DeFi Platform Wing has been Offering Competitive Returns on Lending Ethereum, USDT, Dai, and USDC Stablecoins

Wing, a credit-based cross-chain (decentralized finance) DeFi platform developed on the Ontology blockchain, was launched in September 2020. The platform has helped with laying the foundation or groundwork for building solutions to support the growth of Ontology’s DeFi ecosystem.

The Ontology team claims that the Wing platform has low transaction fees, fast transaction processing times, and lower costs overall. Wing’s TVL (total value locked) had surged past the $200 million mark, however, its TVL has now dropped to between $130 million to $150 million.

The Ontology developers noted that Wing has been offering competitive returns to platform users in terms of APY. Wing offers solid returns on borrowing and lending major crypto-assets such as Ethereum (ETH), Tether (USDT), DAI, and USDC stablecoins, “at some of the highest rates available on the DeFi market.”

(Note: for more details on these rates, check here.)

As noted in a blog post by Ontology:

“Wing is among the very few DeFi lending projects that has completed cross-chain integration with Ethereum assets, which has the potential to provide high yields for Ethereum assets outside of the current Ethereum ecosystem.”

They also mentioned:

“A token’s price in the secondary market is often regarded as a major indicator of its value. The day WING went live on Binance, the token instantly hit an all-time high of $300, before gradually cooled to $20. Of course, this resulted in some doubting the token’s future. It’s likely that the recent hype in the DeFi market contributed to a $300 peak so quickly. These prices have, indeed, put both the Wing and Ontology teams under some pressure.”

Despite these issues, its developers claim that Wing serves as “the first key project” in Ontology’s DeFi ecosystem – which has been growing rapidly and now includes a decentralized identity framework (ONT ID) and decentralized data protocol (DDXF). Ontology’s platform can also use smart contracts to “enable automatic verification of credit data and credit evaluation.”

This type of technical infrastructure along with OScore, which is Ontology’s credit evaluation system, makes it possible for Wing to integrate credit data into its products.

The Ontology team added:

“Wing can be fine-tuned to work as a crucial component of the Ontology DeFi ecosystem. We expect that more premium projects derived from Wing will emerge and enrich the ecosystem, in turn maximizing the project’s significance and value in the DeFi sector.”

As reported recently, there are now at least 82 decentralized applications (dApps) running on the Ontology blockchain network. Ontology’s platform has processed more than 6.1 million dApp related transactions since its launch.

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