The DeFi platform, which supports the interconnection of products across various blockchains, reports that over $ 140 million in assets have been deposited into the ecosystem.

Wing says the goal is to create a decentralized governance model and risk control mechanism to “foster an equally beneficial relationship between borrowers, lenders and guarantors.”

WING token holders can participate in the governance of the decentralized autonomous organization and vote on new project launches and how the DAO community fund is distributed.

They are also encouraged to propose new products to ensure they create the best DeFi products – services that society will use frequently.

Built on ontology
Wing is built on the Ontology blockchain and will benefit from a decentralized network identification mechanism known as ONT ID. Combined with DDXF, this would mean that credit details can be verified and assessed automatically through smart contracts.

The platform also plans to incorporate credit scores into product design, which means it’s easier than ever to see the full picture of someone’s financial history. Wing explains that none of this will come at the expense of confidentiality, as only the necessary information will be provided when submitting a request.

More information from WING FINANCE here
“Ontology is delighted to partner with Wing to advance our shared vision of accelerating the DeFi movement around the world,” said Lee Jong, founder of Ontology. “I think OScore, in particular, will prove to be an important tool for the development and implementation of lending-based DeFi products. With Ontology’s OScore, the risk level for lenders using Wing technology will be significantly reduced when transparency and trust are dramatically increased and a proper due diligence can be performed. “.

Live AMA
Eric Binos, a consultant for Wing Finance, recently discussed the new project during a live broadcast of Ask Me Anything Aired on Cointelegraph’s YouTube channel.

When asked why lending is important to Defi’s growth, Pinus explained, “DeFi depends on security because many are unknown. […] You should always invest more than you borrow. There is a limit for a specific type of loan. Paying off $ 10,000 to get a $ 5,000 loan cuts many utility bills. ”

As Binos noted, not many people would be interested in raising $ 10,000 to borrow $ 5,000, for example, to buy a car – with cash they already had.

“We want to pay for all other utilities on loans,” he added. “I can move to blockchain with nothing but my credit rating and possibly some security, and I can borrow more at a higher interest rate from a predatory lending company – and I can actually use this real-world loan to pay my mortgage , pay tuition or start a business. ” New advertisement. ”

Pinos said Wing is committed to being more inclusive and ensuring that DeFi can be used in the real world.

He added that one of Wing’s top priorities is to increase the types of acceptable security, which gives crypto enthusiasts more options to get their assets to work with them.

Binos noted that “getting more types of security will only help add value to TVL because not everyone wants to switch to Bitcoin or Ethereum […] to offer this offer.”

Source: CoinTelegraph