Wing, the credit-based cross-chain DeFi lending platform developed by Ontology, the general public blockchain specializing in decentralized id and information, is now dwell on Ethereum.
Launched on the Ontology blockchain in September 2020, Wing has seen monumental progress in each the overall 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 world DeFi customers will now have entry to Wing’s distinctive lending, borrowing, and insuring choices, together with the choice to swap belongings into pegged belongings 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 a decentralized governance mannequin and threat management mechanism. By this integration with Ethereum, Wing opens a brand new window of alternative for lending and borrowing from the a whole bunch of distinctive belongings on Ethereum. By bridges and UI/UX integrations between the Ethereum and the Ontology variations of Wing, customers could have entry to decrease prices and sooner speeds, due to 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 displaying the total worth of those belongings. We have now intentionally designed OScore for this type of software: each the person’s privateness is protected, whereas the danger for lenders is vastly decreased and proper due diligence can happen. By this next-generation suite of revolutionary DeFi instruments and merchandise, people who receive 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 will even be added to the Wing platform, offering wider selections to customers. Ontology’s ONTO pockets additionally helps Wing on cell. Wing will even be quickly built-in into ONTO Internet, a multi-chain id extension pockets for Google Chrome that additionally helps diversified belongings and decentralized functions from public chains comparable to Ethereum, Ontology, and Binance Sensible 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.