Wing, the credit-based cross-chain DeFi lending platform developed by Ontology, the public blockchain specializing in identities and decentralized data, is now live on Ethereum.
Launched on the Ontology blockchain in September 2020, Wing has seen monumental growth in both total locked-in value, which now stands at over $ 200 million, as well as lending and borrowing activity levels. between users.
Following its integration with Ethereum, millions of DeFi users around the world will now have access to Wing’s unique lending, borrowing and insurance options, including the ability to swap assets into index-linked assets. Ontology blockchain where they can find lower transaction fees and higher processing speeds. .
Wing is designed to promote a mutually beneficial relationship between borrowers, creditors and guarantors through a decentralized governance model and risk control mechanism. Through this integration with Ethereum, Wing opens a new window of opportunity to lend and borrow among the hundreds of unique assets on Ethereum. Thanks to UI / UX bridges and integrations between Ethereum and Ontology versions of Wing, users will have access to lower costs and faster speeds, thanks to the Ontology blockchain.
Li Jun, founder of Ontology, said, “By using Ontology’s decentralized credit scoring system, OScore and ONT ID decentralized identity protocol, Wing enjoys easy identity verification and complete picture of an individual’s financial history, without showing their full value. assets. We have deliberately designed OScore for this type of application: both the individual’s privacy is protected, the risk to lenders is drastically reduced and proper due diligence can take place. With this suite of innovative next-generation DeFi tools and products, people who achieve high OScore will be able to maximize their borrowing capacity and minimize collateral in the Inclusive Pool at Wing’s Ontology version.
Over time, other asset classes will also be added to the Wing platform, providing more choices for users. Ontology’s ONTO wallet also supports Wing on mobile. Wing will also soon be integrated with ONTO Web, a multi-chain identity extension wallet for Google Chrome that also supports diverse assets and decentralized applications from public chains such as Ethereum, Ontology, and Binance Smart Chain.
The news follows announcements that Wing is sponsoring the launch of two new Chainlink price feeds based on Ethereum, WING / USD and ONT / USD, and a partnership with SushiSwap which saw the addition of pWING-PONT and pWING-ETH. in the SushiSwap Onsen program liquidity.