We’re thrilled to announce that eGLD will serve as liquidity for DeFi products on the Ontology blockchain, thanks to our partnership with OIN Finance. The startup is aiming to build a gateway for #DeFi that leverages the best opportunities of decentralized finance, including the products already available on Ethereum, and makes use of the Ontology blockchain.
The collaboration will focus on making eGLD available as an asset in the OIN ecosystem. This will allow eGLD holders to benefit from new DeFi opportunities such as liquidity pools, lending & stable coin issuance. Later on, the two partners will explore the technical opportunities related to specific OIN finance components running natively on Elrond’s high throughput and inexpensive mainnet.
“The DeFi market is up at almost $7bn and we’re excited to enable eGLD holders to fully participate in it, across multiple chains. The collaboration with OIN Finance is a great opportunity to expand our Defi ecosystem and collaboration with the Ontology team.” said Beniamin Mincu, Elrond CEO.
OIN Finance is building on Ontology and integrating with Ethereum, thus providing a convenient user experience to access existing and new DeFi opportunities. The ecosystem has several products, such as OIN Swap, providing liquidity pools with a DEX, OIN Lend for decentralized lending, and the OIN DAO for automatically balancing the collateral behind the USDO stable coin.
The OIN Chain component will be built as a Layer 2 protocol that bridges Ontology, Ethereum, and Elrond, with other blockchains also in the pipeline. This will allow free flow of DeFi assets between the aforementioned chains, creating additional interesting use cases.
“We’re impressed with the unique Elrond economy and we’re excited to add eGLD to our main list of assets. The Elrond tech is something that our team looks forward to working with for our research and further development.” said Renard Zhang, OIN Finance CEO.
The partnership creates new opportunities for eGLD holders to engage with DeFi products, which adds utility to eGLD and drives future demand. In addition, OIN Finance is exploring the Elrond mainnet to potentially build some specific components, which will generate transactions for our blockchain.
Elrond is a new blockchain architecture, designed from scratch to bring a 1000-fold cumulative improvement in throughput and execution speed. To achieve this, Elrond introduces two key innovations: a novel Adaptive State Sharding mechanism, and a Secure Proof of Stake (PoS) algorithm, enabling linear scalability with a fast, efficient, and secure consensus mechanism. Thus, Elrond can process upwards of 10,000 transactions per second (TPS), with 5-second latency, and negligible cost, attempting to become the backbone of a permissionless, borderless, globally accessible internet economy.
About OIN Finance
OIN will be the first DeFi platform to provide liquidity mining through their Decentraized Exchange, and a loan platform starting with the Ontology platform, and ultimately expand to other top platforms through cross-chain functionality. OIN will build the bridge technology to seamlessly integrate Ethereum to start into its ecosystem, opening up to all of the current DeFi space. The dedication to this end is reflected in a three-pronged mission: become the gateway into DeFi, promote the DeFi industry, and grow the DeFi Space to maturity.