Flare Networks aims to form a new partnership with Ola Finance, a platform for customized lending networks, to further expand decentralized finance (DeFi) for assets such as $ XRP and Dogecoin ($ DOGE). I am.
According to a press release shared with CryptoGlobe, Ola will launch a rental network on Flare’s canary network Songbird and deploy it on the Flare mainnet. This partnership will help Flare grow its suite of DeFi products, as projects built on both Songbird and Flare will be able to deploy a “loan network via Ola’s protocol”.
According to the press release, Ola’s lending network supports all flare-launched tokens, including F-Asset tokens such as XRP, DOGE, ALGO and LTC. This move will provide a “DeFi service to non-Turing complete tokens”.
The F-Asset, notable, represents another asset on the Flare Network. For example, an XRP F asset basically represents a tokenized version of a token on Flare, FXRP.
Hugo Philion, Co-founder and CEO of Flare, said:
With Songbird’s TVL reaching $ 120 million in January, we’re pleased that Ola’s rental solution as a service is ready to attract more liquidity to the Flare ecosystem.
This new service will allow projects to build their own branded lending network. It states that Philion “proves to be very powerful.” In this release, Ola Finance stands out for its “unique white-labeled, B2B approach.” This allows partners to launch a “financing network with a high degree of customization and a unique UI that matches the brand”.
As reported by CryptoGlobe, Flare detailed plans to airdrop Spark (FLR) tokens to XRP holders after planning a few months of airdrops.
AirDrop will last for a minimum of 25 months and a maximum of 34 months for eligible XRP holders. Slow deployments are reportedly aimed at avoiding selling in the market as soon as users receive FLR tokens and preventing prices from plummeting immediately.
Spark tokens are used to govern the Flare network through the voting mechanism. Token holders can benefit from their holdings by committing with Spark tokens as collateral to ensure unreliable issuance and redemption of FXRP. Safely enable untrusted issuance, use, and redemption of XRP on Flare. “
The flare network itself brings Ethereum-based smart contracts to non-Ethereum virtual machine compatible networks such as XRP ledgers. It also supports Litecoin (LTC) networks.
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