Flare Networks Enters New Partnership to Expand DeFi Offering With $XRP, $DOGE, and Others

Flare Networks has entered a new partnership with Ola finance, a platform offering customized lending networks, in a bid to further expand the decentralized finance (DeFi) offering it brings to assets like $XRP and Dogecoin ($DOGE).

According to a press release shared with CryptoGlobe, Ola is set to launch a lending network on Flare’s canary network Songbird, with plans to then deploy it on the Flare mainnet. The partnership helps Flare grow its suite of DeFi offerings, as projects building on both Songbird and Flare will be able to deploy a “lending network through Ola’s protocol.”

Ola’s lending networks, the press release adds, will support all tokens launched on flare including its F-Asset tokens like XRP, DOGE, ALGO, and LTC. The move will provide “DeFi services to non-Turing complete tokens.”

An F-Asset, it’s worth noting, is a representation of another asst on the Flare Network. For example an F-Asset for XRP essentially represents a tokenized version of the token on Flare, FXRP.

Hugo Philion, co-founder and CEO of Flare, was quoted saying:

With TVL on Songbird reaching $120m in January, we are delighted that Ola’s lending-as-as-service solution is primed to attract even more liquidity into the Flare ecosystem

The new offering will allow projects to create their own branded lending network, which Philion said should “prove to be very powerful.” Ola Finance, the release adds, distingues itself through its “unique white-labeled, B2B approach,” which allows its partners to lçaunch their “lending network equipped with a deep level of customizability and a unique UI fit to their brand.”

As CryptoGlobe reported, Flare detailed its plan to airdrop Spark (FLR) tokens to XRP holders after months of planning the airdrop.

The airdrop will carry on for a minimum of 25 months and a maximum of 34 months to eligible XRP holders. The slow rollout is reportedly meant to avoid users from selling their FLR tokens on the market as soon as they receive them so the price doesn’t plummet right away.

Spark tokens are to be used for governance on the Flare network through voting mechanisms, and token holders will be able to earn a return on their holdings by committing Spark tokens as collateral to secure the trustless issuance and redemption of FXRP, a protocol built to “safely enable the trustless issuance, usage, and redemption, of XRP on Flare.”

The Flare network itself will bring Ethereum-based smart contracts to non-Ethereum Virtual Machine compatible networks like the XRP Ledger. It will also support the Litecoin (LTC) network.

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