In its latest update, Flare Finance announced it will launch six DeFi products as an all-in-one investment solution. Therefore, it will bring the greatest utility of FLR and XRP tokens to DeFi markets.
Earlier this October, Flare Finance announced the launch of the testing phase of its first DeFi protocol on Flare Networks. On Monday, October 26, Flare Finance further updated its status on the progress made. All initial tests took place on the Coston Test Network. Deployed on Flare Networks, Flare Finance functions as a DeFi protocol to bring utility to its native FLR and XRP tokens upon its launch.
The announcement notes that Flare will launch a total of 6 decentralized finance (DeFi) products. These products will offer trustless all-in-one solutions for traditional investment and finance.
The first FlareX platform will function as a decentralized spot exchange in a “multi-token system”. The second product called FlareFarm is a governance platform that facilitates Yield Farming. The third FlareUSD product will function as a stablecoin distribution platform. The other three platforms will offer other financial tools and products such as risk-based mutual funds, loans, and FlareMine, a return-based liquidity pool provider. The official announcement notes:
“Flare Finance seeks to provide XRP / Spark users the fastest and cheapest DeFi experience thanks to the superior architecture of Flare Network and XRP Ledger. Our user experience will be based on providing the simplest means possible to unlock and use the value contained in your FLR and XRP. Holders of XRP or FLR will soon be able to easily earn interest on their holdings in a decentralized and trustless way, without the need for financial advisors, banking institutions or third party intermediaries ”.
What Flare Finance can offer the XRP community
Flare Finance products have been implemented to offer a simplified user experience. Furthermore, the intention is that anyone who has no technical or advanced knowledge can use it. As mentioned, the aim is also to remove traditional intermediaries such as banks or financial advisors.
Using Flare Wallet, users can interact with different Flare Finance products. The Flare ecosystem supports several crypto tokens such as Sparks, FLR, YFLR, FXRP and FUSD.
However, during the testing phase, the XRP community had expressed some suspicions. Some users claimed that the lack of activity during the testing phase caused the project to lose legitimacy.
For those who don’t know, Flare Network has received investment support from Ripple Xpring. It is basically a utility fork based on the XRP digital asset. The network aims to expand the XRP utility to smart contracts by integrating with the Ethereum virtual machine (EVM).
Bhushan is a FinTech enthusiast and has a knack for understanding the financial markets. His interest in economics and finance draws his attention to the new emerging markets of Blockchain technology and cryptocurrencies. He is continually in a learning process and keeps himself motivated by sharing his acquired knowledge. In her spare time she reads thriller fiction novels and sometimes explores her cooking skills.