Wing Finance Sponsors New Chainlink Price Feeds for Ontology-Based Assets
Wing Finance, a credit-based, cross-chain DeFi lending platform powered by Ontology, is excited to announce that we will be sponsoring the launch of two new Ethereum-based Chainlink Price Feeds, WING/USD and ONT/USD. The Chainlink-powered oracle networks will maintain on-chain reference contracts that supply the most up-to-date USD price of Wing’s cross-chain assets, starting with WING and ONT.
DeFi projects can leverage these price feeds to create new products and markets based around Ontology assets. For example, Ethereum-based decentralized lending protocols can use Poly Network to bridge native WING and ONT into pWING and pONT and then rely on Chainlink Price Feeds for loan issuance and liquidation. In the future, we plan to provide support for additional cross-chain assets present in the Wing ecosystem, widening its utility across the greater DeFi ecosystem.
Integrating Chainlink to Expand the Utility of Wing’s Cross-Chain Assets
In order to obtain accurate asset valuations, Wing needs a secure and reliable oracle solution that provides volume-adjusted global prices aggregated from across all trading environments. This is key because pulling price data from one exchange or even a small set of exchanges may be temporarily inaccurate or worse manipulated in comparison to the wider aggregated market price. These price feeds are critical to DeFi protocols wanting to offer support for our cross-chain assets, such as in the form of lending collateral, synthetic assets, derivatives products, and more.
After reviewing various oracle solutions, we chose Chainlink as our oracle provider to give our users the most robust and time-tested set of features, including:
- High-Quality Data — Chainlink Price Feeds source prices from premium data aggregators like BraveNewCoin, which collectively pull price data from hundreds of crypto exchanges, weigh it by volume, and remove outliers to prevent inaccuracies and manipulation, such as those carried out by flash loans.
- Secure Nodes — Chainlink Price Feeds are secured by oracle nodes operated by professional DevOps teams with extensive experience running secure backend infrastructure, ensuring hyper-reliability and Sybil-resistance.
- Decentralized Infrastructure — Chainlink Price Feeds are decentralized at the data source and oracle node levels, generating high availability and tamper-resistance in the sourcing and delivering of external data on-chain.
- Blockchain Agnostic — Chainlink nodes can run on any current and future blockchain network, allowing us to expand the support of our assets to other blockchains in the future.
<Example of the Chainlink ETH/USD Price Feed>
“Chainlink’s price reference data provide the most proven combination of time-tested security, network reliability, and data quality in the industry.” said Li Jun, Founder of Ontology. “Already securing $10B+ in value across DeFi, we’re confident that DeFi projects can safely integrate WING and ONT knowing they can get immediate access to fair and tamper-proof price feeds. We plan to expand upon this integration in the future to bring even more assets from the Wing ecosystem into other DeFi ecosystems, creating truly cross-chain DeFi markets.”
Chainlink is the most widely used and secure way to power universally connected smart contracts. With Chainlink, developers can connect any blockchain with high-quality data sources from other blockchains as well as real-world data. Managed by a global, decentralized community of hundreds of thousands of people, Chainlink is introducing a fairer model for contracts. Its network currently secures billions of dollars in value for smart contracts across the decentralized finance (DeFi), insurance and gaming ecosystems, among others.