Wing Finance, brings a balance of trust, privacy and security to the BSC network through decentralized identity and data solution
DeFi on Web 3.0
Ontology’s cross-chain decentralized lending platform, Wing, is now live on Binance Smart Chain (BSC) on its first anniversary. Wing was launched on the Ontology blockchain in September last year and had a massive growth in total value locked.
Commenting on the launch of Wing on BSC, Erick Pinos, Americas Ecosystem Lead of Ontology said, ‘We are excited for BSC users to finally have the opportunity to experience Wing’s unique lending and borrowing services. Wing recently celebrated its first birthday and its arrival on BSC is an exciting development that will bring many new users to the platform. Wing’s TVL has grown considerably in the last year and with the expansion to Binance, more liquidity will become available to users.’
Wing is available on various networks namely Ontology, Ethereum, OEC and now, BSC. The growth potential for Wing on the BSC is promising as BSC holds $19.5 billion worth of total value locked. Wing boasts a good selection of supported assets which includes the likes of $ETH, $BNB, $LINK, to name a few.
Rewards Galore
In conjunction with its launch, $84,000 worth of $WING rewards will be up for grabs. Three events are scheduled from Nov 4 till Nov 18 to celebrate the launch of Wing Flash Pool on BSC. The conditions to entitle the participants are detailed in Wing’s blog post.
Another event that is hosted by Wing is the WING-BNB mining event in partnership with Apeswap and ONTO wallet. This event has $250,000 in $BANANA, $WING and $ONG up for grabs.
Wing’s Credit Based System
Decentralized Finance (DeFi) is attractive because of its composability. Wing creates a healthy balance between the interests of the borrowers, creditors and guarantors in a decentralized governance model. A risk control mechanism is also incorporated in the ecosystem. BSC users can access Wing’s credit-based system that allows for preferential lending rates based on positive reputation on the blockchain.
A decentralized identity becomes increasingly important in the DeFi space as it promotes responsibility through reputation building. Reputation score also helps in the allocation of risk just like credit rating in the world of traditional finance.
About Wing
Wing is a Web 3.0 credit-based, cross-chain decentralized DeFi platform. Wing is developed by Ontology and supports cross-chain collaboration between different DeFi products. Wing’s governance model is WingDAO, a risk control mechanism to strike the right balance of interest between the borrowers, creditors and guarantors. Wing also has a credit evaluation module based on a reputation model that helps in the evaluation of risk and allows for preferential rates to those with positive reputation.
To find out more about Wing Finance:
Source : bsc.news
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