Ontology signs a partnership with Waves and together they build a communication infrastructure for DeFi

Ontology signs a partnership with Waves and together they build a communication infrastructure for DeFi

Waves today announced a new partnership with Ontology on its blog, which aims to solve DeFi problems.

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11 Aug 2020 , 15:40 @ Katie Müller

Ontology signs a partnership with Waves and together they build a communication infrastructure for DeFi

Waves today announced a new partnership with Ontology on its blog, which aims to solve DeFi problems.

Ontology and Waves have a common vision to develop a cross-chain integration that will allow both chains to communicate. This cooperation will also extend the collective functionality of the ecosystems of both companies.

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.

stated in the blog.

All types of cross-chain communications are enabled thanks to Gravity, whose interoperable protocol allows for inter-chain DeFi solutions and DApps to build the next generation of reliable Web 3.0 applications.

Main points of cooperation:

  • $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, along with Ontology, took the first step toward DeFi developers and from now they may make available to them new infrastructure for creating cross-chain compatible DApps.

Read also: Ontology has become an official partner of Google Cloud

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