Elrond Assets Can Now Participate in First Ontology DeFi
Enterprise blockchain solutions and decentralized economy network Elrond announced on Monday that the users of assets build on its platform like eGLD can now have new opportunities on the all-new Ontology DeFi. In the official tweet, it said that Elrond assets users can now participate in swapping, lending, and liquidity options in the first Ontology DeFi via OIN Finance protocol.
New #DeFi yield opportunities for $eGLD holders via @FinanceOin on @OntologyNetwork
Elrond assets can participate in lending, liquidity & swapping opportunities on the OIN Finance protocol that will bridge Ethereum & Ontology DeFihttps://t.co/o56hbg4r6j
— elrond (@ElrondNetwork) August 24, 2020
In the official announcement on its website, Elrond informed that eGLD would be the liquidity token for products on the Ontology DeFi, which has been made possible by their partnership with OIN Finance. Talking about the move, Elrond CEO Beniamin Mincu said that it is a big positive for the eGLD holders as they get a chance to participate in the DeFi market, which is currently valued at over $7 billion. He further added that the partnership with OIN Finance would allow them to expand their DeFi ecosystem. OIN Finance CEO Renard Zhang said,
OIN Finance is a decentralized liquidity mining platform, a first on the Ontology Network, and a loan provider. It is expected to expand to other leading DeFi focused blockchains by building and developing cross-chain functionality. OIN will also work to bridge the gap between Ethereum and Ontology, which will open the DeFi space for their users.