Ontology’s cross chain DeFi lending platform Wing is now live on Ethereum

Users now have the option of lending, borrowing, and insuring at either Ontology or Ethereum Wing for credit-based DeFi...

Ontology’s cross chain DeFi lending platform Wing is now live on Ethereum

Wing, the credit-based cross-chain DeFi lending platform developed by Ontology, the public blockchain specializing in decentralized identity and data, is now live on Ethereum.

Launched on the Ontology blockchain in September 2020, Wing has seen monumental growth in both the total value locked, which now stands at over $200m, as well as in levels of lending and borrowing activity between users.

Following its integration with Ethereum, millions of global DeFi users will now have access to Wing’s unique lending, borrowing, and insuring options, including the option to swap assets into pegged assets on the Ontology blockchain where they can find lower transaction fees and higher processing speeds.

Features of Wing

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 for lending and borrowing from the hundreds of unique assets on Ethereum. Through bridges and UI/UX integrations between the Ethereum and the 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, “In utilizing Ontology’s decentralized credit-scoring system, OScore, and decentralized identity protocol ONT ID, Wing enjoys easy identity verification and a full picture of an individual’s financial history, without showing the full value of these assets. We have deliberately designed OScore for this kind of application: both the individual’s privacy is protected, while the risk for lenders is vastly reduced and correct due diligence can take place. Through this next-generation suite of innovative DeFi tools and products, individuals who obtain a high OScore will be able to maximize their borrowing capabilities and minimize their collateralization in the Inclusive Pool at Wing’s Ontology version.”

Over time, other asset classes will also be added to the Wing platform, providing wider choices to users. Ontology’s ONTO wallet also supports Wing on mobile. Wing will also be soon integrated into ONTO Web, a multi-chain identity extension wallet for Google Chrome that also supports diversified assets and decentralized applications from public chains such as Ethereum, Ontology, and Binance Smart Chain.

The news follows announcements that Wing would sponsor 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 into the SushiSwap Onsen liquidity program.