Showcasing its standing as a fully-fledged cross-chain DeFi platform spanning a number of blockchains, this newest announcement follows the launch of Wing on Ontology, Ethereum and OEC.
Singapore, November 8 — Wing, the credit-based, cross-chain decentralized lending platform developed by Ontology, the undertaking bringing belief, privateness and safety to Net 3.0 by means of decentralized id and information options, is now stay on Binance Smart Chain (BSC).
By integrating onto BSC, a blockchain recognized for its excessive speeds and low charges, Wing will open up its distinctive lending, borrowing and insuring choices to tens of millions of latest decentralized finance (DeFi) customers. The preliminary supported property embrace WING, Ontology (ONT), Bitcoin BEP2 (BTCB), Ether (ETH), Binance Coin (BNB), Tether (USDT), Binance USD (BUSD), USD Coin (USDC), PolkaDot (DOT), Cardano (ADA), Bitcoin Money (BCH), Ripple (XRP), MakerDAO (DAI), Chainlink (LINK), Litecoin (LTC), Dogecoin (DOGE), PancakeSwap (CAKE) and Filecoin (FIL).
Since launching on the Ontology blockchain in September 2020, Wing has seen monumental development in complete worth locked (TVL), in addition to in ranges of lending and borrowing exercise between customers. Its TVL has elevated astronomically to over $300 million, pushed by its launch on Ontology, Ethereum, OEC and now BSC. BSC holds over $19.5 billion price of transaction worth, that means there may be large potential for even additional development in Wing’s TVL.
Commenting on the milestone, Erick Pinos, Americas ecosystem lead of Ontology mentioned:
“We’re excited for BSC customers to lastly have the chance to expertise Wing’s distinctive lending and borrowing providers. Wing not too long ago celebrated its first birthday and its arrival on BSC is an thrilling growth that can convey many new customers to the platform. Wing’s TVL has grown significantly within the final 12 months and with the enlargement to Binance, extra liquidity will grow to be accessible to customers.”
Wing is designed to advertise a mutually useful relationship between debtors, collectors and guarantors by means of a decentralized governance mannequin and threat management mechanism. This launch will allow BSC customers to entry Wing’s credit-based DeFi ecosystem that includes a blockchain-based fame system. This method rewards customers for constructing a optimistic fame on the blockchain by providing them preferential lending charges.
Since its launch, additional asset lessons have been added to Wing’s credit score platform by means of the launch of “Any Pool,” which permits for the contractualization and lending of any asset. This progressive function permits real-world property comparable to actual property for use as lending collateral. To facilitate this, Wing beforehand partnered with UPRETS, an organization that digitizes actual property property to make them tradable on blockchains.
For extra, go to wing.finance.
Wing is a credit-based, cross-chain decentralized lending platform. By constructing a DeFi platform devoted to the digital asset lending market, Wing helps cross-chain collaboration between completely different DeFi merchandise. Mixed with the Wing DAO, the platform’s decentralized governance mannequin and threat management mechanism goal to foster a mutually useful relationship between debtors, collectors and guarantors. As well as, Wing innovatively showcases a credit score analysis module as a robust instance of credit-based DeFi. For extra, go to wing.finance.
The Ontology blockchain is a excessive velocity and low price public blockchain, bringing decentralized id and information options to Net 3.0. Rising privateness, transparency and belief, the excessive velocity and low price layer-two blockchain is designed to offer customers and enterprises the flexibleness to construct blockchain-based options that swimsuit their wants, whereas additionally making certain regulatory compliance. By means of Ontology’s Ethereum Digital Machine (EVM), Ontology ensures frictionless compatibility with Ethereum, step one within the creation of the Ontology Multi-Digital Machine and additional interoperability for the chain.
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