Wing, a lending protocol based on Ontology’s blockchain, currently has $ 180 million in cryptocurrencies on the platform – a sizeable sum even by Ethereum (ETH) standards.
Eric Binos, Head of Ecology System for Ecology of America and Wing consultant, told Cointelegraph that he believes there are two things that make the DeFi project unique: interconnectedness with Ethereum and the fact that lending is dependent on loans, allowing leveraging loans below. OScore analyzes each user’s behavior on the network to obtain a credit rating. Then the amount of collateral that the user must provide for this loan is determined:
So instead of being overly secure right now, you need to invest $ 10,000. If you want to borrow $ 8,000 with unsecured loans, you can view a credit rating based on the history and transaction history of DeFi’s network. ”
Pinos said the feature has not yet launched, although he indicated it will be incorporated into the next group.
Unlike an off-line credit record, where a rating agency usually has access to most, if not all, of the relevant information, the partner does not have online, where the user can choose which addresses or accounts to send and issue. Pinos said they will try to assuage these concerns by combining online and offline data as social media profiles.
Pinos hopes that Wing’s unique features will attract more users and resources. He said they went over all in DeFi’s interoperability, while Ethereum’s high transaction costs could help their cause further.