Flare Finance: Expanding DeFi to Ripple, Dogecoin, and Litecoin
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The field of decentralized finance (DeFi) is booming over the past year. There are hundreds of decentralized apps (dApps) built on top of a multitude of networks, with the predominant currently being Ethereum.
In fact, the industry has expanded so much that it’s even hard to comprehend the magnitude. Last year at around this time, there were less than $600 million locked in various DeFi protocols, where the total TVL right now is around $40 billion. There’s a clear demand for the industry and many projects are working hard to cater to the various needs of the investor.
With this said, Flare Finance takes a comprehensive approach and attempts to deliver real-time practical solutions and garner real-world applications of cryptocurrencies. The protocol is set to bring DeFi to the networks outside of Ethereum, namely to Ripple (XRP), Dogecoin (DOGE), and Litecoin (LTC).
About Flare Finance
Through the use of smart contracts on its network, Flare Finance opens the door for many investors, providing exposure to a multitude of new financial products such as:
- Non-custodial liquidity pools
- Decentralized insurance coverage
- Peer-to-peer (P2P) margin and spot trading
It’s an independent entity that has absolutely no associations with Flare Network or Ripple. However, Flare Network will ensure that other cryptocurrencies such as LTC, DOGE, and XRP will be able to take advantage of smart contract capabilities without relying on any other native token for their safety.
Flare Finance will bring forward a DeFi-based platform that will be deployed on the Flare Network. This will include a range of products that aim at creating a decentralized financial infrastructure.
One thing that’s worth consideration, however, is that the team behind Flare Finance has opted to remain anonymous. However, their identities are supposedly disclosed to the team behind Flare Network and they purportedly have many years of experience in development.
What Does Flare Finance Bring to the Table?
Flare Finance provides a set of products designed to cater to those who want to get involved with the field of decentralized finance.
The product line includes the following iterations:
- FlareX – this is an intuitive and efficient margin and spot trading platform that can easily decipher trading algorithms and provide traders with an edge in a fairly simple manner.
- Flare Farm – this is a robust governance and yield farming platform. It can help investors yield serious benefits and compelling returns on their staked assets.
- Flare Loans – crypto-collateralized loans are booming in popularity. Flare Loans will help users take advantage of collateralized loans and tap further into the industry of decentralized finance.
- Flare Mutual – those who want to invest in risk-based mutual funds and garner further yield on their assets.
- Flare USD – this is a product that’s designed to help in the distribution of stablecoins that are pegged to the USD.
- Flare Mine – this will be a decentralized mining platform that will allow BTC and ETH mining rigs owners to mine Spark.
What Does the Future Hold?
Only recently has Flare Finance been able to conclude a closed Beta Program with its top users winning prizes. The public beta program is expected to launch soon which will allow anyone to take part and compete for the top prizes. Users can follow the project on Twitter for further updates on the upcoming public beta launch.
Flare Finance will also conduct a snapshot of all Spark token holders. They will receive DFLR tokens that can be swapped for YFLR. This is done to ensure that only active users will remain and contribute to the ecosystem. It also remains to be seen which will be the next cryptocurrency that will be integrated by Flare Finance.
