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This non-Ethereum based DeFi project has more than $ 180 million at stake

September 26, 2020

Wing, a loan protocol developed on the ontology blockchain, Currently, crypto assets worth 180 million US dollars are staked on his platform, which is not insignificant even for Ethereum standards (ETH).

Eric Pinos, Cointelegraph, director of the ontology ecosystem for America and advisor to Wing, said so believes that two features make this DeFi project unique: the cross-chain interoperability with Ethereum and the fact that loans are loan-based so that loans cannot be adequately secured. The system’s OScore analyzes the behavior of each user in the chain to generate a credit score. This then determines the amount of guarantee that the user must provide for a particular loan:

“Rather than everything being over-collateralized right now, if you want to borrow $ 8,000 with under-secured loans, you have to wager $ 10,000. You can view a credit score based on your history of chain transactions and your history of interaction with DeFi “.

Pinos said that This function is not yet active. although he has indicated that it will be incorporated into the next pool.

This non-Ethereum based DeFi project has more than $ 180 million at stake
This non-Ethereum based DeFi project has more than $ 180 million at stake

In contrast to the archaic off-chain credit history, where the rating agency usually has access to most, if not all, of the relevant information, the counterparty in the chain does not. as the user can choose which addresses or accounts to present or omit. Pinos said they will try to address these challenges by combining on-chain and off-chain data like social media profiles.

Pinos hopes that Wing’s unique features will attract more users and resources. He said they severely impact DeFi’s cross-chain interoperability. The high cost of transactions on Ethereum can help your cause further.

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