Wing, the credit-based cross-chain DeFi lending platform developed by Ontology, the public blockchain specializing in identity 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 global DeFi users will now have access to Wing’s unique lending, borrowing and insurance options, including the ability to swap assets for indexed assets on the blockchain. Ontology 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 a risk control mechanism. Through this integration with Ethereum, Wing opens a new window of lending and borrowing opportunity among the hundreds of unique assets on Ethereum. Through 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 decentralized identity protocol ONT ID, Wing enjoys easy identity verification and a 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 privacy of the individual is protected, while 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 a high OScore will be able to maximize their borrowing capacity and minimize their collateral in the Ontology version of Wing’s Inclusive Pool.
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 Ethereum-based Chainlink price feeds, 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.