Ontology partners with Waves to tackle DeFi challenges
Ontology and Waves partner to build cross-chain communication infrastructure for DeFi.
Ontology is partnering with Waves to develop a cross-chain integration that will allow both chains to communicate and expand the collective functionality of our ecosystems through ongoing collaborations. Additionally, Ontology will act as one of the target chains for Gravity, a decentralized blockchain-agnostic oracle network in the Waves ecosystem. Ontology will provide valuable data for Waves surrounding cross-chain operations and token transfer data, as well as external data from oracles or dApps built on Ontology.
All of these types of cross-chain communications are possible due to Gravity: its interoperable protocol, combined with cross-chain oracles of integrated chains and oracle systems, will allow for inter-chain DeFi solutions and DApps to build the next generation of reliable Web 3.0 applications.
Below is a breakdown of the major highlights from our collaboration with Ontology:
- $ONT & $ ONG tokens become available for transactions in the Waves protocol, and therefore for listing on exchanges such as Waves.Exchange or and other Waves-based DEXs.
- The WAVES token can be used and staked on the Ontology chain.
- Tokens created on the Waves platform will be tradable on the Ontology chain.
- All Ontology protocol assets appear will be transferable on Waves.
- Connecting Ontology as a target chain will allow Gravity data providers to deposit in $ONT tokens.In addition, $ONT can also be used to pay commissions for operations in Gravity.
- Collaboration of the protocol with Gravity will offer developers the ability to build decentralized applications with cross-chain functionality.
Waves’ collaboration with Ontology marks is the first step for the two protocols’ plan to collectively incentivize adoption of their platforms by offering DeFi developers new infrastructure for creating cross-chain compatible DApps. This is just the tip of the spear, Waves and Ontology will continue to work together to build a new wealth of interoperable, interchain DeFi solutions that will steward the future of the industry.
About Ontology
Ontology is a high performance, open source blockchain specializing in digital identity and data. Ontology’s unique infrastructure supports robust cross-chain collaboration and Layer 2 scalability, offering businesses the flexibility to design a blockchain that suits their needs. With a suite of decentralized identity and data sharing protocols to enhance speed, security, and trust, Ontology’s features include ONT ID, a mobile digital ID application and DID used throughout the ecosystem, and DDXF, a decentralized data exchange, and collaboration framework.
About Waves
Waves is an all-encompassing gateway blockchain protocol advancing technological frontiers of today for the pioneering developers of tomorrow. Leveraging our practical and powerful Waves protocol, we offer a developer-friendly infrastructure as an experimental ground for innovation.
About Gravity
Gravity is a decentralized cross-chain and oracle network based on a truly blockchain-agnostic protocol for communication between blockchains and with the outside world, working with the native token economies.
Gravity provides multi-purpose cross-chain interaction without introducing a native token. The true blockchain agnostic no-token approach creates a more inclusive, open ecosystem, while addressing future scaling/stability issues.
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