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This non-Ethereum based DeFi project has $180M staked so far

This non-Ethereum based DeFi project has $180M staked so far

Wing, a lending protocol constructed on the Ontology blockchain, at the moment has $180 million in crypto belongings staked on its platform — not a meager quantity, even by Ethereum (ETH) requirements. 

Eric Pinos, Ontology’s ecosystem lead for the Americas and an advisor to Wing, instructed Cointelegraph that he believes two options make this DeFi mission distinctive: cross-chain interoperability with Ethereum and the truth that lending is credit-based, permitting for loans to be under-collateralized. The system’s OScore analyzes every person’s on-chain conduct to generate a credit score rating. This then determines the quantity of collateral the person must put up for a given mortgage:

“So as an alternative of every part being over-collateralized proper now, you need to put up $10,000 if you wish to borrow $8,000 with undercollateralized loans, you possibly can present a credit score rating that is constructed off of your on-chain transaction historical past and your DeFi interplay historical past.”

Pinos mentioned that this function just isn’t but stay, although he famous that it will likely be built-in into the subsequent pool.

In contrast to old school off-chain credit score historical past the place the score company sometimes has entry to most if not all related data, the on-chain counterpart doesn’t, as a person can select which addresses or accounts to submit and omit. Pinos mentioned that they’ll attempt to mitigate these challenges by combining on-chain and off-chain knowledge, equivalent to social media profiles.

Pinos hopes that the distinctive options of Wing will entice extra customers and belongings. He mentioned that they beating massive on the DeFi cross-chain interoperability, whereas the excessive value of transactions on Ethereum could additional assist their trigger.

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