Wing, the credit-based, cross-chain decentralized lending platform developed by Ontology, the project bringing trust, privacy, and security to Web3 through decentralized identity and data solutions, is now live on Binance Smart Chain (BSC).
By integrating onto BSC, a blockchain known for its high speeds and low fees, Wing will open up its unique lending, borrowing, and insuring options to millions of new DeFi users. The initial supported assets include WING, ONT, BTCB, ETH, BNB, USDT, BUSD, USDC, DOT, ADA, BCH, XRP, DAI, LINK, LTC, DOGE, CAKE, and FIL.
Since launching on the Ontology blockchain in September 2020, Wing has seen monumental growth in total value locked (TVL), as well as in levels of lending and borrowing activity between users. Its TVL has increased astronomically to over $300 million, driven by its launch on Ontology, Ethereum, OEC, and now BSC. BSC holds over a $19.5 billion worth of transaction value, meaning there is massive potential for even further growth in Wing’s TVL.
Commenting on the milestone, 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 designed to promote a mutually beneficial relationship between borrowers, creditors, and guarantors through a decentralized governance model and risk control mechanism. This launch will enable BSC users to access Wing’s credit-based DeFi ecosystem featuring a blockchain-based reputation system. This system rewards users for building a positive reputation on the blockchain by offering them preferential lending rates.
WING rewards will be shared between the Ontology, Ethereum, BSC and OKExChain Flash Pools. The total sum of the distribution ratio for the four Flash Pools will be equal to the current rate of 0.03 WING/s. On the launch day of BSC Wing, 10% of the total aggregate valid borrowed amount of the Ontology Flash Pool, the Ethereum Flash Pool and the OKExChain Flash Pool will be used as an initial estimated valid borrow amount.
During the ten days following the launch of Wing Flash Pool on BSC, we will hold a series of campaigns with $84,000 in WING rewards up for grabs. The events will include a BSC launch airdrop to reward users who participate in Wing Flash Pool (BSC) and a social campaign. Finally, we are also hosting a WING-BNB liquidity mining event in partnership with ApeSwap and ONTO Wallet with $250,000 in rewards (BANANA, WING and ONG) on offer.
Since launch, further asset classes have been added to Wing’s credit platform through the launch of “Any Pool,” which allows for the contractualization and lending of any asset. This innovative feature allows real-world assets such as real estate to be used as lending collateral. To facilitate this, Wing previously partnered with UPRETS, a company that digitizes real estate assets to make them tradable on blockchains.