Ontology’s Wing platform goes live on Binance smart chain

Launch will enable BSC users to access Wing’s credit-based DeFi ecosystem featuring a blockchain-based reputation system

Wing, the credit-based, cross-chain decentralised lending platform developed by Ontology, is now live on Binance Smart Chain.

By integrating onto Binance Smart Chain (BSC) – a blockchain known for its high speeds and low fees – Wing will open up its lending, borrowing, and insuring options to millions of new DeFi users.

The initially 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 impressive growth in total value locked (TVL), as well as in levels of lending and borrowing activity between users.

Over this time, the company’s TVL has increased, reaching more than $300 million at its peak, driven by its launch on Ontology, Ethereum, OEC, and now BSC.

BSC holds more than $19.5 billion worth of transaction value, meaning there is massive potential for even further growth in Wing’s TVL.

Planning to bring new users to platform

Commenting on the milestone, Erick Pinos, Americas Ecosystem Lead of Ontology, which recently presented its decentralised digital identity application, said the company was excited for BSC users to finally have the opportunity to experience Wing’s 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,” he said.

“Wing’s TVL has grown considerably in the last year and with the expansion to Binance, more liquidity will become available to users.”

Wing was designed to promote a mutually beneficial relationship between borrowers, creditors, and guarantors through a decentralised governance model and risk control mechanism.

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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