Wing, a lending-based DeFi cross-lending platform developed by Ontology, a public blockchain specializing in decentralized identity and data, is now powered by Ethereum.
Launched on the Ontology blockchain in September 2020, Wing has seen tremendous growth in both the total locked value, which is now over $ 200 million, and the levels of lending and borrowing between users.
With the integration with Ethereum, millions of DeFi users around the world will now have access to Wing’s unique lending, borrowing and insurance capabilities, including the ability to swap assets for pegged assets on the Ontology blockchain, where they can find lower transaction fees and faster processing speeds. …
Wing is designed to develop mutually beneficial relationships between borrowers, lenders and guarantors through a decentralized governance model and risk control mechanism. Through this integration with Ethereum, Wing opens up a new window of opportunity to lend and borrow hundreds of Ethereum’s unique assets. With bridging and UI / UX integration between Wing Ethereum and Ontology versions, 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 the ONT ID decentralized identification protocol, Wing can easily verify identity and get a complete picture of a person’s financial history without showing the full value of that data. resources. We have specially designed OScore for this kind of application: personal privacy is protected, while the risk to lenders is significantly reduced and due diligence can be performed. With this set of innovative next-generation DeFi tools and products, people who receive the highest OScore will be able to maximize their borrowing opportunities and minimize collateral in the Inclusive Pool in Wing’s Ontology. ”
More asset classes will be added to the Wing platform over time, giving users more choices. Ontology’s ONTO wallet also supports Wing on mobile devices. Wing will also soon be integrated into ONTO Web, a multi-chain identity extension wallet for Google Chrome that also supports diversified assets and decentralized applications from public networks such as Ethereum, Ontology, and Binance Smart Chain.
The news follows announcements that Wing will sponsor the launch of two new Ethereum-based Chainlink price channels, WING / USD and ONT / USD, as well as a partnership with SushiSwap that added pWING-pONT and pWING to SushiSwap Onsen’s liquidity. -ETH. program.