Networks & Protocols, Ontology

Ontology starts crypto liquidity pool on Wing to offer credit-based loans

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Ontology, the high performance, public blockchain specializing in decentralized identity and data, has today announced the launch of a new DeFi product, the Inclusive Pool — a new cryptocurrency liquidity pool that will increase trust and transparency.

The Inclusive Pool is accessible through wing.finance, a credit-based cross-chain DeFi lending platform built on Ontology. It is coupled with OScore, Ontology’s decentralized credit-rating system, which is specifically designed to increase the transparency between cryptocurrency users while allowing them to maintain full control over their personal data.

The Inclusive Pool includes a Supply Pool, a Borrow Pool, and an Insurance Pool. Currently, accepted assets include USDT, USDC, and DAI, with more set to be added at a later time. As one of the fastest-growing DeFi lending platforms on the market, the total value locked (TVL) on the Wing platform has reached over $200m since its launch in September 2020. Through this next-generation suite of innovative DeFi tools and products, individuals who obtain a high OScore can now maximize their borrowing capabilities and minimize their collateralization.

Erick Pinos, Ontology’s Americas Ecosystem Lead said, “OScore is filling a gap in the DeFi lending market for more transparency between users, allowing them to do due diligence based on trustworthy information recorded on the Ontology blockchain before engaging in transactions with other users. With OScore, users can maintain full control over their own financial information. Those with a positive credit-rating history on OScore can leverage this positive reflection on their activity, while knowing their information is safe and secure.”

Li Jun, Founder of Ontology, said, “This milestone reflects our commitment to the development of a successful ecosystem of DeFi tools that is sustainable and prosperous. At Ontology, we are dedicated to solving real-world problems using our technology and we’re excited to continue exploring real use cases through our infrastructure. We look forward to continuously developing and improving our technology to keep up with our users’ changing needs.”

Rules and parameters of the Inclusive Pool will be adjusted following community voting where necessary. WING tokens distributed in the Inclusive Pool will be allocated from the total WING distribution rate.

Source: ont.io
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