Wing, the credit-based cross-chain DeFi lending platform developed by Ontology, the general public blockchain specializing in decentralized id and knowledge, is now stay on Ethereum.
Launched on the Ontology blockchain in September 2020, Wing has seen monumental progress in each the whole 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, thousands and thousands 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 useful 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 a whole bunch of distinctive property on Ethereum. By means of bridges and UI/UX integrations between the Ethereum and the Ontology variations of Wing, customers may have entry to decrease prices and quicker speeds, because of the Ontology blockchain.
Li Jun, Founding father of Ontology, mentioned, “In using Ontology’s decentralized credit-scoring system, OScore, and decentralized id protocol ONT ID, Wing enjoys simple id verification and a full image of a person’s monetary historical past, with out exhibiting the total worth of those property. We have now intentionally designed OScore for this sort of utility: each the person’s privateness is protected, whereas the chance for lenders is vastly decreased and proper due diligence can happen. By means of this next-generation suite of progressive 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 courses may also be added to the Wing platform, offering wider selections to customers. Ontology’s ONTO pockets additionally helps Wing on cell. Wing may also be quickly built-in into ONTO Internet, a multi-chain id 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 Worth 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.