 hours. No manual withdrawal is required.

Find the swap instruction here: https://dfinance.co/blog/swap-instruction/

Examples:

1. Mary deposits 100,000 WINGS on day 1 of the swap. She will receive a total of 100K XFI calculated as: TOTAL XFI = 100,000 WINGS [DEPOSIT] / 182 [SWAP PERIOD] * 182 [SWAP DAYS REMAINING].
Mary will receive 100,000/182 XFI every day for 182 days, totaling up to 100,000 XFI (0 XFI re-allocated to the Wings Foundation, and locked for 24 months).

2. Mary deposits 100,000 WINGS on day 31 of the swap. She will receive a total of 82,967 XFI calculated as: TOTAL XFI = 100,000 WINGS [DEPOSIT] / 182 [SWAP PERIOD] * 151 [SWAP DAYS REMAINING].
Mary will receive 14,131 XFI on the day of the swap (calculated as 82,967 [TOTAL XFI] / 182 * 31) and 455.86 XFI every day for 151 days, totaling up to 82,967 XFI (17,032.96 XFI re-allocated to the Wings Foundation, and locked for 24 months)

3. Mary deposits 100,000 WINGS on day 91 of the swap. She will receive a total of 50,000 XFI calculated as: TOTAL XFI = 100,000 WINGS [DEPOSIT] / 182 [SWAP PERIOD] * 91 [SWAP DAYS REMAINING].
Mary will receive 25,000 XFI on the day of the swap (calculated as  50,000 [TOTAL XFI] / 182 * 91), and  274.72 XFI every day for 91 days, totaling up to 50,000 XFI (50,000 XFI re-allocated to the Wings Foundation, and locked for 24 months)

Note: XFI will be usable in the upcoming incentivized testnet which will enable XFI holders to earn staking rewards while testing the network. More details about the staking program will be published soon.

Have any questions? Read the short FAQ below. If you still need clarifications, please reach out to us on our social channels.

What is XFI?

XFI is the ticker we have selected for the Dfinance network coin, which will be used for securing and fueling the network, and settling transactions.

Will the Dfinance network have inflation?

Yes, Dfinance will feature a built-in inflation mechanism in order to incentivize network participants such as validators which secure the network. More details about the inflation model will be released soon.

Is XFI currently trading anywhere?

No, XFI is currently not trading anywhere and cannot be otherwise acquired. A Uniswap pool may be launched at a later date to allow everyone to participate in our upcoming incentivized testnet, however, details about it will be released using official channels at a later stage.

Why are you not allowing a 1:1 conversion during the entire period?

We are trying to bootstrap a new, significantly more advanced network and we want to give everyone the opportunity to join us on this exciting adventure. For this journey to be fruitful, we need to onboard an active and vibrant community. We feel that the swap model will help achieve that.

Won’t this lead to gas wars?

There’s absolutely no reason for anyone to try and rush in. Everyone that deposits during the first day receives the same swap ratio; even if someone doesn’t make the first day for whatever reason, the ratio on the second day only goes down by 1/182.

What will happen to the WINGS tokens sent to the swap contract?

WINGS tokens sent to the swap contract will remain in the contract for the entire swap period.

Is XFI an ERC20 as well?

Since the Dfinance network is still in testnet stages, we decided to use an ERC20 XFI contract which will allow XFI to tap into decentralized platforms such as Uniswap while at the same time allow the Dfinance testnet to operate without balances concerns.

Why are we swapping from WINGS to XFI?

WINGS DAO was envisioned as an agnostic forecasting protocol, with ICOs being the first suitable use case for it. As ICOs disappeared, WINGS product-market fit was lost and thus the protocol became irrelevant. We then started researching and looking for a new direction and thus Dfinance was born. Dfinance is an entirely new ecosystem that uses XFI as its fuel. We wanted to give all WINGS holders a fair opportunity to embark with us on this journey.

Am I obliged to swap? What if I don’t want to swap?

It’s your decision if you want to be a part of Dfinance or not, however, please read how the swap works and make sure you understand that the WINGS:XFI conversion rate decreases over time and will reach 1:0 after 182 days. If you decide not to swap, your WINGS tokens will continue to function and remain transferable on the Ethereum network. Since the WINGS DAO will continue to exist on Ethereum for as long as the network exists, the utility for the WINGS tokens will continue to exist as well.

What will happen to WINGS DAO?

The Ethereum version of the WINGS DAO will continue to exist and function as long as the Ethereum network exists and continues to support the protocol. Unswapped WINGS tokens will continue to maintain their utility within the WINGS DAO.

We see the technology that powers the WINGS DAO as complementary to Dfinance and it is possible that we will launch a modified version of WINGS DAO on the Dfinance network, which will use the XFI coin and integrate with Dfinance instruments and perhaps even other networks.

Will I be able to swap after the swap period?

No, swapping will no longer be possible after the swap period has ended.

Why will the swap portal block US persons?

Without proper regulation guidelines, or in presence of regulation uncertainty, US persons are prohibited from participating. The Wings Foundation does the maximum possible effort to simply comply with regulations, we apologize for any inconvenience this may cause.

Can i just use a VPN to bypass the swap portal limitation?

Absolutely not, that is strictly prohibited. Please respect the rules and limitations.

I hold my WINGS on an exchange. Will they automatically be swapped?

No. Since the swap is optional, you will need to withdraw the WINGS tokens from the exchange and manually initiate the swap either by interacting directly with the smart contract or by using the swap portal hosted by the Wings Foundation.

Can i send WINGS to the swap contract directly from an exchange?

No. Since the swap is optional, you will need to first withdraw the WINGS tokens from the exchange to a personal wallet and only then initiate the swap either by interacting directly with the smart contract or by using the swap portal hosted by the Wings Foundation. Do NOT send WINGS to the swap contract directly from an exchange, you will lose you WINGS and the allocated XFI.

Will I be able to initiate the swap after the swap release date?

You may start the swap any time between the start date and the end date of the swap, however, please note that the amount of XFI received for 1 WINGS token is decreasing by 1/182 per day. In order to receive the 1:1 rate, you will need to start the swap on the first day.

What is Dfinance?

Dfinance is a Cosmos based layer-2, low-code/no-code network that enables creating decentralized financial instruments without technical skills. Learn more at dfinance.co

What is WINGS DAO?

WINGS DAO is a decentralized forecasting platform for conducting due diligence and price discovery. It was launched in 2016 on the Ethereum network and its first use case was ICOs.

We want to thank everyone that supported us on our long journey and continues to support and help. In the meanwhile, please subscribe and follow us on our social media channels. See you all in our upcoming incentivized testnet!