Binance Launchpool, designed to bring the decentralized finance (DeFi) experience to Binance users, today announced its second project called Wing, a credit-based, cross-chain platform.
Wing has launched a decentralized autonomous organization (DAO) initiative called the Wing DAO for decentralized financial services that integrates credit elements. Wing can support the construction of decentralized financial products that combine collateral value and credit evaluation, as well as further decentralized social governance and autonomy.
The first lending product on Wing, supporting mainstream assets lending and innovatively introduces Insurance Pool to lower assets risks. Users can earn WING rewards in Flash Pool by lending, loaning, and depositing to the Insurance Pool. It can be able to support assets including but not limited to ONT, ETH, BTC, USDT, and DAI etc.
Next, Wing is going to launch the IF Pool, which is a credit-based lending product where users with an ‘OScore’ can deposit assets valuing 80 percent or higher than that of the assets borrowed.
Wing is the second Binance Launchpool project and, with its participation in Launchpool, users will be able to stake their BNB, BUSD, or ONT tokens into three liquidity pools to farm WING tokens, starting from 2020/09/15 at 08:00 AM (UTC).
Binance will list WING token on September 16th at 2:00 AM (UTC) and open trading for WING/BTC, WING/BNB, WING/BUSD and WING/USDT trading pairs. Binance users who have previously deposited their BNB and BUSD to farm BEL tokens will automatically participate in WING farming at the same time.
“The listing of WING shows the shared vision between both parties to boost DeFi to reach its full potential as a truly financially inclusive revolution. As an innovative, credit-based, cross-chain DeFi platform built on Ontology, Wing is very honored to be recognized by the world’s leading cryptocurrency exchange. It will be easier for users to get WING on Binance and access decentralized financial services without the need for over-collateralization” said Andy Ji, co-founder of Ontology.
Binance CEO and founder, Changpeng Zhao, explained:
“Continuing to facilitate DeFi growth and adoption we are pleased to welcome Wing on Binance Launchpool. Wing innovatively showcases a credit evaluation module as a strong example of credit-based DeFi, and we will be happy to contribute to the further development of this project”.