Wing, the credit-based cross-chain DeFi lending platform developed by Ontology, the general public blockchain specializing in decentralized identification and knowledge, is now reside on Ethereum.
Launched on the Ontology blockchain in September 2020, Wing has seen monumental development in each the entire worth locked, which now stands at over $200m, in addition to in ranges of lending and borrowing exercise between customers.
Following its integration with Ethereum, tens of millions of worldwide DeFi customers will now have entry to Wing’s distinctive lending, borrowing, and insuring choices, together with the choice to swap property into pegged property on the Ontology blockchain the place they’ll discover decrease transaction charges and better processing speeds.
Options of Wing
Wing is designed to advertise a mutually helpful relationship between debtors, collectors, and guarantors by way of a decentralized governance mannequin and danger management mechanism. By means of this integration with Ethereum, Wing opens a brand new window of alternative for lending and borrowing from the lots of of distinctive property on Ethereum. By means of bridges and UI/UX integrations between the Ethereum and the Ontology variations of Wing, customers can have entry to decrease prices and sooner speeds, because of the Ontology blockchain.
Li Jun, Founding father of Ontology, mentioned, “In using Ontology’s decentralized credit-scoring system, OScore, and decentralized identification protocol ONT ID, Wing enjoys straightforward identification verification and a full image of a person’s monetary historical past, with out displaying the total worth of those property. We now have intentionally designed OScore for this sort of software: each the person’s privateness is protected, whereas the chance for lenders is vastly lowered and proper due diligence can happen. By means of this next-generation suite of modern DeFi instruments and merchandise, people who acquire a excessive OScore will be capable to maximize their borrowing capabilities and reduce their collateralization within the Inclusive Pool at Wing’s Ontology model.”
Over time, different asset lessons may even be added to the Wing platform, offering wider selections to customers. Ontology’s ONTO pockets additionally helps Wing on cellular. Wing may even be quickly built-in into ONTO Net, a multi-chain identification extension pockets for Google Chrome that additionally helps diversified property and decentralized functions from public chains resembling Ethereum, Ontology, and Binance Good Chain.
The information follows bulletins that Wing would sponsor the launch of two new Ethereum-based Chainlink Value Feeds, WING/USD and ONT/USD, and a partnership with SushiSwap which noticed the addition of pWING-pONT and pWING-ETH into the SushiSwap Onsen liquidity program.