Ontology Making Big Strides Into DeFi

Ontology is on a partnership spree with top decentralized finance (DeFi) projects. They have now announced collaborations with Aave, 1inch, and Kyber, three of the world’s leading DeFi applications.

Ontology will facilitate the integration of these apps with ONTO, its official crypto wallet, as one of their recommended DApps (decentralized applications). These collaborations would also enable the ONTO users to access the below:

  • Aave’s lending platform which has a market size of $69 million.
  • 1inch’s DeFi aggregation and a decentralized exchange (DEX) platform with smart routing. the 1inch DEX lists over 600 assets in its platform.
  • Swap tokens through Kyber Network

Andy Ji, the co-founder of Ontology, said, “These partnerships will help to define our (Ontology’s) 2020 highlight reel. This represents a great opportunity for Ontology users to broaden the scope of their engagement with our platform. It opens the door to dynamic cross-platform community initiatives and marketing collaborations.”

Some other notable DeFi partners of the project include

  • Babel Finance – Finance and wealth management
  • LendChain – Lending and wealth management
  • Fountain Financial – HNWI (high-net-worth individual) investment
  • HOX – Buy stocks and funds with ONT
#DeFiOnONTO campaign

The Medium blog post that shared details of Ontology’s collaborations also announced the unveiling of the #DeFiOnONTO campaign. This is, in fact, part of the ongoing ONTO NFT Medal Challenge.

Users who visit and use any of the services like depositing, lending, swapping, or trading on any of the Aave, 1inch, or Kyber DeFi applications can automatically claim a May NFT medal. And 20 lucky users who have successfully claimed a May medal will get the chance to win 1,000 ONG, Ontology’s gas token. Also, all successful candidates will receive 50 ONG each.

Incidentally, Ontology has been onboarding DeFi platforms on its application for quite some time. Also, it is important to note here that the foundation of all these platforms remains Ethereum. ONTO is thus essentially enabling a gateway to these apps. However, it is still unclear if Ontology’s native ONT token will play an active role in these DeFi applications.

Previously, we had covered the blockchain platform announcing the launch of Ontology Layer 2 to promote off-chain scalability. Also, in other news, we reported the tBTC initiative about to go public with support from over 40 DeFi partners including MakerDAO, Compound, and Uniswap.


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