Home Coins Ethereum (ETH) This non-Ethereum based DeFi project has $180M staked so far

This non-Ethereum based DeFi project has $180M staked so far

Wing, a lending protocol built on the Ontology blockchain, currently has $180 million in crypto assets staked on its platform — not a meager amount, even by Ethereum (ETH) standards. 

Eric Pinos, Ontology’s ecosystem lead for the Americas and an advisor to Wing, told Cointelegraph that he believes two features make this DeFi project unique: cross-chain interoperability with Ethereum and the fact that lending is credit-based, allowing for loans to be under-collateralized. The system’s OScore analyzes each user’s on-chain behavior to generate a credit score. This then determines the amount of collateral the user needs to post for a given loan:

“So instead of everything being over-collateralized right now, you have to put up $10,000 if you want to borrow $8,000 with undercollateralized loans, you can show a credit score that’s built off of your on-chain transaction history and your DeFi interaction history.”

Pinos said that this feature is not yet live, though he noted that it will be integrated into the next pool.

Unlike old-fashioned off-chain credit history where the rating agency typically has access to most if not all relevant information, the on-chain counterpart does not, as a user can choose which addresses or accounts to submit and omit. Pinos said that they will try to mitigate those challenges by combining on-chain and off-chain data, such as social media profiles.

Pinos hopes that the unique features of Wing will attract more users and assets. He said that they beating big on the DeFi cross-chain interoperability, while the high cost of transactions on Ethereum may further help their cause.

Source link

- Advertisement -
Mr Bitcointe
Mr Bitcointehttps://www.bitcointe.com/
“Fact You Need To Know About Cryptocurrency - The first Bitcoin purchase was for pizza.” ― Mohsin Jameel
474FansLike
76FollowersFollow
4,567FollowersFollow
5,261FollowersFollow
1,551FollowersFollow
2,230SubscribersSubscribe
USD - United States Dollar
EUR
1.17
GBP
1.29
CHF
1.09
NOK
0.10
JPY
0.01
CAD
0.75
AUD
0.70

Most Popular

Japan is the ‘leading candidate’ for Ripple’s new headquarters: SBI Holdings CEO

Japanese financial giant SBI Holdings CEO Yoshitaka Kitao said that Japan is the most likely country Ripple will relocate to, should it leave...

Despite strong security token growth, tZERO continues to lose money

Despite explosive third-quarter growth in the security token sector, Overstock’s Q3 2020 earnings report reveals that its tZERO alternative trading system (ATS) has...

Wrapped Bitcoin is now Ethereum’s 6th Largest Token

Wrapped Bitcoin (WBTC) reached all-time highs today in terms of market capitalization and number of tokens.WBTC is the most popular version of Bitcoin tokenized...

The Hoff claims to have invented Bitcoin in 12th anniversary video

Nine celebrities with profiles on the sponsored video-sharing platform Cameo have published messages wishing Bitcoin (BTC) a happy birthday ahead of the twelfth anniversary...
bitcoin
Bitcoin (BTC) $ 13,188.92
ethereum
Ethereum (ETH) $ 381.27
ripple
XRP (XRP) $ 0.236485
tether
Tether (USDT) $ 0.998764
bitcoin-cash
Bitcoin Cash (BCH) $ 261.42
bitcoin-cash-sv
Bitcoin SV (BSV) $ 162.66
litecoin
Litecoin (LTC) $ 53.53
eos
EOS (EOS) $ 2.58
binancecoin
Binance Coin (BNB) $ 28.29
okb
OKB (OKB) $ 4.54
tezos
Tezos (XTZ) $ 1.81
leo-token
LEO Token (LEO) $ 1.27
cardano
Cardano (ADA) $ 0.090617
monero
Monero (XMR) $ 119.51
stellar
Stellar (XLM) $ 0.075477
chainlink
Chainlink (LINK) $ 10.91
huobi-token
Huobi Token (HT) $ 4.15
tron
TRON (TRX) $ 0.025875
usd-coin
USD Coin (USDC) $ 0.998232
dash
Dash (DASH) $ 65.78
neo
NEO (NEO) $ 14.40
iota
IOTA (MIOTA) $ 0.250589
nem
NEM (XEM) $ 0.095152
zcash
Zcash (ZEC) $ 55.78
maker
Maker (MKR) $ 524.32
paxos-standard
Paxos Standard (PAX) $ 0.998193
ethereum-classic
Ethereum Classic (ETC) $ 5.28
vechain
VeChain (VET) $ 0.009980
true-usd
TrueUSD (TUSD) $ 0.998172
ftx-token
FTX Token (FTT) $ 3.72
kucoin-shares
KuCoin Shares (KCS) $ 0.846930
waves
Waves (WAVES) $ 3.00