Wing, a credit-based cross-chain (decentralized finance) DeFi platform developed on the Ontology blockchain, was launched in September 2020. The platform has helped with laying the foundation or groundwork for building solutions to support the growth of Ontology’s DeFi ecosystem.
The Ontology team claims that the Wing platform has low transaction fees, fast transaction processing times, and lower costs overall. Wing’s TVL (total value locked) had surged past the $200 million mark, however, its TVL has now dropped to between $130 million to $150 million.
The Ontology developers noted that Wing has been offering competitive returns to platform users in terms of APY. Wing offers solid returns on borrowing and lending major crypto-assets such as Ethereum (ETH), Tether (USDT), DAI, and USDC stablecoins, “at some of the highest rates available on the DeFi market.”
(Note: for more details on these rates, check here.)
As noted in a blog post by Ontology:
“Wing is among the very few DeFi lending projects that has completed cross-chain integration with Ethereum assets, which has the potential to provide high yields for Ethereum assets outside of the current Ethereum ecosystem.”
They also mentioned:
“A token’s price in the secondary market is often regarded as a major indicator of its value. The day WING went live on Binance, the token instantly hit an all-time high of $300, before gradually cooled to $20.