Flare Finance Brings DeFi to XRP, LTC and DOGE – Explica .co

Decentralized finance is seen as the next big step in the cryptocurrency market. However, several of the major cryptocurrencies cannot be part of DeFi and bring value to their holders. This could change very soon as Flare Finance will launch their product on the Flare Network. Leveraging the Flare Network, Flare Finance is expected to bring the functionality of smart contracts to XRP, LTC and DOGE currencies by making money fully programmable.

Flare Finance DeFi Products

Flare Finance is expected to go live on the Flare network one month after the mainnet launch. It will initially launch six FlareX products, FlareFarm, FlareUSD, FlareLoans, FlareMutual, and FlareMine. The products will allow users to passively win by betting or providing liquidity directly from their Flare wallets. A complete decentralized financial infrastructure will be available for the first time for XRP, LTC, DOGE and Spark tokens.

The Flare Finance ecosystem will use three tokens: YFLR, YFIN, and YMIN. All Spark token holders will receive DFLR tokens which will have to be exchanged to YFLR within one week. This is possibly done to ensure that active participants are part of the ecosystem. YFIN and YMIN will have to be harvested from the platform using YFLR tokens. The date of the snapshot has yet to be announced, but users can check Flare Finance’s social media channels for more details.

¿Why is it so important?

Flare Finance is bringing DeFi to XRP, LTC, DOGE, and Spark tokens, which will unlock the value of these cryptocurrencies. Since they are kept in the portfolio, users will now be able to bet safely or provide liquidity for a passive profit. DeFi is going to grow exponentially and it would be detrimental for the major cryptocurrencies to be left out. Flare Finance is paving the way for other cryptocurrencies to become part of DeFi.

Flare Finance products will be audited by the Certik Foundation. These audits could help users to trust the platform and its products. Additionally, Flare Finance has already conducted a private beta and is ready to launch a public beta program. Users can enter for a chance to win Samurai NFT.