Credit-based cross-chain DeFi lending platform Wing is now live on the OKExChain (OEC). Wing was developed by Ontology and is a public blockchain specializing in decentralized data and identity.
OKEx, a Chinese exchange, launched in December 2020. It features a decentralized governance system that gives clients the ability to impact the ecosystem’s future direction. OKEx also allows clients to create and list personally designed cryptocurrencies on OKExDEX, a decentralized exchange. OKExDEX also features derivatives trading for users to utilize.
The integration of Wing into the open-source trading chain will aid the decentralized finance (DeFi) platform in meeting the large demand for high-frequency transactions on its platform. With the collaboration, DeFi users are now able to use Wing’s borrowing, insuring, and lending services.
Since Wing’s launch on Ontology in September of last year, the platform has experienced a strong growth period which saw its total value locked (TVL) eclipse $300 billion. The platform was originally designed to promote mutually beneficial relationships between crypto borrowers, creditors, and guarantors via a decentralized governance model.
Swaps and wallets
OEC places emphasis on community-based ops, transparency for trading rules, and the autonomy of users. In alignment with this goal, Wing debuted on ORC along with other projects such as SushiSwap (SUSHI) and Chainlink (LINK). These will ostensibly allow for smart contract development in the future. The team-up also allows for the integration of swaps and wallets.
To help promote Wing’s OEC launch, Ontology’s decentralized cross-chain wallet ONTO will offer incentives for new users to the platform. Initially, assets that are supported for lending and borrowing are BTCK, ETHK, OKT, USDC, USDT, and WING. Of that group, only WING users are eligible for the insurance pool. Additionally, ONTO will support all qualified OEC dApps via a special zone on its platform.
In April, further asset classes were added to Wing’s credit platform. This was accomplished via the launch of “Any Pool.” The decentralized lending pool allows for the contractualization and lending of any asset. The feature affords users real-world assets like real estate to be put down as lending collateral. To accomplish this, Wing partnered up with UPRETS, a fintech company that digitizes real estate assets for trade on blockchains.
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