Wing, the credit-based cross-chain DeFi lending platform developed by Ontology, the general public blockchain specializing in decentralized identification and information, is now dwell on Ethereum.
Launched on the Ontology blockchain in September 2020, Wing has seen monumental development 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 will 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 means of a decentralized governance mannequin and risk management mechanism. Via this integration with Ethereum, Wing opens a brand new window of alternative for lending and borrowing from the lots of of distinctive belongings on Ethereum. Via bridges and UI/UX integrations between the Ethereum and the Ontology variations of Wing, customers can have entry to decrease prices and quicker speeds, due to 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 belongings. We’ve intentionally designed OScore for this sort of software: each the person’s privateness is protected, whereas the risk for lenders is vastly diminished and proper due diligence can happen. Via this next-generation suite of revolutionary DeFi instruments and merchandise, people who acquire a excessive OScore will be capable of 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 Net, a multi-chain identification extension pockets for Google Chrome that additionally helps diversified belongings and decentralized purposes from public chains corresponding to Ethereum, Ontology, and Binance Sensible 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.