This non-Ethereum based mostly DeFi venture has $180M staked up to now

Wing, a lending protocol constructed on the Ontology blockchain, presently has $180 million in crypto property staked on its platform — not a meager quantity, even by Ethereum (ETH) requirements. 

Eric Pinos, Ontology’s ecosystem lead for the Americas and an advisor to Wing, advised Cointelegraph that he believes two options make this DeFi venture distinctive: cross-chain interoperability with Ethereum and the truth that lending is credit-based, permitting for loans to be under-collateralized. The system’s OScore analyzes every consumer’s on-chain conduct to generate a credit score rating. This then determines the quantity of collateral the consumer must put up for a given mortgage:

“So as a substitute of the whole lot being over-collateralized proper now, it’s important to put up $10,000 if you wish to borrow $8,000 with undercollateralized loans, you may present a credit score rating that is constructed off of your on-chain transaction historical past and your DeFi interplay historical past.”

Pinos stated that this function will not be but stay, although he famous that it will likely be built-in into the following pool.

Not like old style off-chain credit score historical past the place the score company usually has entry to most if not all related info, the on-chain counterpart doesn’t, as a consumer can select which addresses or accounts to submit and omit. Pinos stated that they’ll attempt to mitigate these challenges by combining on-chain and off-chain knowledge, comparable to social media profiles.

Pinos hopes that the distinctive options of Wing will appeal to extra customers and property. He stated that they beating huge on the DeFi cross-chain interoperability, while the high cost of transactions on Ethereum might additional assist their trigger.

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